Background
A bank failed to report certain overdue loans, although three regulators the Securities and Exchange Commission, Federal Reserve, and Office of Thrift Supervision purportedly required the disclosure. After the failure, the Government charged executives of the bank for securities fraud and making false statements to regulators, alleging the bank falsely reported the loans. On appeal, Defendants argued that the regulators’ reporting requirements were ambiguous as each regulator had described its reporting requirement slightly differently than the other.
Holding
The Court reversed Defendants’ false-statement convictions and entered judgments of acquittal. The Court determined that, when such reporting requirements are ambiguous, the Government must prove falsity under each objectively reasonable interpretation of the reporting requirement. Alternatively, the Government must prove that its interpretation is the only objectively reasonable one.
Upon His Inauguration, Biden Should Commute All Federal Death Sentences
Demonstrators protest federal executions of death row prisoners in front of the U.S. Justice Department in Washington, D.C., on December 10, 2020.
Nicholas Kamm / AFP via Getty Images
By
On Wednesday, January 20, Joe Biden will be inaugurated as president of the U.S. There will likely be multiple items on the immediate agenda, especially addressing the COVID-19 pandemic. However, the last few months have illustrated the immediate need to commute all federal death row sentences. One of President Obama’s many mishaps was not doing this in 2017, right before he left office, and the Trump administration took advantage.
Published December 21, 2020, 6:48 PM
The local government of Pasig City recently received a P5-million cash grant from the Dangerous Drugs Board (DDB) for the development of the city’s anti-drug abuse council facilities.
Pasig Mayor Vico Sotto receives from Dangerous Drugs Board Usec. Earl Saavedra the agency’s P5 million cash grant for the improvement of Pasig’s Anti-Drug Abuse Council facilities. (Photo from Mayor Vico Sotto)
Mayor Vico Sotto and DDB Executive Director Usec. Earl Saavedra signed a memorandum of agreement for the cash grant intended for the improvement of facilities of Pasig’s Anti-Drug Abuse Council.
Sotto said the war against illegal drugs in Pasig has continued despite the ongoing threat of the coronavirus disease (COVID-19) pandemic.
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