In reflections on 2007, the view from the rear window showed claims against in-house counsel pertaining to stock options backdating, fraud, discovery abuses, lying to investors and auditors, insider trading, litigation misconduct, violations of securities laws, Medicare and Medicaid fraud including violations of the False Claims Act,[FOOTNOTE 1] e-discovery errors, corporate governance violations, intellectual property and trade secret issues as well as general allegations of legal malpractice. The road for some in-house attorneys ended with punishments ranging from prison sentences and fines to reprimands, suspension and disbarment.
Just as in-house attorneys believed that it was safe to go back on the road, in March 2007 the Securities and Exchange Commission commenced an action against two former in-house attorneys of Enron alleging violations of federal securities laws by making material misrepresentations in public filings for Enron and omitting material disclosures, all of which was part of the scheme to defraud investors.[FOOTNOTE 2]
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