• Bank Fraud,  Securities Fraud

    Would You Buy A Subpoena Response From This Man?

    Always pay attention when the Department of Justice becomes enthusiastic about a long-neglected statute.  (The federal False Claims Act was dormant for almost a century).  Here is a sound, short article by Professor Peter J. Henning of Wayne State University Law School on a “new toy” for the Government: U.S. Finds Fresh Use for Seldom-Used Statute in Subprime Cases.  In discussing the Financial Institutions Reform, Recovery, and Enforcement Act (or “FIRREA”), the federal law enacted in response to the savings-and-loan crisis, Professor Henning notes: Firrea is not just a penalty provision, however, because it also authorizes the Justice Department to pursue civil investigations into potential violations. Rather than just using it…

  • Bank Fraud,  Compliance

    What They’re Saying About White Collar Wire: “Sage advice . . . to any American citizen.”

    Generous comments from Professor Michael Greve at Liberty Law Blog: You can follow much of the current action [regarding banking and regulation] on WhiteCollarWire, which provides sage advice to bankers and, indeed, any American citizen: “Don’t read us because you’re a criminal. Read us because, some time or other, someone may think you are.” (In addition, the site provides fine literature reviews and martini recipes.)

  • Bank Fraud,  Evidence,  Insider Trading,  Securities Fraud,  Trials, Judges and Jurors

    New DOJ Cases From the Financial Crisis? Look For This Criminal/Civil Hybrid

    A good summary by Peter Henning, here —   DOJ Financial Crisis Cases?  — about possible future cases arising from the financial crisis and the Government’s use of a FIRREA provision.  In part: But pursuing criminal cases from the financial crisis gets increasingly difficult, especially against individuals, because unlike a good bottle of wine, evidence does not age well. Memories dim and the chance of finding the “smoking gun” e-mail or recording that can help implicate a defendant in a fraudulent scheme becomes less likely with the passage of time. Mr. Holder will more likely pursue charges under a civil statute that has become the Justice Department’s favorite tool of late against…