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Citigroup ex-VP arrested in NYC on fraud charges
Court Watch |
2011/06/27 13:33
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A former Citigroup vice president embezzled $19.2 million from the bank in a one-man "inside job" involving a series of secret money transfers, federal prosecutors said Monday.
Gary Foster, 35, of Englewood Cliffs, N.J., surrendered Sunday at John F. Kennedy International Airport after arriving on a flight from Bangkok. He was released Tuesday on $800,000 bond after appearing in federal court in Brooklyn to face bank fraud charges carrying a maximum penalty of 30 years in prison.
Foster had been traveling in Southeast Asia when he received word of the case, defense attorney Isabelle Kirshner said after the court appearance.
"As soon as he became aware they were looking for him, he voluntarily contacted the FBI and arranged to return," Kirshner said.
Officials at Citigroup Inc. — where Foster was vice president of the treasury finance department until quitting in January — said in a statement that they were "outraged by the actions of this former employee" and hoped to see him "prosecuted to the full extent of the law."
Foster "used his knowledge of bank operations to commit the ultimate inside job," U.S. Attorney Loretta Lynch said in a statement.
According to a criminal complaint, Foster's department financed loans and processed wire transfers within Citigroup. From May 2009 through the end of last year, Foster siphoned funds from various Citigroup accounts, placed them in the bank's cash account and then wired the money into his private account at another bank in New York, the complaint alleged.
In one November 2010 transaction, Foster wired $3.9 million from a Citigroup fund in Baltimore to his New York account, the complaint says. That fraudulent transfer and seven others went undetected until a recent internal audit, it said. |
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Woman pleads guilty in border cash smuggling case
Court Watch |
2011/06/20 03:10
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A woman has pleaded guilty to attempting to smuggle more than $930,000 in cash across the Arizona border and into her native Mexico.
Federal prosecutors say 25-year-old Judith Angelica Ayala-Partida pleaded guilty Wednesday in U.S. District Court in Tucson to bulk cash smuggling.
She's scheduled to be sentenced Oct. 4.
Authorities say Ayala-Partida was driving a vehicle that was stopped last Nov. 16 at the port of entry in Nogales, Ariz.
She told U.S. Customs and Border Protection officers that she didn't have more than $10,000 to declare. But a currency-detecting dog alerted authorities to the driver's side quarter panel of the car and a search led to the discovery of 101 packages containing $937,188. |
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Texas teachers may get student criminal histories
Court Watch |
2011/06/12 19:10
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Texas is close to enacting a law that would provide teachers with detailed information about the criminal histories of their students, opening juvenile files that have always been confidential and are unavailable in most states.
The legislation, spurred by the fatal stabbing of a high school teacher in Tyler in 2009, is adding to a national debate over whether teacher safety should outweigh the rights of young offenders, who traditionally have moved through the juvenile justice system with their privacy protected.
The new disclosure rules were passed by legislators with little public attention last month. A spokeswoman for Gov. Rick Perry said the governor is "thoughtfully" reviewing the measure before deciding whether to sign it.
Many juvenile justice experts oppose the new disclosures, saying that they would undercut the purpose of youth corrections — allowing young people to move beyond early mistakes to lead normal lives. But many educators insist that teachers are in too much danger.
"The bottom line is protecting teachers," said Rep. Jerry Madden, a Republican from the Dallas suburb of Plano, who sponsored the legislation.
Texas law already gives schools more background information on students than most states permit. The new law would significantly expand the details released, including accounts of crimes committed. |
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Pa. appeals court upholds $188M Wal-Mart verdict
Court Watch |
2011/06/10 23:43
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A $188 million class-action verdict against Wal-Mart Stores Inc. and Sam's Club over payment to employees for rest breaks and off-the-clock work was upheld Friday by a Pennsylvania appeals court.
A three-judge Superior Court panel said there was sufficient evidence at trial to conclude there had been a breach of contract, unjust enrichment and violations of state labor laws.
The judges also ruled in a 211-page opinion that the presiding Philadelphia judge erred in determining some of the plaintiffs' legal fees, and sent that part of the case back for recalculation.
The 2006 trial, which lasted 32 days, resulted in a finding that Wal-Mart did not pay employees for all the work they performed and did not let them take their paid, mandatory rest breaks, the judges wrote. The court awarded $46 million in attorneys' fees.
Wal-Mart spokesman Greg Rossiter said the retail giant believes the court decision was wrong in a number of respects and looks forward to additional review in the courts. |
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US appeals court overturns release of detainee
Court Watch |
2011/06/10 11:42
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A Yemeni detainee ordered to be freed from Guantanamo Bay has to stay now that a U.S. appeals court has overturned his release.
The U.S Court of Appeals in Washington says circumstantial evidence of terrorist ties can be enough to keep a prisoner like Hussain Salem Mohammad Almerfedi at the U.S. naval prison in Cuba.
Almerfedi was captured in Iran after the Sept. 11, 2001 attacks and eventually transferred to U.S. authorities through Afghanistan. Government attorneys argue he was staying at an al-Qaida-affiliated guesthouse, based on the testimony of another Guantanamo detainee. Almerfedi denied it, and a lower court judge found the testimony against him unreliable and ordered him released.
But the appeals court said the judge erred in finding the testimony unreliable and found it was likely Almerfedi was part of al-Qaida. |
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