Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts

Friday, June 26, 2015

Woman digs up dead dad to get ‘real’ father’s $50M

Woman digs up dead dad to get ‘real’ father’s $50M

She dug up her dead father so she could swap him for a rich one.
A Brooklyn-raised woman could reap as much as $50 million after exhuming the body of the man she had always called “Dad” and using his DNA to prove he really wasn’t her father, The Post has learned.
The dig allowed Nina Sebastiana Viola Montepagani, now 62 and living upstate, to make room on her birth certificate for the wealthy Italian physician she believes is her biological father.
But she may yet need to dig up one more grave — this one in Rome — before she can claim her eight-figure inheritance.
The physician she believes to be her dad, Dr. Sebastiano Raeli, has been dead for five years.
Montepagani is certain that he had an affair with her mother, Anna Viola, 62 years ago in Rome and that, as his only child, she is due half his $100 million fortune.
“I’m just digesting this all,” Montepagani, a retired teacher, told The Post on Friday.
A Manhattan court decision handed down this week as a result of the negative DNA test allows her to now expunge the name of the man who raised her, Giuseppe “Joseph” Viola, from her birth certificate.
Modal Trigger
Sebastiano Raeli
Whether she’ll have to dig up Raeli’s grave “remains to be seen,” she said, speaking from the doorstep of her home in the Albany suburb of Slingerlands.
“This is all very new,” she said.
The Brooklyn-born Montepagani has believed for decades that she is Raeli’s daughter — and with good reason.
The affair between the wealthy Italian and her mom was a thinly veiled family secret.
Anna Viola had met the well-to-do Raeli in Rome in 1951. It is unclear why they did not marry, but Anna was eight months pregnant with Nina Sebastiana when she sailed for the United States to marry Joseph Viola, who lovingly raised the girl as his own.
“At the time of my conception, Joseph Viola had no physical contact with my mother. They were an ocean apart,” Montepagani wrote in a 2010 affidavit.
“Sebastiano Raeli told everyone that I was his daughter,” she wrote. “My middle name is Sebastiana, a diminutive form of Sebastiano.
“Sebastiano Raeli also sent me photographs of himself which he endorsed with the proclamation: ‘to Nina, my adored daughter.’”
Joseph Viola, she insisted, would have approved of her seeking out her birthright.
“He would have wanted me to go to Italy and claim what is mine,” she wrote.
Filed under

Friday, October 31, 2014

Mayer Brown’s Former CIO Charged With Defrauding the Firm Out of a Whole Bunch of Money

Editor's note: The Probate Court of Cook County lawyers don't have to bilk their own firms...they bilk the helpless wards of the court.  Lucius Verenus, Schoolmaster, ProbateSharks.com


Mayer Brown’s Former CIO Charged With Defrauding the Firm Out of a Whole Bunch of Money
In a time when many law firms are relatively less stable than their employees would like, it’s definitely not good to hear about a Biglaw executive allegedly defrauding his firm out of hundreds of thousands of dollars.
But such is the world we live in. So let’s get to it: which former executive at Chicago-based Mayer Brown is facing pretty egregious fraud charges?

It’s the former chief information officer, David Tresch, who stands accused of defrauding the company out of nearly a million dollars. From the Chicago Tribune:
A former executive at Mayer Brown was arrested Thursday on federal charges that he allegedly defrauded the Chicago law firm of at least $850,000.
David Tresch, 51, of Itasca was Mayer Brown’s former chief information officer. He allegedly approved payments to a vendor for work that had not been performed and pocketed hundreds of thousands of dollars from that vendor, according to the U.S. attorney’s office in Chicago.
FBI agents seized Thursday approximately $210,000 in bank accounts controlled by Tresch, as well as a camping trailer, a van, and a luxury automobile.
Tresch was released on a $100,000 partially-secured bond.
Ohhh boy. This does not look good. It’s kind of like a weird variation of that scene in Michael Clayton:
We’re not the guys you steal from. We’re the guys who fight in court for a living! Are you so f**king blind that you don’t even see what we are?
Biglaw attorneys work hard for their bucks. I imagine Mayer Brown partners are steaming mad about this. But at least it sounds like they are on top of the situation.
According to the Tribune, Tresch was fired in June “following an internal investigation” after working at Mayer Brown since 2004. When he was terminated, the firm also turned the case over to federal prosecutors.
Apparently the firm asked Tresch to stop using the unnamed IT vendor early last year due to cost cutting measures, but Tresch allegedly continued approving invoices and collecting checks anyway.
Well, at least we know he’s got the cash for a decent defense attorney.
Former Mayer Brown CIO arrested on fraud charge [Chicago Tribune]


Friday, October 10, 2014

Lawyerly Lairs: From A Big House To The Big House And Back Again — Mel Weiss’s $19 Million Mansion

Art, Lawyerly Lairs, Melvyn Weiss, Milberg Weiss, Money, Plaintiffs Firms, Real Estate

Lawyerly Lairs: From A Big House To The Big House And Back Again — Mel Weiss’s $19 Million Mansion


Melvyn Weiss
The rise and fall of Melvyn Weiss is one of the most dramatic stories within the legal profession. The Bronx-born Weiss, a graduate of NYU Law School, founded Milberg Weiss, which went on to become the nation’s top class-action securities firm. Weiss and his partners became millionaires many times over.
But it turned out that the firm rested on shaky ground. In 2008, Mel Weiss pleaded guilty to participating in a kickback scheme that helped him get clients and cases. Weiss got sentenced to two and a half years in federal prison and had to pay more than $10 million in forfeitures and fines. Milberg Weiss itself had to pay $75 million to settle charges relating to the racketeering conspiracy.
Too bad Weiss had to do prison time. House arrest would have been pretty sweet in his waterfront mansion on Long Island’s Gold Coast, now on the market for $18.8 million….

As it turns out, Weiss is putting more than just his house on the auction block, as reported by Bloomberg:
Melvyn Weiss, the millionaire class-action attorney who was felled by illegal kickbacks, is selling more than 140 lithographs, etchings and other works of art by Pablo Picasso.
Weiss and his wife, Barbara, have pledged the artwork to the financial services unit of New York-based Sotheby’s, according to a Sept. 23 New York state regulatory filing. Barbara Weiss, in an interview last week, said the couple planned to put the art up for auction.
The news of Weiss’s house going on sale was reported by the American Lawyer. Weiss told Am Law, “I’m going to be 80 years old — I’m downsizing.”
There’s a lot to downsize from; according to the listing, the house sits on five acres and boasts 7 bedrooms, 8.5 baths, and more than 12,000 square feet of living space. Here’s the facade:

But I actually think the house looks more impressive from other angles….

Friday, January 31, 2014

Should Non-Lawyers Own Firms? Do They Already?

  • Editor's note: Readers, please close your eyes and imagine how a ProbateShark owned law firm would effected the corrupt Probate Court of Cook County. Well, we can fanaticize, can't we?  Lucius Verenus, Schoolmaster, ProbateSharks.com
  • 30 Jan 2014 at 2:02 PM
  • Biglaw, Dewey & LeBoeuf, Heller Ehrman, Howrey LLP, Legal Ethics, Money, Partner Issues
  • Should Non-Lawyers Own Firms? Do They Already?


    ‘So it’s decided – we’ll be Cravath, Swaine, Moore, & Doritos.’
    All those professional responsibility lectures, and bar prep, and boring CLEs that I attended after becoming a lawyer, and all the boring CLEs I dutifully watched on the Internet after I escaped the probationary period, consistently preached the evils of non-lawyer ownership of law firms.
    It raises ethical concerns! It dilutes what it means to be a lawyer! This is a profession, not a business! All the usual complaints from a profession convinced that it’s made up of beautiful and unique snowflakes with unimpeachable judgment.
    But with the rest of the world embracing new structures to permit non-lawyer ownership — and empirical evidence suggesting that those models raise fewer ethical concerns than the alternative — some argue that the U.S. firm model stifles innovation and cripples international competitiveness.
    But the better question is, “Don’t non-lawyers own law firms already?” And to the extent the answer is “of course,” shouldn’t the profession be bending over backwards to approve ownership models that better serve the firms and their clients than the status quo?

    Non-lawyer firm ownership is mostly barred in the United States (D.C. allows limited non-lawyer financial stakes in firms). But when considering the question of radically altering the model of law firms, the standard approach is to compare a future dominated by outside corporate management to idyllic “L.A. Law” independence, where partners dictate the course of their firm with no outside interference. To think the latter universally reflects American law firms is just crazy talk. As Casey Sullivan of Reuters Legal reports (sub. req.), more than a few experts recognize that certain non-lawyers already wield immense power over law firm business decisions:
    The recent spate of big U.S. law firm bankruptcies should make state bars reconsider an idea they have long resisted, allowing non-lawyer investment in law firms, legal experts said Wednesday.
    At present law firms largely rely on financing from banks, but, if they could tap into more flexible sources of capital, they could provide relief to the troubled corporate law industry, according to Duane Morris partner Jonathan Armstrong and New York lawyer James Duffy.
    Armstrong and Duffy, who were part of a panel discussion at the New York State Bar Association’s annual conference titled “Non-Lawyer Ownership of Law Firms,” did research on the subject for the association in 2012.
    They said that defunct firms like Howrey, Heller Ehrman and Dewey & LeBoeuf went bankrupt partly because of a reliance on hefty bank loans that were quickly pulled after the firms violated the strict terms of their loan agreements.
    “Too many firms are controlled by their bank,” said Armstrong, adding that the lenders often dictated how a firm should conduct its business in exchange for financial support.
    When law firms have to rely on banks for loans, they’ve already forfeited some measure of firm control. The article notes that Citi Private Bank and Wells Fargo have even taken to dictating the practice areas firms should concentrate in before coughing up capital. These moves may or may not be in the best interest of the firm, but it puts the lie to the notion that in the status quo American law firms are free from non-lawyers dictating management decisions.
    Non-lawyer ownership might not have saved Dewey, Howrey, and Heller, but if each had had the opportunity to bring in investment partners committed to the long-term success of the business instead of relying on banks concerned only with getting their loans repaid quickly and efficiently, who knows? Maybe you’d never have had to read a stupid “Dewey Think” or “Howrey Gonna” pun in these pages.
    That would’ve been worth it.
    Experts in N.Y. argue for non-lawyer funding of law firms [Reuters Legal (sub. req.)]
    Is it Time for Non-Lawyer Ownership? [Lawyerist]
    Will continuing to ban nonlawyer ownership make US firms and clients less competitive? [ABA Journal]

    Wednesday, January 1, 2014

    Above the Law’s Top 10 Most Popular Posts of 2013

  • 31 Dec 2013 at 3:37 PM
  • Admin, Announcements, Asians, Bar Exams, Biglaw, Bonuses, Celebrities, Divorce Train Wrecks, Law Schools, Magic Circle, Money, Partner Issues, Pro Se Litigants, Racism, Rankings, Reality TV, Sexism, Small Law Firms, U.S. News, Videos, Women's Issues, YouTube
  • Above the Law’s Top 10 Most Popular Posts of 2013



    As 2013 draws to a close, let’s look back at the 10 biggest stories in the legal profession over the past year. This is an annual tradition here at Above the Law, which we’ve done in 2012, 2011, 2010, and 2009. We’ll fire up the old Google Analytics machine to get data on our most popular posts, based on pageviews, and share the results with you.
    Before turning to specific stories, let’s look at the top general discussion topics here at ATL. For 2013, our most trafficked category page was Biglaw, which bumped Law Schools out of the top spot — a spot that Law Schools held from 2010 through 2012. Now that the word is out about the perils of getting a law degree, leading to plummeting applications, perhaps it’s time to move on from the “don’t go to law school” narrative.
    After Biglaw and Law Schools, our third most-popular category page was, as usual, Bonuses. This wasn’t a terribly exciting year for bonuses — there were no spring bonuses, and Cravath and its many followers paid out the same bonuses as last year — but people still want to know the score.
    Our fourth most-popular category page was small law firms. Small firms, including boutiques, are an area of increasing focus and readership for us — and also where many of the job opportunities are these days.
    Moving on from the topic pages, what were the 10 most popular individual posts at Above the Law in 2013?

    Here are our top 10 stories for 2013, in ascending order of popularity, measured in pageviews.[1] Click on the title of each post to be taken to the original story.
    10. The Racist Law Firm Ad Update — The Maligned Law Firm Speaks: After a racist law firm advertisement went viral, we played a role in clarifying the situation. We published a statement from the law firm in question — McCutcheon & Hamner, a small personal-injury firm in Alabama — denying its involvement in producing the highly offensive YouTube clip.
    9. Did Lamar Odom Cheat On Khloe Kardashian With A Lawyer? Reality TV star Khloe Kardashian recently declared that she’s “excited for this year to be over” — just like her marriage to NBA player Lamar Odom, which ended in 2013. A contributing cause: Odom’s alleged affair with a gorgeous California lawyer, Polina Polonsky, who allegedly asked Odom to help her review client files. Oy!
    8. Nationwide Layoff Watch: Major Cuts Come To Weil Gotshal: The Kardashian-Odom split wasn’t the only soap opera that generated headlines this past year. People tuned in for As The Weil Turns — upheaval at the high-powered law firm of Weil Gotshal, kicked off by large-scale layoffs in June. The following months witnessed a slew of partner defections, especially in Texas (although the firm maintains that this is strategic and intentional shrinkage). Can Weil stop the bleeding in 2014?
    7. Breaking: Cravath Announces Year-End Bonuses; Let the 2013 Bonus Season Begin! The bonus announcement of Cravath, the extremely prestigious and profitable law firm that sets the market for Biglaw bonuses, always lands in the top 10 stories (last year it was #5). This year, Elie Mystal and I argued over whether the bonus glass was half-empty or half-full.
    6. Which State Has the Most Difficult Bar Exam? Professor Robert Anderson of Pepperdine Law developed a methodology for ranking bar exams by toughness. Which state’s test took the top spot? Hint: it wasn’t New York (which didn’t even make the top 10).
    5. Lawyer: Apple Should Protect Me From My Porn Addiction: Blocking web users from accessing porn: there’s an app for that? Well, if not, there should be — or so claims lawyer Chris Sevier, who filed a pro se lawsuit that, as Joe Patrice put it, “seeks damages and injunctive relief against Apple for making devices that can display porn, or as the rest of us call it, the Internet.” More recently, Sevier sued President Obama for alleged involvement in the Duck Dynasty debacle.
    4. The 2014 U.S. News Law School Rankings: Lawyers love rankings — and U.S. News’s closely watched law school rankings are the biggest game in town. As law schools fight over a shrinking pool of law students, a law school’s position on the prestige totem pole is more important than ever.
    3. Biglaw Memo From Top Firm Advises That Women ‘Don’t Giggle,’ Don’t ‘Show Cleavage’: Clifford Chance, a member of the elite Magic Circle, is one of the world’s top law firms — not just in profits and prestige, but also in generating juicy memos. Last year, its famous Law Firm Mommy Memo took the #3 spot; this year, the firm holds on to third place, with a controversial collection of “Presentation Tips For Women” that Staci Zaretsky described as “one of the most sexist Biglaw memos we’ve ever seen.”
    2. The ATL Top 50 Law School Rankings (2013): The U.S. News law school rankings might be the biggest game in town (for now), but they aren’t the only one. In our inaugural law school rankings, we stripped out dubious factors like library size or money wasted spent per student to focus on what really matters: employment outcomes, i.e., jobs for graduates. Based on the great traffic and reader feedback we received, our rankings were a huge hit, and we’ll be doing them again in 2014.
    1. A Great Response to a Cease and Desist Letter: The cease-and-desist response heard round the world, this rip-roaring rebuttal — a delicious combination of snark and substance — went viral. What could be more satisfying than watching a bullying lawyer get a taste of his own medicine? The letter kicked off a trend of awesome C&D responses — see, e.g., here and here.
    We hope you enjoyed this look back at the 10 most popular stories of 2013. If you have a favorite Above the Law story from the past year that didn’t crack the top ten, please feel free to give it a mention in the comments.
    And now for a brief programming note: Since Wednesday is the federal holiday for New Year’s Day, we won’t be publishing much (if at all) between now and Thursday, January 2. Happy New Year, and we’ll see you in 2014!
    [1] For purposes of this listing, intended to serve as a look back at 2013′s biggest stories, we did not count posts published in 2012 that racked up major traffic in 2013 — e.g., Cam Girl Pleasures Herself In A Top Law School’s Library.
    Earlier: Above the Law’s Top 10 Most Popular Posts of 2012
    Above The Law’s Top 10 Most Popular Stories of 2011
    Above The Law’s Top 10 Most Popular Stories of 2010
    Above The Law’s Top 10 Most Popular Stories of 2009

    Wednesday, December 25, 2013

    Bank Takes Elderly Woman To Court After Losing Thousands In Scam

    Bank Takes Elderly Woman To Court After Losing Thousands In Scam

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    (Photo Credit: KDKA)
    (Photo Credit: KDKA)
    Marty GriffinMarty Griffin
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    PITTSBURGH (KDKA) – For 85-year-old Margaret Tolbert and her son Jamie, the walk to her bank is a painful one.
    West View savings in Cranberry has closed her account and wants her to pay them several thousand dollars – and the bank is taking her to court to get it.
    “I didn’t realize I did anything wrong,” Tolbert said. “I thought everything was square and above board.”
    Sitting with her son, Tolbert tells an all too familiar story: a con artist on the phone told her she won the big one.
    “I won a house, a car, some money,” she says.
    But in fact, she didn’t win anything. The harder truth: the con men sent her checks totaling nearly $20,000. She cashed $12,000 worth at a branch of West View Savings on the property of her retirement community.
    She never had more than a few hundred dollars in her account there. She says never deposited a check there. Still, the tellers gave her a big bag of cash.
    “I can still see it in my mind, all of these hundred dollar bills in an envelope,” she said.
    She said she was going to use it to pay taxes on her “big win.”
    The con is to promise the big win, send the innocent victim checks, tell her it’s money to pay the taxes.
    Tolbert has been ripped off, now the bank wants the money back.
    “I’m not a bad girl, but they’re treating me like one,” she said.
    She has a similar check that was sent to her a few months ago – which the bank refused to cash.
    Records show the bank is still charging Tolbert daily overdraft fees, demanding she pay back several thousand dollars she errantly sent to the con men. In fact, she’s been ordered to civil court in a week or so.
    “The law of common sense tells you, if you normally have four or five-hundred dollars in your account and you never put money in and somebody walks in with $19,900 worth of checks, the red flags should be going up all over,” Tolbert’s son Jamie said.

    Thursday, September 26, 2013

    Doris Duke heiress claims banks fueled abusive, drug-addicted dad

    Doris Duke heiress claims banks fueled abusive, drug-addicted dad

    This little rich girl has got a lot of problems.
    Fifteen year old Georgia Inman — who’s poised to inherit half of tobacco heiress Doris Duke’s $60 million fortune — filed papers in Manhattan Surrogate’s Court Thursday claiming JPMorgan and Citibank, which each control half of the trust fund she shares with twin brother Walker Inman Jr., fueled years of abuse on the siblings by funneling money to her late heroin-addled dad Walker Sr. and ex-con stepmom Daralee.
    “I lived this nightmare being abused by drug addicts while my real mom fought to save my brother and me,” Georgia, who now lives with her biological mother Daisha in Utah said in the 13-page affidavit.
    “My brother and I lived through something real bad for a long time. I was treated worse than dogs, locked in a room. Living on the floor in our own waste,” she said. “That was probably the kindest thing that happened to us in our over 10 years of hell.
    “All this was made possible because of a lot of money my dad and his attorney was getting from our trustees,” the teen heiress claimed.
    Her dad, Walker Sr., received $160,000 a month from a separate, unfettered trust left by his philanthropist aunt Duke until he died of a methadone overdose alone in a Colorado motel room in 2010.
    Then the money went to a Duke Endowment to be supervised by the banks and only handed over to the twins once they turned 21.
    But Georgia claims a shady attorney working for her dad submitted a fake will causing her and Walker Jr. to lose “tens of millions.”
    Georgia submitted the 358-point sworn statement Thursday, turning the tables on the bank trustees — who’ve in the past demanded that her ex-stripper mother, Daisha, account for every penny of the kids’ funds she spends.
    “I feel like this is just one big scam with everyone making millions,” Georgia says, demanding: “I want an attorney. I’m not stupid.”
    She calls the bank trustees “unethical” for allegedly giving the twins’ medical information to their abusive stepmom — who reportedly once stabbed brother Walker Jr.
    Meanwhile she says the trustees bankrolled the duo’s bad habits without thinking of their vulnerable charges.
    “My trustees knew my dad and my stepmother were lifelong drug addicts and alcoholics,” she wrote. “My trustees never checked on my brother and me, not one time.”
    The twins’ dad and stepmom had the kids from ages 3 to 12, when Walker Sr. died and they went to live with Daisha.
    “The legal system has never protected my brother and me,” Georgia rails in the court papers. She wants the judge to toss Citibank and JPMorgan as trustees.
    But banks have in court filings painted the unemployed Daisha as a mooching mom, alleging she has cashed in $1 million of the inheritance, asked for money to fund a Las Vegas trip, and tried to spend more than half of the trusts on a Utah ranch for her and the kids.
    “The children, in effect, are supporting her, or she is supporting herself using funds she withdraws from the children’s accounts or otherwise obtains via the children,” a Citibank VP wrote in a May filing.
    But Georgia, admitting that her mom helped her pen the screed against then trustees, insists she is only looking after their best interests.
    “All trust funds my mom gets [she] is spending on my brother and me for things we have asked for or need,” she claims.
    A spokesman for the banks did not immediately comment.
    Filed under

    Friday, August 23, 2013

    The $47 Million Dollar Law Degree: Judge Judy Is America’s Highest-Paid TV Star

  • 22 Aug 2013 at 11:11 AM
  • "Judge Judy" / Judith Sheindlin, Jon Stewart, Money, Rankings, Reality TV, Television
  • The $47 Million Dollar Law Degree: Judge Judy Is America’s Highest-Paid TV Star


    TV Guide released its annual list of television salaries and, once again, the top spot belongs to Judge Judy.
    Someone needs to resolve the nation’s disputes over dogs taking dumps in the neighbor’s lawn. We need her on that wall.
    America’s most trusted jurist has the highest-rated show in syndication, so a hefty salary isn’t really surprising.
    What is surprising is just how much Judge Judy blows away the competition in the salary market. A-List TV personalities on flagship network programs are begging for table scraps compared to her haul.
    Meanwhile, another TV jurist has slipped off the highest paid list…

    According to TV Guide, Judge Judy is pulling down a whopping $47 million for her services, up from $45 million last year. Speaking of “whopping,” these figures are probably giving Judge Joseph Wapner, who minces no words in explaining how much damage Judge Judy does to the judicial system, conniptions. Also, Judge Wapner is still alive? Really?
    In any event, $47 million can buy a new lawyerly lair to replace the one she just sold. Meanwhile, the million-dollar law degree folks are preparing to send around a press release explaining how Judge Judy proves everyone should go to law school immediately.
    Just how much more is Judge Judy making than her fellow TV stars? Jon Stewart comes in second on the list, earning an estimated $25 to $30 million as the host who consistently seizes the 18-49 demographic. America’s most hated TV host, Matt Lauer, is making $22 to $25 million after throwing Ann Curry under a moving train to take over NBC’s flagship news program.
    Sadly, it’s not all happy news for courtroom TV. Last year, Judge Joe Brown ranked fifth on the list, with an estimated $20 million a year (though he publicly disputes this, claiming he made a mere $5 million). But he got canceled, so Judge Judy is now the only court on the list.
    The Judge Judy show is certainly worth the investment in its star. CNN Money reports:
    Stephen Battaglio, TV Guide’s business editor and author of the list, said Judge Judy generates about $200 million in ad revenue for CBS, but costs just $10 million per year to produce, before factoring in Sheindlin’s salary. The show is aired internationally, and some stations air it several times a day.
    That’s a terrific profit margin. Given Judge Joe Brown’s departure, there’s an opening for a new courtroom program for a bombastic lawyer to berate the denizens of America’s trailer parks.
    Why hasn’t someone approached us about Judge Elie yet?
    TV’s Highest Paid Stars: What They Earn [TV Guide]
    Judge Judy rules! TV court jurist is the highest paid television star [New York Daily News]
    Judge Judy is highest-paid TV star [CNN Money]
    Earlier: Is Anybody Shocked That Americans Trust TV Judges More Than Supreme Court Justices?
    Lawyerly Lairs: Judge Judy Parts With Pricey Pied-à-Terre

    Friday, June 28, 2013

    A Law School Shows Everything That’s Wrong With Law Schools and U.S. News Rankings, In One Email

  • 27 Jun 2013 at 1:30 PM
  • Bad Ideas, Cardozo Law School, Law Schools, Money, Rankings, U.S. News
  • A Law School Shows Everything That’s Wrong With Law Schools and U.S. News Rankings, In One Email


    And now back to our regularly scheduled programing. We join this episode of “My Law School Nearly Got Away With It,” already in progress.
    We all know that law schools do all kinds of things to game the U.S. News law school rankings. U.S. News knows this, yet does little to stop this behavior. But rarely do we catch a law school red-handed.
    Here, we have a school openly calling upon its students to do something for the express purpose of increasing the school’s U.S. News rank.
    Even more embarrassingly, the school is targeting a class of graduates who have generally not had much luck in the employment market. The email suggests that the way to increase the value of their law degree is to give money to the school, since right now it’s not good enough to get them a job…

    This email from the Cardozo School of Law alumni office is truly shameful. They sent it out to the class of 2011. The subject line, bluntly and inelegantly, says it all:
    Subject: Help Cardozo Move Up The Rankings
    The email is actually written by another person in the ‘Dozo class of 2011. You know how these things go. The school thinks you are more likely to give if one of your classmates makes the ask. But you know the alumni office approved this message. Here it is, in part:
    Getting down to business, I would like to let you know a little secret about helping out Cardozo move up the rankings.
    Did you know that one of the factors that US News considers in its rankings is percentage of alumni who participate in annual giving?
    It’s true. Your gift to the law school can actually increase the value of your own degree…
    I know money may be tight and, if you are like me, you may still be making a contribution to your legal education in loan payments every month. But, by helping out the school, it increases the value of what we have already put our hard earned time and money into. Something that I know I’m willing to do.
    You can read the full email on the next page.
    This email is pretty horrible. It’s instructing Cardozo students to give for the express purpose of gaming the rankings… because gaming the rankings “increases the value of your own degree.”
    And you know who is going to be most interested in increasing “the value of what we have already put our hard earned time and money into”? People in the class of 2011 who are unemployed, underemployed, or generally disappointed with what the “value” of a Cardozo degree has gotten them so far.
    In essence, the alumni office is telling people who haven’t gotten a lot of value out of a Cardozo law degree that the way to correct that problem is to give Cardozo more money. Does that even qualify as “throwing good money after bad”?
    But law schools are going to do what law schools are going to do. What is U.S. News going to do? Here, we have direct evidence that Cardozo is trying to game the U.S. News rankings… is U.S. News going to react in any way? Are they going to punish Cardozo? Or are they just happy to continue to have these factors that have no relation to the value of legal education that schools can use to increase the perceived value of their law degrees?
    I’ll note that Cardozo did not crack the top 50 in the Above the Law rankings.
    And I’ll note that if the Cardozo alumni office sent out an email trying to “game” the ATL rankings, it would have to be sent to Cardozo alumni who are employers, telling them to give jobs to Cardozo students — not money to the Cardozo administration.
    (If you’re interested, you can see the full letter on the next page.)

    Tuesday, June 25, 2013

    A Big House For A Big Man: A Raj Rajaratnam Ruling

  • Editor's note: “reckless disregard for the truth.” This is the credo of the Probate Court of Cook County.  Lucius Verenus, Schoolmaster, ProbateSharks.com
  • 24 Jun 2013 at 5:09 PM
  • 2nd Circuit, Crime, Hedge Funds / Private Equity, Insider Trading, Money, Quote of the Day, Wall Street
  • A Big House For A Big Man: A Raj Rajaratnam Ruling


    Raj Rajaratnam
    Rajaratnam’s arguments are not persuasive.
    – Judge José A. Cabranes, writing for a three-judge panel of the Second Circuit in upholding the insider trading convictions of former hedge fund manager Raj Rajaratnam. On appeal, Rajaratnam unsuccessfully argued that federal prosecutors obtained a wiretap warrant with a “reckless disregard for the truth.” Rajaratnam will serve the remainder of his 11-year sentence.
    (If you’re interested, continue reading for the Second Circuit’s opinion.)



    Rajaratnam Conviction Upheld by Appeals Court [DealBook / New York Times]

    Saturday, June 22, 2013

    Law Student Embezzles Thousands of Dollars While Drunk, High

  • 21 Jun 2013 at 11:12 AM
  • Crime, Drinking, Drugs, Law Schools, Money
  • Law Student Embezzles Thousands of Dollars While Drunk, High


    We haven’t seen a good Student Bar Association scandal in a while, but that’s all about to change. In case you’re not aware, the law students who are elected to serve on their school’s SBA are tasked with organizing fun events that will make their peers happy, and those events usually cost a lot of money. What can I say, alcohol and vomit clean-up fees are expensive.
    So understandably, when that beer money starts to get mysteriously low — in this case, to the tune of tens of thousands of dollars inexplicably missing — people start to panic. At what point do you realize the girl responsible for managing your organization’s finances has embezzled more than $30,000?
    Probably when she admits to you that she spent the cash to fuel her drug and alcohol addiction…

    Coming to you straight from the Lego Law School (more commonly known as the University of Baltimore School of Law), we’ve got the tale of Margaret Oyler. She was elected to the position of SBA treasurer in the spring of 2010, held the position through April 2012, and stole funds from the student organization throughout her reign by providing false financial statements to the rest of the SBA executive board during each accounting period. By all accounts, it sounds like she would’ve been one hell of a lawyer.
    In total, Oyler managed to yoink $33,000 from right under the SBA’s nose over a two-year period without anyone ever noticing until a changing of the student government’s guard. A tipster notes that the SBA informed the Baltimore Law administration of Oyler’s embezzlement in April 2012, but formal charges weren’t brought until more than a year later. Sorry, but wouldn’t it have been more intelligent to bring criminal charges against a student back then, rather than during a time when you’re trying to generate positive publicity for a $119 million building that would make even Nathan Sawaya cringe?
    Here’s Maggie Oyler’s case information, including the crime she was charged with:

    Yesterday, Oyler pleaded guilty before a Baltimore judge to the theft of $33,000. As part of a deal, she was given a five-year suspended sentence and three years of probation, and she must pay $33,000 in restitution. A tipster reports that Oyler’s parents are loaded, and they put thousands of dollars in an escrow account for her restitution. “Had it not been for the escrow account, I would imagine that such a lenient plea deal would not have been offered,” notes a source from UB Law.
    When asked for comment, a law school spokeswoman assured the public that Oyler never graduated and that the dean of students would work with student clubs “to help improve their financial oversight.” And by “help,” we presume this means the school will now rule over the SBA and other clubs with a Bogomolnyian iron fist. If you’re wondering why Oyler didn’t graduate, it’s not just because of this embezzlement scandal. A tipster claims that this financial femme fatale was suspended around the same time her thievery was discovered for a matter “regarding a letter of recommendation and a misrepresentation of her grades” — as if her grades matter now that she’s a convicted criminal.
    The Baltimore Sun snagged an interview with Oyler after she entered her guilty plea:
    In an interview, Oyler said the thefts happened during “an extremely dark period in my life.”
    She said she used some of the money to feed her alcohol and prescription painkiller habits. Her probation will include substance abuse treatment, Oyler said.
    “It wasn’t just like one day I woke up and decided, ‘Let’s do this,’ ” Oyler said. “I can’t describe in words where your head goes. … Everything that I’m trying to do is trying to right this wrong and correct this mistake.” …
    “I made a confession to [the SBA president], but I don’t remember … because I was so drunk,” Oyler added.
    We’re glad that Oyler will get the help she needs, but it’s a shame that it took three years of law school and a foray into the criminal justice system to get her life in order. Think about that for a second: three years of debt, all for nothing, and with nary a lesson learned from her first-year criminal law course.
    Well, we guess she did learn one thing: voluntary intoxication is not a defense to crime. Cheers!
    UPDATE (3:00 p.m.): We spoke to Maggie Oyler this afternoon, and here’s what she had to say about her legal wranglings:
    I am grateful for the opportunity to repair the damage that I have caused financially, and the chance to make sincere amends to the students and the institution that I have harmed. I look forward to a happy, sober life both personally and professionally.
    UB Student Bar treasurer stole $33,000 from organization [Baltimore Sun]
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