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NC State coach Lowe's son pleads guilty in robbery
Court Watch | 2008/07/15 06:41
The son of North Carolina State basketball coach Sidney Lowe pleaded guilty on Monday to dozens of charges connected to a March 2007 armed robbery.

A sentencing hearing for Sidney Lowe II began Monday and is expected to end Tuesday in Guilford County Superior Court.

Defense lawyer Joe Cheshire said his client was "completely remorseful."

Lowe entered guilty pleas to six counts each of robbery with a dangerous weapon and kidnapping, possession of a weapon on educational property, possession with intent to sell and deliver marijuana and possession of ecstasy under a plea agreement.

The 23-year-old Lowe also entered a plea to a conspiracy to commit armed robbery charge from a shooting at the University of North Carolina at Greensboro. The plea means he doesn't admit guilt but says the state has enough evidence to convict him.



Law Firm Urges SEC To Be Aggressive In Attacking Rumors
Legal Business | 2008/07/15 05:43

U.S. securities regulators need to be more aggressive in attacking manipulative rumor-mongering and short selling abuses, a prominent New York law firm said Monday.

In a memo to clients, Wachtell, Lipton, Rosen & Katz urged the Securities and Exchange Commission to conduct a 45-day study of the extent to which "abusive and manipulative short-selling and spreading of false rumors is taking place," and to issue a public report on its findings.

The law firm also called for the SEC to adopt rules as appropriate in response to its findings, and to bring enforcement actions against wrongdoers, coordinating efforts with criminal prosecutors where necessary.

Wachtell, Lipton's call to arms came one day after an unusual Sunday announcement from the SEC that it plans to begin immediate examinations into controls at brokerage firms, mutual funds, money management companies and hedge funds to prevent the deliberate spreading of false rumors to manipulate stock prices.

The SEC's examination into industry practices came after a rocky week of trading and concerns about the outlook for federal housing-finance giants Fannie Mae (FNM) and Freddie Mac (FRE) and for commercial and investment banks, including Lehman Brothers Inc. (LEH).

"While this is an important first step, the SEC needs to undertake additional bold measures to constrain abusive short-selling and rumor-mongering," according to the memo, signed by Wachtell, Lipton partners Edward Herlihy and Theodore Levine. The two recently urged the SEC to bring back restrictions on short sales when stock prices are declining, recommending a return to so-called "tick test" that forbade short sales when markets are ticking down.

SEC spokesman John Nester declined to comment.

Wachtell, Lipton is a leading advisor in corporate mergers, including the acquisition of Bear Stearns Cos. by JPMorgan Chase & Co. (JPM). Some former Bear executives have blamed the firm's collapse on market manipulation by short sellers and JPMorgan Chase Chief Executive Jamie Dimon recently said that the SEC should investigate whether Bear was brought down by a smear campaign.

Short sellers sell borrow shares in hopes of replacing them later at a lower price, profiting when the stock declines. While the practice is legal, critics say regulators have been ineffective in curbing abusive, manipulative short selling.



Court rules for NY Times in anthrax libel case
Court Watch | 2008/07/15 03:41
A federal appeals court has ruled against a former Army scientist who sued The New York Times over columns linking him to deadly 2001 anthrax attacks.

A three-judge panel of the 4th U.S. Circuit Court of Appeals said Monday that Steven Hatfill was a public figure and had to prove actual malice to win his libel lawsuit. The court said Hatfill failed to meet that burden.

Five people were killed and 17 sickened in the anthrax attacks. Then-Attorney General John Ashcroft publicly identified Hatfill as a "person of interest" in the investigation.

Columnist Nicholas Kristof criticized the FBI's investigation as lackadaisical and initially referred to Hatfill as "Mr. Z." Kristof identified Hatfill by name only after Hatfill held a news conference to denounce rumors.



2 Marines charged in nurse's slaying due in court
Criminal Law | 2008/07/15 02:38
Authorities in North Carolina say a Marine charged in the death of his wife, an Army nurse, will appear in court along with a fellow serviceman. The hearing is scheduled for 2 p.m. Tuesday in Fayetteville, near Fort Bragg.

Marine Cpl. John Wimunc was charged Monday with murder — as well as first-degree arson and conspiracy to commit arson — in the death of 2nd Lt. Holley Wimunc of Iowa.

Her body was found Sunday, three days after a suspicious fire at her Fayetteville apartment.

Authorities also charged Lance Cpl. Kyle Alden with first-degree arson, conspiracy to commit arson and accessory after the fact to first-degree murder. Both Marines were assigned to Camp Lejeune.



Spain court urged to study Nazi guards case
International | 2008/07/15 01:42
State prosecutors have urged Spain's National Court to investigate four alleged former Nazi concentration camp guards and decide whether to seek their extradition from the United States over the deaths of Spanish citizens in the camps, news reports said Monday.

The Europa Press news agency said the prosecutors office at the court announced it was backing a case petition brought last month by Brussels-based rights organization Equipo Nizkor on behalf of victims' relatives.

The suspects are John Demjanjuk — an 88-year-old retired auto worker in Ohio — Anton Tittjung, Josias Kumpf and Johann Leprich.

Equipo Nizkor has said the U.S. has been trying for years to deport all four for lying about their Nazi pasts on their immigration papers, but that no country had been willing to take them.

The prosecutors' petition is a nonbinding recommendation. The court's judges will now decide whether to accept the case for study and consider filing charges. A decision could take months.



New Tax Laws Dry up Car Donations
Tax | 2008/07/14 09:22
Car donations have plummeted since Congress in 2004 tightened the tax rules for claiming charitable deductions, according to a Grant Thornton analysis of new IRS data.
Before 2005, taxpayers who donated a vehicle were allowed to deduct its fair market value. Tax legislation enacted in 2004 changed the rules to generally limit vehicle donation deductions of over $500 to either the actual proceeds from a vehicle's sale or the vehicle's fair market value -- whichever is less.

Recently released IRS statistics reveal the 2004 law had an immediate and drastic affect on car donations. An analysis of the new numbers by Grant Thornton's National Tax Office shows that between tax year 2004 and 2005, car donations of over $500 dropped by two-thirds.

Over 900,000 tax returns claimed deductions for donated automobiles in 2004. In 2005, the last year for which the IRS has detailed data, less than 300,000 tax returns included such claims.. The total amount deducted for all car donations declined from $2.4 billion in 2004 to just a half a billion dollars the following year, a decrease of over 80 percent.


Jocelyn Kirsch pleads guilty in ID theft case
Court Watch | 2008/07/14 09:22
Jocelyn S. Kirsch, the former Drexel University student now a defendant in a bold identity-theft scam, pleaded guilty this morning in U.S. District Court to all charges in the case. Kirsch, 22, wearing no make up and wearing a wrinkled dark green prison-issued uniform, appeared somber before U.S. District Judge Eduardo C. Robreno during the hour-long proceeding.

In a soft voice, she pleaded guilty to one count each of conspiracy, access device fraud, bank fraud and money laundering and two counts of aggravated identity theft. Robreno has scheduled sentencing for Oct. 17.

Kirsch has been in custody for more than a week since deciding to skip house arrest in favor of jail in anticipation of a prison sentence.

Her attorney, Ronald Greenblatt, has said that Kirsch faces a mandatory sentence of at least two years in prison. Kirsch has captivated an international audience since photos of her - looking well-endowed and flirtatious and sometimes in a bikini - circulated on the Internet after her arrest.

Kirsch and her one-time boyfriend, Edward K. Anderton, a University of Pennsylvania graduate, are accused of stealing identification of friends, co-workers and neighbors to get fake ID used to finance a lavish lifestyle. They are accused of stealing more than $116,000 from their victims. Anderton pleaded guilty and is scheduled to be sentenced in September.



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