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Posts Tagged ‘Fraud’

Crooks and Liars- By Susie Madrak Tuesday Apr 20, 2010 2:00pm

This is really heating up. Stay tuned for further developments as Congress is emboldened by the SEC civil fraud charges:

Washington is suddenly looking very unkind to the firm that used to be known as “Government Sachs.” Now the Senate’s Permanent Subcommittee on Investigations, led by Carl Levin, Democrat of Michigan, is planning to focus hearings scheduled for next week at least in part on Goldman Sachs’s role in the financial disaster.

Levin’s staff has uncovered new documents “that link certain actions to specific people” at Goldman, according to a senior legislative official who spoke on condition of anonymity. The official would not divulge the nature of the allegation but said that Levin believes it amounts to “another big shoe to drop on Goldman.”

Spokespeople for Levin said they were not prepared to discuss the nature of the probe, but his committee has been conducting several weeks of hearings and one is planned for April 27 on “the role of the investment banks.” “We expect to have some information tomorrow,” spokesman Bryan Thomas said Monday.

Keep in mind that a win in the SEC case is by no means a slam dunk:

To a layperson, the case against Goldman may seem clear cut. After all, investors did not know some information about the product that they might have considered vital, and they lost $1 billion in the end. But the rules that govern these kinds of transactions are not so plain.

Several experts on securities law said fraud cases like this one, which focuses on context rather than content, are generally more difficult to win, because it can be hard to persuade a jury that the missing information might have led buyers to walk away.

They added, however, that the strength of the S.E.C.’s case is impossible to gauge until the agency discloses more of the evidence it has assembled. So far it has provided only a sketch.

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Fmr. NYC Police Commissioner Bernard Kerik

Kerik Sentenced To Four Years For Tax Fraud, Lying To White House

TPM Muckraker

Justin Elliott | February 18, 2010, 12:17PM

Former New York Police Commissioner Bernie Kerik was sentenced today to four years in prison for lying during his vetting to be secretary of homeland security and tax fraud charges arising in part from renovations on his apartment paid for by a company looking for a city license.

The sentence exceeded the 27 to 33 months sought by prosecutors.

The AP reports:

“The fact that Mr. Kerik would use that event (9/11) for personal gain and aggrandizement is a dark place in the soul for me,” said federal Judge Stephen Robinson.An apologetic Kerik said before the sentence was pronounced: “Allow me to return to my wife and two little girls as soon as possible.”

As we noted earlier today, Rudy Giuliani, once a vocal champion of Kerik, has not commented, and was not among those who asked the judge to be lenient with Kerik.

TPMmuckraker’s full coverage of Kerik over the years is here.

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Former Maryland lieutenant governor Michael Steele, with the Republican National Committees Linda Ackerman, was elected RNC chairman Jan. 30. (By Pablo Martinez Monsivais -- Associated Press)

Former Maryland lieutenant governor Michael Steele, with the Republican National Committee's Linda Ackerman, was elected RNC chairman Jan. 30. (By Pablo Martinez Monsivais -- Associated Press)

Steele’s Campaign Spending Questioned

Agents Contact Sister After Ex-Aide’s Claims

Washington Post Staff Writer
Saturday, February 7, 2009; Page A01

Michael S. Steele, the newly elected chairman of the Republican National Committee, arranged for his 2006 Senate campaign to pay a defunct company run by his sister for services that were never performed, his finance chairman from that campaign has told federal prosecutors.

Federal agents in recent days contacted Steele’s sister, a spokesman for Steele said yesterday.

The claim about the payment, one of several allegations by Alan B. Fabian, is outlined in a confidential court document. Fabian offered the information last March as he was seeking leniency for himself during plea negotiations on unrelated fraud charges. It is unclear how extensively his claims have been pursued. Prosecutors gave him no credit for cooperation when he was sentenced in October.

MORE HERE

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