Louis Borsellino vs Goldman Sachs

Borsellino, a former partner of Jerry Putnam's in their pre- Archipelago days claims that he was owed atleast $80 million for financing the original technology.

Borsellino has now filed a RICO charge against Goldman Sachs alleging that they conspired to defraud Boresellino ( a co-plaintive )and interfere with business.

Stay tuned on this one folks!

 

I'm no Lawyer but I thought the RICO statues are a prosecution tool the State uses in criminal cases. LB v GS is certainly a civil matter and neither of them carry the prosecution power of the State.

Got a link to this story?

 

i belive this has been under dispute for quite some time, no?

 

there's a risk/reward ratio in asserting a claim.

 

I am a lawyer (or was in an unhappy past life ) and I can tell you that the Racketeer Influenced and Corrupt Organizations Statute (RICO) was conceived as a way to prosecute criminal organizations i.e., the mafia. The DoJ needed a way to prosecute heads of entire criminal syndicates (you've all seen The Godfather). This had been very difficult in the past b/c the guys running the show rarely carried out the specific criminal acts themselves.

http://www.usdoj.gov/criminal/ocrs.html

It has recently been reinterpreted by the feds (with the help of activist judges) in such broad strokes that it was used by the DoJ in the criminal trials of Tyco's D Koz and M Schwartz. The prosecution's theory was that the entire Tyco corporate enterprise was being used as a criminal organization for the purpose of committing crimes to illegally enrich the defendants.
No, I'm not kidding.
Remember this the next time you enter a voting booth.

I'm not familiar with the LB v. GS dispute but if there ever was a legitimate business that warranted imposing this perverse interpretation of RICO, Goldman Sachs (aka, "the death star") is surely the one.
Every ambitious prosecutor out there that wants to run for governor will be jumping on them, lol.

 

Was just covered last hour by Scott Wapner of CNBC.
No newslink as of yet.

 

Thanks for that rundown.

But just so I'm clear and for my own edification....LB can't file a RICO case against GS, right? That power is resevred for the State in Criminal cases only, right?

 

CNBC?!?!!?


Good God man. I don't watch that shit.... that stuff will rot your brain.

 

And logging onto ET won't???
You can't be serious.

 

RICO is a federal criminal statute that can only be brought by the feds. LB is pursuing a civil action against GS (possibly at both the state and federal level due to the fact that the '33 and '34 acts give the feds some jurisdiction over securities disputes).

If the RICO statute ultimately has anything whatsoever to do with legal proceedings in this dispute I'll eat my hat.

However, I wouldn't be surprised if the word gets thrown around by the aggrieved parties' liars (. . . oooops, I mean lawyers ) in news conferences and other public forums.
Most of what is said inside the courtroom is just BS and you can bet that everything that is said outside the courtroom is double-dip royale BS with a cherry on top.

LB's liars (dang, did it again!) are probably doing their best to attack GS's most valuable asset, i.e. their rep.
Look what Adolf Spitzer has done to Hank Greenberg, Sandy Weil, Dick Grasso, etc. just by conducting very public investigations.