Former Wilson Sonsini attorney admits fraud Sports, posted by Editor, Palo Alto Online, on Dec 19, 2011 at 1:25 pm
A former attorney for Palo Alto-based law firm Wilson Sonsini Goodrich & Rosati pleaded guilty in a New Jersey federal court Wednesday (Dec. 14) to four felony charges in connection with a securities-fraud scheme.
Read the full story here Web Link posted Monday, December 19, 2011, 12:09 PM
Posted by Hmmm, a resident of East Palo Alto, on Dec 19, 2011 at 2:04 pm
Interesting that the more dramatic shooting incidents in EPA & east Menlo have drawn so many more comments than this equally spectacular but non-violent crime. What have the ramifications been to the victims of this crime? All of us taxpayers paying for the investigation & prosecution of those involved here...& so much money involved.
Posted by Jake, a resident of another community, on Dec 19, 2011 at 2:10 pm
white collar crime charges will continue to be an acceptable risk for some until the courts start treating these low lifes like any other criminal. Start giving them long prison sentances (general population in prisons other than low risk federal country club type) and then they may start thinking twice before ripping off companies, stock holders, pension funds, etc etc.
These thugs in designer suits ruin peoples lives for good many times when companies and industries crash and they rarely get charged let alone convicted and sent to prisons where other theives are sent to.
Then when they do get out after a few short years at a low risk fed facility they go on lecture tours, write books and teach in colleges (Milken)
In their wake they leave many many lives ruined and peoples life earnings wiped out often times.
Posted by one percent, a resident of the Adobe-Meadows neighborhood, on Dec 19, 2011 at 2:26 pm
The one percenters whine when a crook steals $20 from someone on the street. This guy steals $32 million and people like him created the recession that has devastated millions of families. We need to crack down on white collar criminals even harder than we crack down on street criminals. Multi-million dollar white collar crimes should have life sentences. Throw away the key.
Posted by Hmmm, a resident of East Palo Alto, on Dec 19, 2011 at 3:05 pm
one percent, great post. Of course, there are many reasons we react strongly to person on person street crime - most especially if it's violent. But I have a friend whose parents lost nearly everything to a local con man who's now doing time. Her parents are older & had been well off. Not only did they have to sell the home that they lost, it devastated one of the parents physically due to the drawn out stress involved. She is now permanently partially disabled, but of course, white collar dirtbag didn't get convicted of personally injuring her. I'm not comparing this of course to what, say, Brian Stow has endured. But we don't know, even ourselves, how devastating news will effect us physically. For some, the result is like being the victim of a violent crime, but it's not provable.
These jerks weren't just pilfering or embezzling a little here & there; this was big time.
Posted by Jared Bernstein, a resident of the Professorville neighborhood, on Dec 20, 2011 at 10:52 am
The story would be more helpful if it stated what happened to that stolen $32M. Presumably some went in taxes, but the rest? Many non-violent dopers have had their houses and boats confiscated. What about these guys? Can Sue Dremann enlighten us?
Posted by mutti, a resident of the Adobe-Meadows neighborhood, on Dec 20, 2011 at 12:02 pm
That $32 million is all "funny money." It's what they made from the buying and selling of stocks, but since stock prices are all pretty much made-up these days, it wasn't really taken from anyone. They generated the profits out of 'nowhere.' Those that 'lost' are the people who also bought the stock, but paid more for it because these guys had run up the price. Since that's also mostly Wall Street brokers and banks, we can't fell too sorry for anyone.