fbi defers to the us attorney general and who deferred compensation

What is the FBI doing to protect the US financial system?

Please Note: This Trial Lawyer’s Executive Deferred Compensation Plan is available only to attorney members of your firm, and available exclusively from Settlement Professionals, Inc. To find out more, and also schedule your no-obligation phone consult, call Settlement Professionals, Inc. at 503-699-8929, or toll free at 800-666-5584.

Who is in charge of the FBI money laundering investigation?

Sep 17, 2015 · FBI Federal Bureau of Investigation Manhattan U.S. Attorney Announces Criminal Charges Against General Motors and Deferred Prosecution Agreement with $900 Million Forfeiture New York

How much did Industrial Bank of Korea pay to get charges deferred?

Nov 14, 1977 · DISTRICTS ‑- SCHOOLS ‑- FUNDS ‑- INVESTMENTS ‑- EMPLOYEES' DEFERRED COMPENSATION PLANS(1) RCW 28A.58.740, which authorizes school districts to invest funds accumulated thereunder in shares of an investment company, must be presumed by this office to be constitutional until otherwise ruled upon by a court of competent jurisdiction; moreover, the …

What did Berman say about the FBI in Alaska?

Sep 17, 2015 · Manhattan U.S. Attorney Announces Criminal Charges Against General Motors And Deferred Prosecution Agreement With $900 Million Forfeiture . Loretta E. Lynch, the Attorney General of the United States, Anthony Foxx, the United States Secretary of Transportation, Preet Bharara, the United States Attorney for the Southern District of New York ...

What is a DC plan?

DC Plans generally fall into one of two categories – “ Salary Reduction” or “Salary Continuation.” Under a Salary Reduction Plan, participants agree to defer a portion of their current salary (or bonus) to a future point in time – usually retirement – allowing them to postpone paying taxes on that income until they are likely to be in a lower tax bracket.

What is salary continuation plan?

When an employer chooses a salary continuation plan, another consideration is whether the plan should be a Defined Contribution Plan, where the amount contributed each year on behalf of participants is established (“defined”) under the plan agreement, or a Defined Benefit Plan, which specifies the amount each participant will collect at retirement. Under a Defined Contribution Plan, retirement benefits could vary depending upon the performance of the plan’s underlying funding vehicle (s). Under a Defined Benefit Plan, the amount payable at retirement is guaranteed under the agreement, but annual contributions may vary – making it difficult for an employer to work plan contributions into its annual budget. Again, this potential variation is governed largely by how the plan is funded.

What is the 21st century?

As American business enters the 21 st century, old methods of doing business are quickly being replaced with the new – new technologies, new approaches, and new ideas about attracting, rewarding, and motivating high quality employees. Nowhere is this more evident than in the matter of key employee and business owner compensation, and specifically in the area of Deferred Compensation Planning.

Is it true that an investment sounds perfect?

While an investment that sounds perfect is most likely too good to be true , there are ways to ensure you are making the wisest choices possible when it comes to your money.

Does the SBA offer microloans?

The SBA offers microloans to borrowers who, for whatever reason, cannot qualify for regular bank financing. When an entrepreneur gets started by running up credit card balances, it may adversely affect the personal credit score of the owner, a double hit because it locks out the entrepreneur from many typical routes of refinancing. Enter the microloan.

What is the most popular estate planning tool?

Wills and trusts are two of the most popular estate planning tools. Both allow you to spell out how and to whom you want your property distributed, but both can also go well beyond that.

What is a health care proxy?

Similar to a durable power of attorney, a health care proxy is a document that can allow you to designate someone who is authorized to make health care decisions on your behalf, again, should you become incapacitated. The person you designate can generally make decisions regarding medical facilities, medical treatments, surgery, and a variety of other health care issues. Much like a durable power of attorney, a health care proxy involves some important decision making. Take the utmost care when choosing someone to give this kind of authorization.

Who is John Bair?

A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).

What is the advantage of trial lawyers?

Trial attorneys are at a distinct advantage in terms of managing their wealth over business executives and doctors. As the only profession with access to unlimited income deferrals, let’s look at all of the concepts that support wealth accumulation for trial lawyers.

How much of your net worth should be liquid?

Although expensive, every balanced plan will include significant amounts of liquid, after tax investment holdings. A good rule of thumb: roughly 50 percent of your net worth should be liquid and after tax. The goal in your practice should be to grow these two conceptual accounts of assets equally over the course of your career. Sufficient cash will allow you to better manage your practice and your quality of life. Trial lawyers in their 20s, 30s and 40s should lean more heavily on their tax deferred accounts, as the benefits of time and accumulation pretax will be a game changer later on in their career.

What is the limit for 401(k) in 2016?

However, these plans are lightweight solutions to big tax problems. The 2016 limits for 401K contributions and profit sharing plans is $18,000 , and even safe harbor plans that allow heavy shifting to the ownership are limited to about $50,000 per year in pretax contributions. The 59 ½ age limit and 10 percent penalties exist for these qualified plans.*

What is permanent life insurance?

Permanent life insurance can be a great accumulation vehicle for a practice. Large mutual companies like Massachusetts Mutual, Guardian, Northwestern or New York Life offer policies with historical dividends rates of six percent and higher. These types of policies are cash efficient and provide death benefits simultaneous with the cash management, but they are primarily useful as a cash vehicle. These investments are not tax efficient though, as the premiums are not deductible in a practice, so you are investing after tax dollars with this strategy.

What is the NQDCP stay?

Upon the filing date of a bankruptcy petition (“Petition Date”), NQDCP payments are subject to an “automatic stay” in which payments are suspended for allparticipants. NQDCP participants who have accrued benefits before the bankruptcy filing (otherwise known as “pre-petition obligations”) are permitted to file claims to the bankruptcy court to the extent that their claims are not accurately scheduled by the debtor in order to preserve their rights under a bankruptcy.

What bank went bankrupt?

The former parent of the thrift bank that went into bankruptcy, Washington Mutual Bank (WAMU) allowed its senior executives to pull millions out of its deferred compensation plan trust before it filed for bankruptcy.

What is MBS Financial?

Through a powerful combination of independence and experience, Mullin Barens Sanford Financial and Insurance Services (MBS Financial) is a leading consulting firm that assists companies with 409A and other executive benefit needs.

What is the purpose of the bankruptcy code?

The fundamental goal of the U.S. Bankruptcy Code is to give debtors a financial “fresh start” from burdensome debts. The U.S. Supreme Court made this point about the purpose of the bankruptcy law in a 1934 decision Local Loan vs. Hunt:

When did Cit go bankrupt?

CIT Group declared Chapter 11 bankruptcy on November 1, 2009, and with the consent of its bondholders, proposed to quickly emerge from bankruptcy court proceedings. On December 10, 2009, CIT satisfied all of the conditions required to consummate the prepackaged Plan of Reorganization (the “Plan”). The distribution of CIT’s new debt and equity securities took place in accordance with the company’s confirmed Plan and the new common stock commenced trading on the New York Stock Exchange (NYSE) under the symbol “CIT.” All previously issued and outstanding common stock and preferred stock was cancelled. As CIT was to remain an ongoing entity, executive benefits including deferred compensation plans and its liabilities survived intact.

When did Nortel file for bankruptcy?

On January 14, 2009, Nortel filed for bankruptcy protection from its creditors in the United States, Canada, and the United Kingdom, in order to restructure its debt and financial obligations. In June 2009, the company announced it would cease operations and sell off all of its business units. The period of bankruptcy protection was extended to February 2, 2013. As part of the bankruptcy proceedings in the United States, Nortel reportedly reached a settlement with former executives who were entitled to receive $31 million in the aggregate for a recovery of 97% of the funds that were in their deferred compensation accounts on the day Nortel filed for bankruptcy.

What happened to Outboard Marine Corp.?

Outboard Marine Corp. had filed for Chapter 7 bankruptcy. It had contributed $14 million to a Rabbi Trust to fund its NQDC plan. The bankruptcy trustee claimed this amount was available to the unsecured creditors of Outboard Marine. Bank of America, the agent for the secured creditors, said that the secured creditors had a claim to this money because the security agreement that Bank of America relied on covered “general intangibles” and described Rabbi Trust assets. The Rabbi Trust, however, said that the trust assets belonged only to “general creditors” of the company. The Seventh Circuit, in the case of Bank of America, Inc. vs. Moglia, explained that “general creditors” means only the unsecured creditors. If the trust had said that the trust assets were subject to the claims of all creditors of the company, then the secured creditors would have a valid claim. As such, the court held that the Rabbi Trust assets were subject only to the claims of the unsecured creditors.

How much did Falcon Stor pay in forfeiture?

Pursuant to the deferred prosecution agreement filed in court today, FalconStor has admitted and accepted responsibility for its crimes, has agreed to pay $2.9 million in forfeiture to the federal government, has agreed to continue to cooperate with the government, and has agreed to institute numerous corporate compliance reforms.

What is Falconstor software?

(FalconStor) alleging that the company conspired to pay more than $300,000 in bribes to executives of J.P. Morgan Chase Bank, N.A. (“J.P. Morgan Chase”) to obtain over $12 million in electronic storage licencing contracts. FalconStor was also charged with conspiring to falsify its corporate books and records to cover up the bribery scheme. Also this morning, FalconStor entered into a deferred prosecution agreement with the U.S. Attorney’s Office in which FalconStor admitted the allegations in the complaint and agreed to forfeit to the United States $2.9 million. The United States Securities and Exchange Commission also filed a civil enforcement action against FalconStor and a proposed final judgment on consent in which FalconStor agreed to pay an additional $2.9 million in civil penalties.