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Former UBS trader pleads not guilty in UK court
Court Watch |
2012/01/30 13:13
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A former UBS trader arrested in London on charges of fraud linked with unauthorized trades that cost the Swiss bank more than $2bn pleaded not guilty Monday to the charges against him.
Kweku Adoboli, 31, pleaded not guilty to two counts of fraud and two of false accounting between 2008 and September 2011 at London's Southwark Crown Court.
The trader was arrested on Sept. 14 after on charges of committing fraud that cost the bank over $2 billion.
The incident pushed then-CEO Oswald Gruebel to resign and damaged the bank's efforts to clean up its image after being involved in a United States tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.
City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.
Adoboli's case was delayed last year after he replaced his former lawyers at Kingsley Napley law firm with a new team from Bark & Co., which specializes in fraud cases. McCreath set a provisional trial date for September 3 and remanded Adoboli in custody. He said he was willing to hear an application for bail.
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Conviction and sentence upheld in Palin email case
Court Watch |
2012/01/30 03:14
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A federal appeals court panel has upheld the conviction and sentence of a University of Tennessee student in the hacking of Sarah Palin's email in 2008.
The three judge panel in a Monday decision affirmed the conviction of 24-year-old David Kernell. A Knoxville jury last April convicted Kernell of unauthorized access to a protected computer and destroying records to impede a federal investigation.
Kernell's attorney, Wade Davies, contended at trial that Kernell had no criminal intent and that guessing his way into the email account was a prank. Palin was governor of Alaska and John McCain's GOP running mate at the time.
Kernell was released in November after serving less than 11 months.
Davies said he will seek a review by the full U.S. 6th Circuit Court of Appeals. |
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NY court: Judge can't block $18B Ecuador judgment
Court Watch |
2012/01/26 02:42
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A judge overstepped his authority when he tried to ban enforcement around the world of an $18 billion judgment against Chevron Inc. for environmental damage in Ecuador, a federal appeals court said Thursday as it explained why it lifted the ban last year.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals said the judge has authority to block collection if Ecuadorean plaintiffs move against Chevron in New York, but law does not give him authority "to dictate to the entire world which judgments are entitled to respect and which countries' courts are to be treated as international pariahs."
The judgment came last February after nearly two decades of litigation that stemmed from the poisoning of land in the Ecuadorean rainforest while the oil company Texaco was operating an oil consortium from 1972 to 1990 in the Amazon. Texaco became a wholly owned subsidiary of Chevron in 2001.
Chevron obtained an order from U.S. District Judge Lewis A. Kaplan last March blocking Ecuadorean plaintiffs from trying to collect the $18 billion until he could stage a trial to determine if the judgment was obtained fairly. |
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Abortion foes march with eye on fall elections
Court Watch |
2012/01/24 09:19
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Thousands of abortion opponents marched to the Supreme Court on Monday to mark the 39th anniversary of the Roe v. Wade decision legalizing abortion, and supportive lawmakers urged them to further their cause by working to defeat President Barack Obama in the fall.
The "March for Life" has been held every year since 1974, a year after the landmark Supreme Court ruling. It's consistently one of the largest protests of the year in Washington, although soggy, chilly conditions likely kept this year's numbers down a bit.
House Speaker John Boehner addressed the group, reminding those gathered on the muddy National Mall that he's one of 12 children
"I'm sure it wasn't easy for our mother to have 12 of us, but I'm glad we're all here," the Republican lawmaker said. "I've never considered being pro-life a label or a political position. It's just who I am."
Several dozen members of Congress addressed the rally and were cheered by participants, many of whom carried signs reading "I Vote Pro-Life First," ''Defund Planned Parenthood" and "Face It ... Abortion Kills a Person."
Signs endorsing Republican presidential contenders were less ubiquitous, although some in the crowd favored Rick Santorum and Ron Paul, both favorites of conservative Christians.
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US army panel advises trial in Afghanistan suicide
Court Watch |
2012/01/23 10:42
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An investigative hearing has recommended that an American soldier be court-martialed over hazing that allegedly led to a fellow infantryman's suicide in Afghanistan, but dismissed the most serious charge against him, the U.S. military said Monday.
Spc. Ryan Offutt is one of eight soldiers charged in the death of 19-year-old Pvt. Danny Chen, who shot himself on Oct. 3 after what investigators say were weeks of physical abuse, humiliation and racial slurs.
A native New Yorker of Chinese descent, Chen had been in Afghanistan only two months when he shot himself in a guardhouse at a remote outpost in Afghanistan's Kandahar province.
The investigative hearing recommended that Offutt, 32, be court-martialed on charges including assault, negligent homicide, and reckless endangerment, a statement from U.S. military said.
It said the hearing, which ended Sunday, did not recommend trial for an additional charge of involuntary manslaughter, punishable by up to 10 years in prison.
The most serious charge Offutt now faces is negligent homicide, which carries a prison sentence of up to three years.
The regional American military commander will make a final decision on any court-martial based on the hearing's recommendations, the U.S. statement said.
Attorneys for Offutt could not immediately be contacted. Offutt, a native of Greenville, Pa., joined the Army in 2006 and served 14 months in Iraq before being deployed to Afghanistan. |
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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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