Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
FTC and Texas AG File Suit Against IFC Credit
In yet another round of lawsuits stemming from the NorVergence telecommunications fraud, the Federal Trade Commission and the Attorney General of Texas filed simultaneous complaints in the U.S. District Court for the Northern District of Illinois and Harris County, TX, against Illinois-based commercial finance company IFC Credit for violating federal law by helping to finance the scheme and continuing to seek payment from defrauded NorVergence customers.
According to the FTC's complaint filed June 6, IFC Credit Corporation purchased NorVergence rental agreements valued at $21 million, with individual contracts ranging from $4439 to $160,672. The complaint alleges that despite making payments, no customers received telecommunications services from NorVergence for more than a short period of time, and many consumers received none. It further alleges that IFC continued to finance the fraudulent scheme by accepting new rental contracts, despite NorVergence's failure to provide the promised services and the resulting high rate of default among IFC customers. In addition, long after NorVergence entered bankruptcy in 2004, IFC continued to tell consumers they were obligated under the rental agreements because the payments are for the device, not for services.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.