Word: cases
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...jury found a pair of former Bear Stearns hedge-fund managers not guilty of securities fraud. At the center of the case was an e-mail that one of the managers, Matthew Tannin, sent to his colleague Ralph Cioffi indicating he was concerned about the health of their fund. Publicly, Tannin continued to tell investors he was confident the fund would perform well. (See the financial crisis after one year...
...case has drawn attention even though Cioffi and Tannin were relatively unknown. The hedge-fund managers are the only Wall Streeters who have faced criminal charges relating to the subprime-mortgage mess. Because of that, many saw it as a litmus test for cases against others who were thought to have had a role in causing last year's financial crisis. But the case may ultimately have much greater significance. The not-guilty outcome may signal the end of the era of e-mail prosecutions...
John Coffee, a law professor at Columbia University, says the Bear Stearns hedge-fund case, which jurors decided in less than a day, will make prosecutors think twice before bringing a case that hinges on e-mail. Coffee once called e-mail evidence "the biggest advancement in law enforcement since the two-way radio." But the Bear Stearns case and others have caused Coffee to reconsider how powerful e-mails are in court. "The jury was totally unconvinced," says Coffee. "It does not mean all white-collar cases will not go forward, but I do think it will cause prosecutors...
...legal scene in the early part of this decade. As New York attorney general, Spitzer used internal e-mails sent by analysts to prove that Wall Street firms were pushing stocks their professionals didn't believe were good investments just to generate investment-banking fees. In one famous case, former Merrill Lynch analyst Henry Blodget told investors to buy stocks about which he privately wrote in e-mails to colleagues were "horrible," a "disaster" and a "POS," or piece of s___. Blodget paid $4 million to settle Spitzer's charges. The total civil penalties for Wall Street's research infractions...
...records of what someone was saying voluntarily, on their own. Accounting firm Arthur Andersen was indicted for its role in Enron's financial fraud in part because of an e-mail that told employees to eliminate any unnecessary paperwork. A shredding party ensued. In the Martha Stewart insider-trading case, jurors said one of the more damaging pieces of evidence had to do with the fact that Stewart tried to alter an e-mail that had been sent by her assistant. Prosecutors used an e-mail exchange between Stewart and her broker that occurred shortly before Stewart sold her Imclone...