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Martin Shkreli cries in court, is sentenced to 7 years for securities fraud
Court News |
2018/03/10 19:34
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The smirk wiped from his face, a crying Martin Shkreli was sentenced to seven years in prison for securities fraud Friday in a hard fall for the pharmaceutical-industry bad boy vilified for jacking up the price of a lifesaving drug.
Shkreli, the boyish-looking, 34-year-old entrepreneur dubbed the "Pharma Bro" for his loutish behavior, was handed his punishment after a hearing in which he and his attorney struggled with limited success to make him a sympathetic figure
The defendant hung his head and choked up as he admitted to many mistakes and apologized to the investors he was convicted of defrauding. At one point, a clerk handed him a box of tissues.
"I want the people who came here today to support me to understand one thing: The only person to blame for me being here today is me," he said. "There is no conspiracy to take down Martin Shkreli. I took down Martin Shkreli."
In the end, U.S. District Judge Kiyo Matsumoto gave him a sentence that fell well short of the 15 years prosecutors wanted but was a lot longer than the 18 months his lawyer asked for. He was also fined $75,000.
He was found guilty in August of lying to investors in two failed hedged funds and cheating them out of millions. The case was unrelated to the 2015 furor in which he was accused of price-gouging, but his arrest was seen as rough justice by the many enemies he made with his smug and abrasive behavior online and off.
The judge insisted that the punishment was not about Shkreli's online antics or his raising the cost of the drug. "This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture," Matsumoto said.
But she did say his conduct after the verdict made her doubt the sincerity of his remorse. She cited his bragging after the verdict that he would be sentenced to time served. And she quoted one piece of correspondence in which he wrote: "F--- the feds."
The judge ruled earlier that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets, including a one-of-a-kind Wu-Tang Clan album that he boasted of buying for $2 million.
Defense attorney Benjamin Brafman described Shkreli as a misunderstood eccentric who used unconventional means to make his defrauded investors even wealthier. He told the court that he sometimes wants to hug Shkreli and sometimes wants to punch him , but that his outspokenness shouldn't be held against him. |
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Former Trump campaign aide Nunberg at court for grand jury
Securities Class Action |
2018/03/09 19:35
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A former Trump campaign aide appeared for hours before a federal grand jury Friday, after he defiantly insisted in a series of news interviews just days earlier that he intended to defy a subpoena in special counsel Robert Mueller's Russia investigation.
Sam Nunberg spent more than six hours inside the federal courthouse in Washington. He declined to speak with journalists on the way in or out of the building, and it was not immediately clear what testimony he offered to the grand jury or what documents he provided.
His appearance marked a turnabout from extraordinary public statements Monday when Nunberg, in multiple interviews, balked at complying with a subpoena that sought his appearance before the grand jury as well as correspondence with other campaign officials. In doing so, he became the first witness in the Mueller probe to openly threaten to defy a subpoena.
Nunberg said he worked for hours to produce the thousands of emails and other communications requested by Mueller, who is investigating whether Donald Trump's campaign improperly coordinated with Russia during the 2016 presidential election.
Trump has denied any wrongdoing. His lawyers are currently negotiating the terms and scope of a possible interview with Mueller's office.
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Court rules in favor of fired transgender funeral director
Court News |
2018/03/07 19:39
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A woman was illegally fired by a Detroit-area funeral home after disclosing that she was transitioning from male to female and dressed as a woman, a federal appeals court ruled Wednesday.
The 6th U.S. Circuit Court of Appeals said R.G. & G.R. Harris Funeral Home in Garden City discriminated against director Aimee Stephens by firing her in 2013.
In a 3-0 decision, the court said "discrimination against employees, either because of their failure to conform to sex stereotypes or their transgender and transitioning status, is illegal under Title VII" of federal civil rights law.
The court overturned a decision by U.S. District Judge Sean Cox, who said the funeral home had met its burden to show that keeping Stephens "would impose a substantial burden on its ability to conduct business in accordance with its sincerely held religious beliefs."
The lawsuit was filed by the U.S. Equal Employment Opportunity Commission.
"The unrefuted facts show that the funeral home fired Stephens because she refused to abide by her employer's stereotypical conception of her sex," said judges Karen Nelson Moore, Helene White and Bernice Donald.
The EEOC learned that the funeral home, until fall 2014, provided clothing to male workers dealing with the public but not females. The court said it was reasonable for the EEOC to investigate and discover the "seemingly discriminatory clothing-allowance policy."
Stephens said in a statement released by the American Civil Liberties Union that nobody "should be fired from their job just for being who they are," adding "I'm thrilled with the court's decision."
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Court: US anti-discrimination law covers sexual orientation
Court News |
2018/03/06 19:40
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A New York federal appeals court says U.S. anti-discrimination law protects employees from being fired due to sexual orientation.
The 2nd U.S. Circuit Court of Appeals ruled Monday. The decision stemmed from a rare meeting of the full appeals court, which decided to go against its precedents.
Three judges dissented. The ruling pertained to a skydiver instructor who said he was fired after telling a client he was gay.
The case led to two government agencies offering opposing views. The Equal Employment Opportunity Commission said Title VII of the 1964 Civil Rights Act covers sexual orientation. The Department of Justice had argued that it did not.
Donald Zarda was fired in 2010 from a skydiving job in Central Islip (EYEl-slihp), New York. He has since died. |
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High court: Held immigrants can't get periodic bond hearings
Court Watch |
2018/03/05 19:40
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The Supreme Court ruled Tuesday that immigrants the government has detained and is considering deporting aren't entitled by law to periodic bond hearings.
The case is a class-action lawsuit brought by immigrants who've spent long periods in custody. The group includes some people facing deportation because they've committed a crime and others who arrived at the border seeking asylum.
The San Francisco-based U.S. Court of Appeals for the 9th Circuit had ruled for the immigrants, saying that under immigration law they had a right to periodic bond hearings. The court said the immigrants generally should get bond hearings after six months in detention, and then every six months if they continue to be held.
But the Supreme Court reversed that decision Tuesday and sided with the Trump administration, which had argued against the ruling, a position also taken by the Obama administration.
Justice Samuel Alito wrote for five justices that immigration law doesn't require periodic bond hearings. But the justices sent the case back to the appeals court to consider whether the case should continue as a class action and the immigrants' arguments that the provisions of immigration law they are challenging are unconstitutional.
But Justice Stephen Breyer, writing a dissenting opinion joined by two other liberal-leaning justices on the court, Justice Sonia Sotomayor and Justice Ruth Bader Ginsburg, said he would have read the provisions of immigration law to require hearings for people detained for a prolonged period of time.
"The bail questions before us are technical but at heart they are simple," Breyer wrote. "We need only recall the words of the Declaration of Independence, in particular its insistence that all men and women have 'certain unalienable Rights,' and that among them is the right to 'Liberty,'" he wrote.
The American Civil Liberties Union, which brought the case on behalf of the immigrants, had previously said that about 34,000 immigrants are being detained on any given day in the United States, and 90 percent of immigrants' cases are resolved within six months. But some cases take much longer.
In the case before the justices, Mexican immigrant Alejandro Rodriguez was detained for more than three years without a bond hearing. He was fighting deportation after being convicted of misdemeanor drug possession and joyriding, and was ultimately released and allowed to stay in the United States. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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