PLP News

Ex-Nixon Peabody Partner’s Co-Defendant Pleads Guilty to Ponzi Scheme

After entering a guilty plea, John Farahi, founder of Newpoint Financial Services Inc., was sentenced to 10 years in federal prison on March 20, according to a National Law Journal story. The Beverly Hills businessman admitted his role in a $20 million Ponzi scheme and the plea could have ramifications for former Nixon Peabody securities partner David Tamman, who was found guilty for his role in the scheme.


Herbalife Legal Coffers Bolstered to Fend Off Pyramid Scheme Charge

A Los Angeles nutrition company is locked in a legal battle with billionaire hedge fund manager Bill Ackman, who has accused the company of perpetuating a pyramid scheme. Herbalife officials said the company will up their legal defense costs from $25 million to $40 million in the wake of Ackman’s accusations, according to a Los Angeles Times article.


Lawyer Quits, Emails Dirty Laundry to Clients, Colleagues

Don Prophete, 45, resigned from the Ogletree Deakins Nash Smoak & Stewart's law firm in Kansas City, Missouri after what he described as a "completely unacceptable" response to accusations made by one of the firm’s lawyers that she had been harassed and discriminated against by an office manager, according to a Reuters report.


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