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Former ArthroCare Executive Pleads Guilty to Charges of Securities Fraud

Friday, December 06, 2013

A former executive at ArthroCare Inc. has pleaded guilty for his role in a massive $400 million securities fraud targeting investors in surgical device manufacturers.

Last month, John Raffle pleaded guilty to several charges of white-collar crimes, including conspiracy to commit securities, mail and wire fraud as well as making false statements.  During the time the fraud is believed to have occurred, Raffle was working as the head of the company's sales and marketing staff.  He has admitted that during his tenure at the company, he and other co-conspirators of the company falsely inflated the company’s sales and revenues figures. 

Other former executives of the company have also faced similar charges. The company's former Chief Financial Officer as well as former Chief Executive Officer were also indicted on charges that they falsely boosted revenues of the company.  This fraud is believed to have continued between December 2005 and December 2008.  The co-conspirators used end- of- quarter transactions with the company’s distributors in order to falsely inflate the revenue figures of the company.

Charges of securities fraud and mail fraud, and other types of investment-related fraud are extremely damaging.  Persons, who face these charges, are looking at not just a hefty prison sentence, but a battered reputation and a ruined career.  The financial world is strewn with examples of promising careers that were destroyed after allegations of financial misappropriation or mishandling came to light.

In many such cases that Arizona criminal defense lawyers come across, persons charged with securities fraud or wire fraud did not even realize that what they were doing was not allowed under the law.

Rupert Murdoch Divorce Set to Take Acrimonious Turn

Friday, December 06, 2013

It is being called the divorce of the decade, and many San Jose divorce lawyers had predicted right at the very beginning that this would not be a divorce that would be settled very amicably by both parties involved.  It appears that this prediction is likely to come true.  In a sign that Wendi Deng is gearing up for a tough fight, she recently switched divorce lawyers.

Murdoch filed for divorce in June, and the couple has two young daughters.  Now, according to reports, Deng has hired a law firm that has specific experience in representing women in high-profile divorce cases involving wealthy businessmen. 

Obviously, Murdoch's massive billion-dollar fortune is likely to be the focus of the divorce battle which explains the lawyer switch.  The lawyer who earlier represented Deng was the same one who had earlier brokered the couple’s prenuptial agreement.  It is likely that Deng now believes that her interests will be better protected if she gets an independent lawyer, who isn't connected to her soon-to-be ex-husband in any way at all.

Soon after the announcement of the divorce filing was made, it appeared that the couple had a prenuptial agreement in place, as well as two postnuptial agreements, which specifically focused on the separation of assets in the case of a divorce.  However, it is unlikely that either of these two agreements included any details about the custody of the children or child support for the daughters.  These issues are likely to be very thorny elements in the divorce.  Deng’s role in the Murdoch family trust is also likely to be another focus as the divorce moves ahead.

Prenuptial agreements are highly recommended when one of the partners in the marriage is much wealthier or has a much higher income earning potential in the near future compared to the other.  Murdoch will no doubt be depending on these early agreements to contain some of the financial damage he is expected to suffer.

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