Wis. Supreme Court deadlocks on corporate law case
Corporate Governance
The Wisconsin Supreme Court deadlocked Tuesday on whether the former owners of a manufacturing business must pay millions in damages for enriching themselves while the company couldn't pay its bills.
The court divided 3-3 on whether to uphold a jury's decision ordering Daniel Virnich and Jack Moores to pay $6.5 million for their excessive compensation at a Lancaster company that makes stereo speaker parts.
The court divided 3-3 on whether to uphold a jury's decision ordering Daniel Virnich and Jack Moores to pay $6.5 million for their excessive compensation at a Lancaster company that makes stereo speaker parts.
Justice Patience Roggensack didn't participate in the case, which had been closely followed by corporate executives, banks and labor unions. The court's ruling sends the case back to an appeals court for a decision but avoids the central issue of what financial obligations the owners of struggling companies have to their creditors.
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Thai National Sentenced, Faces Deportation for Operating Immigration Fraud Scheme
Nimon Naphaeng, 36, a native and citizen of Thailand, who resided in Wakefield, R.I., was sentenced Monday to 27 months in federal prison for running an immigration fraud scheme that defrauded more than 320 individuals, most of them immigrants, of at least $400,000, and perhaps more than $518,000.
The scheme included the unauthorized filing of false asylum applications on behalf of individuals who did not request, nor authorize, the applications.
“U.S. Citizenship and Immigration Services does not tolerate immigration fraud of any kind,” said Susan Raufer, director of the USCIS Newark Asylum Office. “We are proud of our role in uncovering this fraud scheme and bringing the perpetrator to justice.”
At sentencing, U.S. District Court Chief Judge William E. Smith ordered a provisional amount of restitution of $400,000. The final amount of restitution will be determined subject to additional victims being identified and additional court filings over the next 90 days. According to court documents already filed by the government, restitution in this matter may exceed $518,300. During the investigation, the government seized $285,789.31 from Naphaeng. The forfeited funds will be applied toward restitution for victims of Naphaeng’s crimes.