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NY State White Collar Enforcement for the 21st Century
The State of New York has a long and distinguished history of criminal prosecution of white-collar crime. More than a decade before the enactment of the Securities and Exchange Act of 1934, for example, New York passed the Martin Act to attack securities fraud schemes. In the 1930s, Manhattan District Attorney Thomas E. Dewey both prosecuted New York Stock Exchange President Richard Whitney for what was then a massive embezzlement, and conducted the bribery investigation that ultimately led to the federal indictment and incarceration of the Chief Judge of the U.S. Court of Appeals for the Second Circuit. More recently, former District Attorney Robert M. Morgenthau was famous for his enthusiastic attacks on fraud of all kinds.
But over the last several decades, the federal government has moved ahead of New York in attacking the problem of white-collar crime. Congress and other policymakers, prompted by financial scandals too numerous to mention, have joined the fray, enacting new policies, laws, and regulations designed to combat ever-changing scams that are enabled by technological advances and limited only by human ingenuity. In the 1990s, for example, the United States Sentencing Guidelines were criticized as too lenient on fraud crimes. After a five-year study ending in 2001, the Sentencing Commission modified the guidelines to strengthen sentences for financial crimes.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.