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White-Collar/Regulatory

Updated: Four UDF Execs Indicted & Lawyered Up; Kyle Bass’ Lawyer Speaks Up

A lawyer for one of the four executives of Grapevine-based United Development Funding who have been indicted on federal securities fraud and wire fraud told The Texas Lawbook that the allegations are baseless and vexatious and the result of “the egregiousness of the government’s misconduct” in the case. But a lawyer for Dallas hedge fund manager Kyle Bass, who initially raised the allegations that UDF was a Ponzi scheme in 2015, talked exclusively to The Lawbook about the case. The Lawbook has the in-depth and updated details of the criminal and civil cases in the Northern District of Texas and Dallas County, as well as news of a sealed lawsuit filed in the Eastern District by UDF against the federal authorities investigating them.

Haynes and Boone Beefs Up White-Collar Practice

During his decade-plus at the U.S. Attorney’s Office in the Northern District of Texas, Nick Bunch handled more than 25 cases involving white-collar fraud. He is Haynes and Boone’s second addition from a U.S. Attorney’s office in Texas this year.

Chad Meacham Named Interim U.S. Attorney in Dallas

A veteran of high-profile criminal prosecutions, Chad Meacham will serve as the second interim U.S. attorney for the Northern District of Texas since January, succeeding Prerak Shah, who is leaving the office. There has been no public indication of when the Biden administration will nominate a permanent top prosecutor for the district.

Despite High-Profile Candidates, No News on U.S. Attorney Nominations in Texas

The Biden administration has taken no public steps to fill any of the four U.S. attorney positions in Texas, but the list of prominent lawyers wanting those high-profile jobs is growing. They include partners from Winston & Strawn, Gibson Dunn, Gerger Hennessy and Jackson Walker. Two sitting U.S. Attorneys and the son of an East Texas federal judge are also on the short list. The Texas Lawbook has details.

Acting NDTX U.S. Attorney Resigns

Prerak Shah, who has been the acting United States Attorney for the Northern District of Texas since January, announced Wednesday that he is stepping down effective Oct. 1. The Biden Administration hasn’t nominated any candidates for the four U.S. Attorney positions in Texas, but the U.S. Justice Department is expected to announce a new acting top prosecutor for North Texas in the next couple weeks.

The SEC Pushes the Limits on Insider Trading

The Securities and Exchange Commission did something rather extraordinary last month in a case involving “shadow trading” that could push the limits of the “traditional” theory of insider trading. This article examines the case and its implications.

Are the ‘Bar Wars’ Headed to SCOTUS?

The controversy over McDonald v. Longley, the lawsuit that slammed the State Bar of Texas for using mandatory dues for political purposes, has subsided for the moment. But as lawyers for the organization strive to comply with guidelines set last month by the U.S. Fifth Circuit, the issue of mandatory bar dues may be heading for SCOTUS — but not necessarily from Texas. The Lawbook’s Tony Mauro reports.

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