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Ex-bank executive pleads guilty in Olympus fraud
Legal News |
2013/09/23 18:40
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A former bank vice president pleaded guilty Wednesday to a fraud charge, admitting he helped former Olympus Corp. executives carry out a fraud involving several hundred million dollars that deceived investors into thinking the company was firmer financially than it was.
Chan Ming Fon, 50, pleaded guilty in Manhattan to federal conspiracy to commit wire fraud. He said he assisted the executives as they misrepresented the financial condition of the maker of medical devices and cameras from at least 2004 through 2010 while he worked at two international financial institutions.
"I acknowledge that my conduct was wrong," Chan told U.S. District Judge Laura Taylor Swain.
Chan, a Taiwanese citizen and Singapore resident, was arrested in December in Los Angeles. He was expected to remain in the Los Angeles area after posting $1.5 million cash as part of his $3 million bail.
Prosecutors said Chan managed a fund that held a bond investment portfolio belonging to Olympus. The government said Olympus executives directed Chan to transfer the portfolio to an Olympus-controlled entity, making the company appear stronger financially than it was.
In a plea deal with the government that requires his cooperation, Chan admitted that he provided false and misleading information about the investment portfolio to Olympus's auditor, misleading investors into thinking the portfolio remained in safe and secure bonds. |
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NY man pleads guilty in Paula Deen extortion case
Legal News |
2013/08/12 22:09
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A New York man pleaded guilty in federal court Friday to trying to extort $200,000 from Paula Deen by threatening to reveal damaging information about the embattled celebrity cook if she didn't pay him to stay quiet.
"I had, I guess, some bad judgment," 62-year-old Thomas George Paculis told a U.S. District Court judge in Savannah.
"I do take responsibility for what I have done."Paculis, of Newfield, acknowledged sending emails to Deen's attorney offering to trade his silence for cash in June. It came a few days after documents became public that revealed the former Food Network star had said under oath that she used racial slurs in the past.
As Deen's culinary empire began to crumble, Paculis claimed he could reveal things that would bring her "financial hardship and even ruin," according to one email that invited Deen's lawyer to "make me an offer I can't refuse."
Neither Paculis nor federal authorities have revealed what sort of dirt the defendant claimed he could dish up regarding Deen or if he truly had any at all. He owned a restaurant in Savannah in the 1990s, but Deen told the FBI she didn't recognize his name or his face. |
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Court: $1M coverage for Conn. fire victim families
Legal News |
2013/06/11 16:04
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Families suing the operator of a Hartford nursing home where 16 patients died in a 2003 fire suffered a setback Monday, when the Connecticut Supreme Court ruled that the home's insurance coverage was $1 million instead of the $10 million claimed by the victims' relatives.
The justices' 3-2 decision reversed a lower court judge's interpretation of Greenwood Health Center's insurance policy in favor of the families. The high court instead found in favor of Boston-based Lexington Insurance Co., a subsidiary of American International Group Inc.
"It just seems completely inadequate," Van Starkweather, an attorney for one victim's family, said about the lower coverage figure. "I'm disappointed. It was a close decision. Three justices went with AIG. Two justices went with the victims."
A lawyer for Lexington Insurance declined to comment Monday.
The fire at Greenwood Health Center on Feb. 26, 2003, broke out after psychiatric patient Leslie Andino set her bed on fire while flicking a cigarette lighter. Officials at the time said it was the 10th deadliest nursing home fire in U.S. history. Andino was charged with 16 counts of arson murder, but was found incompetent to stand trial and committed to a psychiatric hospital.
Relatives of 13 of the 16 victims sued the nursing home's operator for cash damages, saying it failed to adequately supervise Andino. Hartford Superior Court Judge Marshall K. Berger Jr. ruled in 2009 that Greenwood's insurance policy with Lexington provided $250,000 in coverage for each plaintiff and the policy's maximum coverage was $10 million.
But Lexington Insurance appealed Berger's decision, saying that the $10 million was the total coverage for all seven nursing homes run by Greenwood's operator and that each home was insured up to $1 million.
In a decision written by Chief Justice Chase T. Rogers, the Supreme Court's majority found that each plaintiff actually was eligible for up to $500,000 from the insurance policy if they won their lawsuit, but that the policy's total coverage was limited to $1 million. |
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Court: Calif. erred in new lethal injection regs
Legal News |
2013/06/01 18:05
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Executions in California will remain suspended after a state appeals court ruled that corrections officials made several "substantial" procedural errors when they adopted new lethal injection rules.
The 1st District Court of Appeals said the California Department of Corrections and Rehabilitation failed to explain, as required by state law, why it was switching from a three-drug injection method to a single drug.
The court's opinion, which affirmed a lower court ruling, also said the agency misled the public by not providing the documents and information it used to reach its decision.
Corrections spokeswoman Deborah Hoffman said in an email that the agency was reviewing the ruling.
"In the meantime, at the governor's direction, CDCR is continuing to develop proposed regulations for a single-drug protocol in order to ensure that California's laws on capital punishment are upheld," Hoffman said.
California has not executed an inmate since 2006, when a federal judge halted the practice, finding that the three-drug mixture amounted to cruel and unusual punishment. The state was ordered to redo its capital punishment system.
Since then, California has built a new death chamber at San Quentin State Prison and trained a new team to carry out executions. |
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Court Upholds Rifle Sales Reporting Requirement
Legal News |
2013/06/01 18:04
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A federal appeals court panel has unanimously upheld an Obama administration requirement that dealers in southwestern border states report when customers buy multiple high-powered rifles.
The firearms industry trade group, the National Shooting Sports Foundation, and two Arizona gun sellers argued that the administration overstepped its legal authority in the 2011 regulation, which applies to gun sellers in California, Arizona, New Mexico and Texas.
But the three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia said that the requirement was "unambiguously" authorized under the Gun Control Act of 1968.
The challengers argued that the requirement unlawfully creates a national firearms registry, but the court said because it applies to a small percentage of gun dealers, it doesn't come close to creating one. |
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Court: US can keep bin Laden photos under wraps
Legal News |
2013/05/23 18:45
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A federal appeals court is backing the U.S. government’s decision not to release photos and video taken of Osama bin Laden during and after a raid in which the terrorist leader was killed by U.S. commandos.
The three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia turned down an appeal Tuesday from Judicial Watch, a conservative watchdog group, which had filed a Freedom of Information Act request for the images.
The court said that the CIA properly withheld publication of the images. The court concluded that the photos used to conduct facial recognition analysis of bin Laden could reveal classified intelligence methods — and that images of bin Laden’s burial at sea could trigger violence against American citizens. |
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UK murder suspect's extradition case set for 2013
Legal News |
2012/12/04 03:11
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A U.K. court will wait until next year to hold the extradition hearing of a Briton accused of hiring a hit man to kill his wife during their honeymoon in South Africa — after his mental state is reviewed.
The lawyer for Shrien Dewani says he has flashbacks and is a "husk" of his former self. Attorney Clare Montgomery said Monday it is unthinkable he would be able to plan any escape.
Dewani's mental condition will be reviewed in April, with a full extradition hearing set for July.
The 32-year-old is accused of arranging the murder of his wife, Anni, 28. She was found shot dead in an abandoned taxi in Cape Town's Gugulethu township in November 2010.
In March, a British court halted Dewani's extradition, citing his mental state. |
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