On October 24, 2003, the United States Court of Appeals for the Second Circuit affirmed a federal jury’s conviction of Dallas, Texas certified public accountant Michael A. Robles. In October 2002, the jury found Robles guilty on charges of participating in a massive insider-trading scheme that yielded illegal profits of more than $1.3 million in 31 different stocks. According to the evidence at trial, from 1995 through 1997, Robles received inside information from his long-time friend Richard A. Svoboda, who was employed as a credit policy officer at NationsBank, N.A. In violation of NationsBank’s policies, Svoboda misappropriated confidential information about yet-to-be-announced tender offers or financial results. The jury convicted Robles of one count of conspiracy, 9 counts of securities fraud and 4 counts of tender offer fraud. The Honorable Richard N. Berman, United States District Judge for the Southern District of New York, sentenced Robles to be incarcerated for 41 months, and to pay a $300,000 fine.
This is an actual case and we can begin to answer the question as to why people seemingly wealthy and educated commit crimes?
The answer seems to be very simple.
The financial penalties seem to be large.
Basically, if you “do the math”, the participants in this “white collar crime” are able to rebound easily and endure the prison sentence with the knowledge they have securitites to fall back on, as they complete their sentences.
The attorney involved was none other than your friend and mine, Allan Dershowitz. Another question to ask ourselves, why do attorneys accept these types of cases, when they know the person is guilty and they are going to lose the case? Friends, does the answer really escape you?
I have communicated this question directly to Mr. Dershowitz. I hope to have an answer for you soon and will let you know as soon as i hear back from him.
$1,300,000.00.monies received illegally
$1,000,000.00.profit to criminal
This case has many very similar to it. There are some that the figures are so huge, it is beyond belief. If this does not make you angry, i do not know what to say to you.