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SEC charges 4 with insider trading
Court News | 2011/01/12 03:35

Federal regulators on Monday charged the co-founder of a New York hedge fund and three other individuals with insider trading, the latest action in what the government has called the biggest insider-trading case in U.S. history.

The Securities and Exchange Commission announced it filed a civil lawsuit against hedge fund Trivium Capital Management, its co-founder Robert Feinblatt and analyst Jeffrey Yokuty. The SEC also filed charges against Sunil Bhalla, a former senior executive of tech company Polycom, and Shammara Hussain, a former employee at a consulting firm that did work for Google. The agency said Bhalla and Hussain provided confidential information that enabled Feinblatt and Yokuty to make about $15 million from trading on the information.

So far the SEC has filed civil charges against 27 people and hedge funds in a wide-ranging probe of the Galleon group of hedge funds and its founder. The government says Galleon funds made about $69 million in illegal profits. Raj Rajaratnam, the one-time billionaire founder of the Galleon funds, has pleaded not guilty. Federal authorities have arrested 23 people on criminal charges in the case; 14 have pleaded guilty.

The SEC alleged in its suit that Feinblatt and Yokuty traded using confidential information they received from Roomy Khan, a Florida investor who pleaded guilty in 2009 to conspiracy and securities fraud in the Galleon case. Khan has been cooperating in the government's investigation.



Calif. high court refuses appeal of no-burn rule
Court News | 2011/01/04 09:17
The state's highest court has refused to hear an appeal of a San Francisco Bay area air pollution regulation that bans burning Duraflame logs and other fuels on bad air nights.

The California Supreme Court's refusal affirms a Bay Area Air Quality Management District limit on burning wood, fire logs or wood pellets on nights when air quality is expected to exceed public health standards.

The appeal was brought by Duraflame Inc., which argued that its logs burn cleaner than other fuel types and should be exempt from the ban.

Duraflame appealed to California's high court after losses in both Alameda County Superior Court and a state appeals court.



Randy Quaid's wife misses Calif. court hearing
Court News | 2010/12/19 11:29

It's another missed court date, another arrest warrant for Randy Quaid's wife, Evi.

The 47-year-old failed to appear for a probation hearing Thursday in Santa Barbara and faces a new $100,000 arrest warrant, Deputy District Attorney Anthony Davis said.

At the hearing, Evi Quaid's attorney, Robert Sanger, withdrew from the case. He declined comment Friday in an e-mail.

Randy and Evi Quaid are wanted in the coastal city for a felony vandalism case in which they're accused of causing more than $5,000 damage to the guest house of a home they once owned. Neither has shown up for any court hearings since a criminal case was filed in October and have already forfeited $1 million in bail.

They remain in Canada, where they are seeking asylum from a group they have dubbed the "Hollywood star-whackers."

Randy Quaid faces immigration hearings there to determine whether he should be allowed to remain in Canada and whether he should be granted refugee status. His next hearing is scheduled for Dec. 22.



Utah court rejects appeal from polygamous sect
Court News | 2010/08/30 03:01

Utah's Supreme Court has rejected a petition from members of a southern Utah-based polygamous sect seeking a reversal of changes made to its communal land trust.

In a ruling issued Friday, justices say members of the Fundamentalist Church of Jesus Christ of Latter Day Saints waited too long to challenge the state's intervention in the United Effort Plan Trust.

Valued at $110 million, the trust holds the property in Hildale, Utah and Colorado City, Ariz., the twin border towns where most church members live.

Utah seized the trust in 2005 after allegations of mismanagement by church leaders. A court-appointed accountant has since converted the trust into a secular entity.

FLDS members consider state control of the UEP a violation of their religious rights.



NY man gets 19 years to life in wife's poisoning
Court News | 2010/07/20 08:51
A New York man who admitted killing his wife by lacing her coffee with cyanide has been sentenced to 19 years to life in prison.

David Steeves of Center Moriches pleaded guilty in June to second-degree murder in the death of 41-year-old Maureen Steeves.

An autopsy found the woman was killed by potassium cyanide poisoning. Prosecutors say her husband had laced her coffee with the lethal substance.

Defense attorney Craig McElwee said the 45-year-old Steeves bought the cyanide to kill himself but "chickened out" and gave it to his wife instead.

Steeves pleaded guilty after prosecutors assured him that his sons would not be in court for the sentencing. The boys, ages 17 and 15, wrote letters to the judge, saying their father deserved no mercy.



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