Martha Stewart and Peter Bacanovic were indicted on criminal charges arising from Martha Stewarts December 27, 2001 sale of 3,928 shares of stock in ImClone Systems, Inc. ("ImClone"). ImClone is a biotechnology company whose then-chief executive officer, Samuel Waksal, was a friend of Stewart's and a client of Stewart's stockbroker at Merrill Lynch, defendant Peter Bacanovic. On December 25, 2001, ImClone learned that the Food and Drug Administration had rejected the company's application for approval of Erbitux, a cancer-fighting drug. On December 28, the day after Stewart sold her shares; ImClone publicly announced that the Erbitux application had been rejected. Shortly after ImClone's announcement, the Securities and Exchange Commission "SEC" and the United States Attorney's Office for the Southern District of New York launched investigations into trading in ImClone stock in advance of the announcement to the public of the news about Erbitux.
During the investigation each defendant was questioned twice. Martha Stewart was interviewed at the office of the United States Attorney on February 4, 2002 and by telephone on April 10, 2002. Among those present during Stewart's interviews were Special Agent Catherine Farmer of the FBI and Helene Glotzer, a lawyer with the SEC's Enforcement Division. Peter Bacanovic was interviewed by telephone on January 7, 2002. Present at that interview were Glotzer and another SEC attorney, Jill Slansky, as well as David Marcus, a Merrill Lynch attorney. On February 13, 2002, Peter Bacanovic testified under oath before the SEC. He was questioned by three SEC attorneys: Glotzer, Slansky, and Laurent Sacharoff. His testimony was tape recorded.
The jury convicted Stewart of making false statements to investigators during her February 4 interview, in violation of 18 U.S.C. § 1001. The jury found Stewart guilty of making the following false statements, each of which was a specification in Count Three of the Indictment. Martha Stewart told the Government investigators that she spoke to Peter Bacanovic on December 27 and instructed him to sell her ImClone shares after he informed her that ImClone was trading below $ 60 per share. Martha also stated that during the same telephone call, she and Peter Bacanovic discussed the performance of the stock of her own company, Martha Stewart Living Omnimedia ("MSLO"), and discussed K-Mart. She told investigators that she had decided to sell her ImClone shares at that time because she did not want to be bothered during her vacation. Stewart stated that she did not know if there was any record of a telephone message left by Peter Bacanovic on December 27 in her assistant's message log.
Shelly Zumaya (2220 East Hennepin Avenue, Minneapolis, MN 55413) is the president and sole shareholder of Kiwi Corporation (stock basis of $400,000). Incorporated in 2003, Kiwi Corporation’s sole business has consisted of the purchase and resale of used farming equipment. In December 2011, Kiwi transferred its entire inventory (basis of $1.2 million) to Shelly in a transaction described by the parties as a sale. According to Shelly and collaborated by the minutes of the board of directors, the inventory was sold to her for the sum of $2 million, the fair market value of the inventory. The terms of the sale provided that Shelly would pay Kiwi Corporation the $2 million at some future date. This debt obligation was not evidenced by a promissory note, and to date, Shelly has made no payments (principal or interest) on the obligation. The inventory transfer was not reported on Kiwi’s 2011 tax return, either as a sale or a distribution. After the transfer of the inventory to Shelly, Kiwi Corporation had no remaining assets and ceased to conduct any business. Kiwi did not formally liquidate under state law. Upon an audit of Kiwi Corporation’s 2011 tax return, the IRS asserted that the transfer of inventory constituted a liquidation of Kiwi and, as such, that the corporation recognized a gain on the liquidating distribution in the amount of $800,000 [$2 million (fair market value) - $1.2 million (inventory basis)]. Further, because Kiwi Corporation is devoid of assets, the IRS assessed a tax due from Shelly for her gain recognized in the purported liquidating distributi...
Fred Korematsu was born in the U.S. in 1919. His parents were born in Japan. Since he was born in the U.S. he was a citizen. He grew up like a normal kid in California. As he grew up, his life was normal, until the attack on Pearl Harbor on December 7, 1942.
Mr. Pharaon a Saudi businessman was indicted on 1991 as well as Mr. Milken on 1989 was indicted of racketeering and securities violations. Drexel Burnham Lambert has settled criminal and civil securities charges.
After discussion with the FBI, the investigator interviewed Montes. She responded appropriately to explain several points at issue but clearly lied about a phone call that prompted her to leave early from a meeting at the Joint Chiefs of Staff during a critical point in in Cuban-American relations. However, there were several potential explanations for such a lie, and this was not enough to make a persuasive case for a FBI investigation of a widely respected analyst with no personal problems who had passed a routine polygraph examination just two years
Everywhere you look, there she is. Martha Stewart has invaded every avenue of domesticity. Her "radiant presence... seems to be infinite, like that of the Almighty, or of Starbucks" (Lippert & Ferguson: 26*) The outposts of her "omnimedia empire" are quite fortified (Africannet page). Reigning over a vast technical spectrum, her multi-million, multi-media kingdom includes a magazine with a circulation of 1.2 million, a syndicated column, and a TV show with audience of 5.3 million, but she does not have an official web site (Lippert & Ferguson: 26). There are numerous webpages that fans and foes have dedicated to her.
Somalia vs United States Somalia, which is about the size of Texas, is a small country located in Eastern Africa, next to the Indian Ocean. The United States, which is located in the Western Hemisphere, is bordered by Mexico and Canada and is between the Pacific and Atlantic Oceans. Separated not only by the Atlantic Ocean, Somalia and the United States are also separated by the differences in economies and populations. These two countries that are quite opposite in size have some similarities in their governments and education systems. Somalia is one of the world’s poorest and least developed countries (Campbell).
Many businesses that achieve great success become greedy and want more. Pharmaceutical companies, such as Turing, have been overpricing life-saving drugs since they’ve been discovered. Martin Shkreli, the CEO of the company that raised the price of the H.I.V medicine, was arrested because of wrongdoings involving his former hedge fund and a pharmaceutical company he previously headed. He has been charged with conspiracy to commit security fraud, wire fraud, and using his previous company to cover personal debts. U.S. Attorney Robert Capers says, “As alleged in the indictment, Shkreli essentially ran his companies like a Ponzi scheme, where he used each subsequent company to pay off the defrauded investors in the prior company” (Shkreli).
I will discuss a T.V show that began in 1987 and ran until 1995 and compare that to a T.V show of today Modern Family; which first aired in 2009. The two are both American family sitcoms and comedies that have had great success throughout the air. These two shows are both unique in their own way. Full House is based in the late 80’s and early 90’s in San Francisco. Now Modern Family is today and still on air going for the 7th season based in the suburbs of Los Angeles. That if you look at the family photo of the entire Modern Family cast and the complete Full House cast shows how the typical sitcom family has changed over the time. 80’s to present
When thinking of the Netherlands, or Holland as most people recognize it, what comes to mind is typically a picture of a blond haired girl wearing wooden shoes and holding a basket of bread standing in a field of tulips with a windmill turning in the background, or the idea of standing in a busy city in the red-light district surrounded by bicyclists, drunk teenagers and people selling drugs legally. While both cliches hold their own truth about the country, much more lies beneath the tulips and drugs. Because the Netherland's government focuses on the overall well being of its people, the Netherlands is a better country to live in than the United States.
video record of the interrogation. Before Oswald had any chance to consult a lawyer he
Narsapur vs. America This Women’s Studies Senior Seminar class provides the opportunity to read about many cross-cultural issues pertaining to women. In the article, “Women Workers and Capitalist Scripts: Ideologies of Domination, Common Interests, and the Politics of Solidarity” by Chandra Talpade Mohanty, issues of “poor women workers in the global capitalist arena” (3) are addressed. Mohanty focuses on the plight of exploited, poor Third-World women. She illuminates specific issues that relate to the transformation of developing countries to capitalism. Mohanty’s article is split up into sections, the section that I want to focus on in order to compare key issues between Narsapur and America is called “Housewives and Homework: The Lacemakers of Narsapur”.
In modern day business, there can be so many pressures that can cause managers to commit fraud, even though it often starts as just a little bit at first, but will spiral out of control with time. In the case of WorldCom, there were several pressures that led executives and managers to “cook the books.” Much of WorldCom’s initial growth and success was due to acquisitions. Over time, WorldCom discovered that there were no more opportunities for growth through acquisitions when the U.S. Department of Justice disallowed the acquisition of Sprint.
Sandberg, J., Solomon, D., & Blumenstein, R. (2002, June 27). Accounting Spot-Check Unearthed A Scandal in WorldCom's Books. Retrieved from The Wall Street Journal: http://online.wsj.com/article/SB102512901721030520.html
In his plea bargaining, Ivan Boesky agreed to pay one-hundred million dollars in fines and to fully cooperate with the SEC members in other investigations of insider trading cases. His cooperation has also led to major charges against Kidder Peabody, Martin Siegel, and other financiers. Without Boeskey’s help, catching other insider-trading criminals would have been almost impossible. Ivan Boesky even wrote a book about his involvement in the world of insider trading; he called it Merger Mania.
The case under analysis, Eli Lilly & Company, will be covering the positives and negatives with regards to the business situation and strategy of Eli Lilly. One of the major pharmaceutical and health care companies in its industry, Lilly focused its efforts on the areas of "drug research, development, and marketed to the following areas: neuroscience, endocrinology, oncology, cardiovascular disease, and women's health." Having made a strong comeback in the 1990's due to its remarkably successful antidepressant Prozac, was now facing a potential loss in profits with its patent soon to expire. The problem was not only the soon to expire patent on Prozac, but the fact that Prozac accounted for as much as 30% of total revenue was the reality Eli Lilly now faced. (Pearce & Robinson, 34-1)