News about our clients and the lawyers who represent them appear frequently in international media reports. If you have questions or comments or would like to speak with us directly, please contact:
- Michael Diaz Jr., Managing Partner, Diaz Reus & Targ LLP
June 6, 2014
Diaz Reus attorney Ignacio Alvarez will be a featured speaker at the International Precious Metals Institute’s 38th Annual Conference to be held June 7-10, 2014 at the JW Marriott Grande Lakes Resort and Spa in Orlando, Florida.
May 27, 2014
HON. JUAN RAMIREZ JR., former Chief Judge of the Third District Court of Appeal and Diaz Reus partner, will be a featured speaker at the National Business Institute’s live E-Discovery seminar on Wednesday, August 27, 2014 at the Hyatt Regency Miami from 9:00 AM to 4:30 PM. Mr. Ramirez, who served for 24 years at both the trial and appellate courts of the state of Florida, will present “A Judge’s Perspective on E-Discovery.”
May 23, 2014
From the Miami Herald, 5.23.14, Jay Weaver reporting:
Bolivia's convicted anti-corruption chief faces sentencing Friday for traveling to Miami to extort a rich Bolivian businessman for $30,000 in exchange for making trumped-up charges against him disappear back home.
Diaz Reus client, Humberto Roco, former owner of Aerosur Airlines, fled Bolivia for the United States in 2011 after he was charged with “illegal enrichment” in his native country.
He said Ormachea threatened that if he did not pay the bribes, the senior Bolivian police officer would pursue the illegal-enrichment charges against him and seek his extradition to Bolivia.
He testified that Ormachea contacted him by telephone to say he was coming to Miami to meet him last August. Roca's Miami attorney Michael Diaz Jr. instructed him to contact the FBI about the extortion attempt.
The FBI directed him to play an undercover role in the sting operation, which played out in Roca's Miami Lakes home over two days.
Adds Partner Miguel Angel Diez Rodrigo, Madrid, Spain
May 20, 2014
MIAMI, May 12, 2014 – The Miami-headquartered Diaz Reus law firm has expanded its European capabilities with the addition of partner Miguel Angel Diez Rodrigo in Madrid, Spain. The Madrid office will serve the firm’s global clients in litigation, mediation, arbitration and contracts.
MIAMI, April 24, 2014 – International real estate firm DRT Global Real Estate, LLC successfully negotiated a $19.1 million deal, the largest land deal of the year in South Florida for 181 acres of prime residential land in northwest Miami-Dade County, on behalf of its client, Mazel Group, LLC.
April 29, 2014
Juan Ramirez, Jr. and Marcela Blanco attend the 8th Latinoamerican Arbitration Conference in Lima, Peru. Mr. Ramirez joins a panel of prestigious, international arbitrators.
April 17, 2014
The international law firm of Diaz Reus is pleased to announce that partner and former Chief Judge of the Florida Third District Court of Appeal, Juan Ramirez, Jr., has been invited to lecture on the principle of Iura Novit Curia in arbitration at the 8th Annual Peruvian Congress of Arbitrators presented by the Peruvian Institute of Arbitration and the Spanish Club of Arbitration. The Congress will be held in Lima and Cusco, Peru from April 18, 2014 through May 1, 2014.
Latin American Dialogue’s, Latin American Advisor, April 15, 2014
The Caribbean Financial Action Task Force (CFATF) has blacklisted Guyana due to AML/CFT deficiencies and threatens further sanctions. A historically weak criminal justice system has contributed to a favorable climate for drug trafficking, smuggling, human trafficking and corruption, crimes that have a propensity of generating large amounts of illegal profits. The future of the country's economy may be at stake if changes are not made promptly. Latin American Dialogue’s, Latin American Advisor asked Ignacio Alvarez, attorney of counsel at Diaz Reus law firm in Miami, Florida, “Why has Guyana failed to pass an anti-money laundering bill?” Learn more...
March 14, 2014
El 8vo. Congreso Latinoamericano de Arbitraje es uno de los eventos más importantes en el área de arbitraje comercial y de inversión no solo porque se abordan una gran variedad de temas si no también porque reune prominentes arbitros, jueces, magistrados y destacados abogados de todo el mundo.
March 14, 2014
The 8th Latinoamerican Arbitration Conference is one of the most important events in the area of commercial and investment arbitration not only because there is a great variety on the topics but also because it gathers prominent arbitrators, judges, justices and well-known attorneys around the world.
By Rachel Hall
LatinLawyer, February 21, 2014
Simth Rocke, advised by Chadbourne & Parke LLP, brought the lawsuit, claiming that the government agencies had expropriated its entitlement to payments worth over US$400 million from the Lehman Brothers’ bankruptcy, which famously contributed to the unfolding of the global financial crisis in 2008.
The Southern District Court of New York dismissed the case with prejudice on 27 January, ruling that there was no jurisdiction over the Venezuelan sovereign entities under the Foreign Sovereign Immunities Act (FSIA).
February 5, 2014
Former Chief Judge Juan Ramirez, Jr., of the Third District Court of Appeal has joined and forged a strategic alliance with the international law firm of Diaz Reus. He will work with the firm in its litigation and international practice and will be actively involved in its broad civil, commercial, and white collar matters, as well as its international arbitration cases.
“With Judge Ramirez’s addition to our firm, we can offer our clients someone who has unique, hands-on experience at every level of the litigation process, as well as in the alternative dispute resolution arena,” explained Michael Diaz Jr., Global Managing Partner of Diaz, Reus & Targ.
January 31, 2014
NEW YORK, Jan 30, 2014 (BUSINESS WIRE) -- Diaz Reus & Targ LLP scored a stunning victory in the U.S. District Court for the Southern District of New York this week on behalf of the government of Venezuela, obtaining complete and final dismissal with prejudice of a suit brought by Smith Rocke Ltd., a purported creditor in the Lehman Bros. bankruptcy.
The suit was predicated on Smith Rocke’s allegation that Venezuelan government agencies had expropriated the company’s entitlement to payments from the Lehman Bros. bankruptcy estate worth more than $400 million. In a comprehensive opinion handed down by U.S. District Court Judge Lorna Schofield, the Court soundly rejected all of the Plaintiff’s expropriation and conversion claims, and dismissed the suit with prejudice.
December 18, 2013
Seasons Greetings from Diaz Reus
First published in Inter-American Dialogue’s Latin America Advisor | Financial Services, Nov. 11, 2013, December 2013
In February 2014, Brazil’s Supreme Court plans to rule on lawsuits brought by bank depositors affected by banks’ adherence to government policies to fight hyperinflation two decades ago. The suits could cost the banks, which include market leaders Itau Unibanco and state-held Banco do Brasil, a total of $65 billion—more than a quarter of the banking system’s equity. What is at statke in the case for Brazil’s banking sector and the country’s economy? Read more...
November 20, 2013
November 19, 2013
Diaz Reus Partner, Brant Hadaway, will be speaking at the IP Leadership Forum to be held January 7–9, 2014 at Le Meridien in New Delhi, India. The event is hosted by “IPFame” India—a professional group of top most seasoned IP professionals, inventors and chief patent counsels—in cooperation with eminent organizations such as the Indo-American Chamber of Commerce, Society of India Law Firms, and Patent Agents Association, among others.
MIAMI, Nov. 20, 2013 - Miami-based international law firm, Diaz Reus LLP, received the Greater Miami Chamber of Commerce International Business Leadership Award for BUSINESS EXCELLENCE, which recognizes a company whose international activities have a significant impact in the State of Florida and demonstrate exceptional success and consistent international growth, during ceremonies held Nov. 14, 2013 at the Hyatt Regency Miami.
October 30, 2013
Historically, the inclusion of financial services in Foreign Trade Agreements has been more common in North-South than South-South agreements. Only two Latin American countries have tended to include financial services chapters in South-South agreements—Mexico and Panama. The financial liberalization within the CCFTA will likely improve resource allocations by offering greater opportunities for sharing and diversifying risks. Read more...
September 23, 2013
MIAMI, Sept. 19, 2013 – Las nuevas imputaciones de enriquecimiento ilícito en contra del ex-dueño de las Aerolíneas Aerosur, Humberto Roca, son muy similares a aquellas que Mario Fabrizio Ormachea recientemente ofreció desestimar por US$30,000 como dinero de extorsión, dice el abogado de Roca, Michael Díaz. Pareciera que ellos se afanaron para presentar las mismas imputaciones que Ormachea estaba ofreciendo “resolver”, dice Díaz, de la oficina de abogados internacionales, con sede en Miami, Diaz Reus. “Estas nuevas imputaciones son solo otro ejemplo de la infundada persecusión política que Roca sufre en su propio país.”
September 23, 2013
MIAMI, Sept. 19, 2013 – New Bolivian illicit-enrichment charges against former Aerosur Airlines owner Humberto Roca parallel those that Mario Fabrizio Ormachea recently offered to have dismissed for $30,000 in extortion money, says Roca’s attorney Michael Diaz. “It looks like they rushed out and filed the very charges that Ormachea was offering to ‘resolve’,” said Diaz, of the Miami-based international law firm Diaz Reus. “These new charges are just another example of the unfounded political prosecution that Roca suffers in his own country.”
September 5, 2013
El arresto del Coronel líder de la Unidad Anti-Corrupción de Bolivia, Mario Fabrizio Ormachea, el sábado 31 de agosto por parte del FBI por intentar extorsionar al antiguo dueño de Aerolíneas Aerosur, Humberto Roca, [Corte del Distrito de los Estados Unidos, Distrito Sur de la Florida, Caso 1:13-mj-03250-BLG] ayuda a vindicar a Roca en sus actuales batallas legales en contra del gobierno boliviano, dice su abogado Michael Diaz, Jr., de la oficina global de abogados Diaz Reus.
September 5, 2013
Miami, Florida, Sept. 5, 2013 – The FBI arrest Saturday, Aug. 31, of Mario Fabrizio Ormachea, the colonel leading Bolivia’s Anti-Corruption Unit, for attempting to extort money from former Aerosur Airlines owner Humberto Roca, [United States District Court, Southern District of Florida, Case 1:13-mj-03250-BLG] works to help vindicate Roca in his ongoing legal battles with the Bolivian government, says his attorney, Michael Diaz, Jr., of the Miami-headquartered global firm Diaz Reus.
According to an FBI affidavit filed in the U.S. District Court criminal complaint charging Ormachea with extortion, he offered to dispose of pending Bolivian charges against Roca for $30,000, and charge someone else. On the following day, after Ormachea was given $5,000 by Roca in previously recorded currency as a down payment, he was arrested near Roca’s Miami Lakes home by FBI surveillance team.
August 23, 2013
Latinvex, an online publisher of news and analysis on Latin American business, has ranked Diaz Reus among the top 35 international law firms in Latin America for 2013.
August 1, 2013
Diaz Reus & Targ, LLP today announced that Chad S. Purdie has been named partner. "Chad Purdie is a seasoned litigator with a deep understanding of international, financial, trade and commercial disputes," said Michael Diaz, Jr., global managing partner. "Our firm's clients appreciate his ability to represent their interests inside and outside the courtroom."
Diaz Reus partner, Gary E. Davidson, has been selected to the steering committee for the "International Disputes" group of International Referral, playing an influential role in its development. He will be hosting a featured session at the annual International Referral conference in London in September 2013.
International Referral offers the world's largest vetted network of leading firms across Legal, Accountancy, Financial, and Transactional services with 750 members in 150 plus jurisdictions.
June 24, 2013
The Florida Supreme Court ruled today that an international sexual assault case will be tried in the United States, rather than Mexico. Overturning a Third District Court of Appeal decision, the state's highest court said that Shahla Rabie Cortez, the victim of a 2006 rape at Palace Resorts Hotel in Cancun, Mexico, can move forward with her lawsuit in Miami...
CNN Español, June 20, 2013
Messi: ¿evasor de impuestos?Economia| CNN Espanol
La fiscalía española acusa a Lionel Messi y a su padre de presunto fraude fiscal de 4,1 millones de euros.
Vea el vídeo
Latin America has become one of the most dynamic growth regions in the world and a hotbed of commercial opportunity.
With a US $4.8 trillion economy, 600 million citizens and a growing middle-class, the countries of Central and South America and the Caribbean represent markets of growing importance for businesses and institutions looking to increase revenues by expanding beyond their home territories.
The Trade Américas initiative is designed to be one of the most effective ways for companies to learn how to connect and engage with Latin America.
There will not be a more important event in North America focused on Latin America in 2013 than the Trade Américas Expo.
CNN Español, May 29, 2013
Video: CNN ESPAÑOL
Tema de análisis con la abogada Marta Colomar. Pregunta de hoy:
¿Deberían las instituciones financieras del mundo estandarízar las cláusulas de secreto bancário?
Inter-American Dialogue’s Latin America Energy Advisor, May 17, 2013
Mexican state oil company Pemex has filed a law suit in New York seeking to recover nearly $160 million from Germany's Siemens and South Korea's SK Engineering & Construction Co. Ltd. in a global bribery case, a law firm representing Pemex said Wednesday.
Attorneys at Miami-based Diaz Reus filed an amended lawsuit in a U.S. District Court last week claiming Siemens and SKEC submitted an "unrealistically low bid" in 1996 to win a public contract for modernizing a Pemex refinery in Cadereyta, Mexico. Michael Diaz, Jr., the firm's global managing partner, alleged Siemens and SKEC then paid bribes to several officials at Pemex in exchange for processing fraudulent "cost overrun" invoices. Those invoices were apparently intended to fill the shortfall from the original underbid, according to Diaz.
PRNewswire, April 18, 2013
SHANGHAI, CHINA – April 19, 2013 – According to Diaz Reus & Targ attorney Xingjian “Jeff” Zhao, the Chinese government is ramping up its enforcement of the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) laws, and incidents of non-compliance are being taken ever more seriously.
PRNewswire, March 2013
LIMA, Peru, March 19, 2013 /PRNewswire/ -- With growing trade between Latin America and China, it's essential to include an effective dispute resolution provision in commercial agreements, according to Xingjian "Jeff" Zhao, Associate Attorney, Diaz Reus & Targ, LLP, Shanghai Representative Office.
"There are several choices in arbitration wording, as well as venues," said Zhao at a Feb. 26, 2013 conference in Lima, Peru, organized by the Hong Kong International Arbitration Centre (HKIAC). "When crafting an arbitration clause, it's important to be specific. Under mainland China's law, the clause must mention the correct and complete name and place of the arbitration commission, as well as the specific arbitration rules to be applied."
Finance Monthly, March 2013
For the second year, DIAZ REUS & TARG was named Cross Border Transaction Advisor of the Year by The Finance Monthly Global Awards. The 2013 Finance Monthly Global Awards celebrate the success, innovation and quality of financial and legal firms across the globe.
PR Newswire, March 7, 2013
ATLANTA, GA (March 7) – A federal judge has upheld a lawsuit by U.S. automobile dealers accusing Indian truck manufacturer Mahindra & Mahindra, Ltd. and its U.S. counterpart of fraud, misrepresentation, and conspiracy. The lawsuit alleges that Mahindra duped hundreds of U.S. auto dealers and walked away with more than $60 million in cash and trade secrets, according to attorney Michael Diaz, Jr., global managing partner of Miami-based Diaz Reus & Targ, the law firm that represented the U. S. automobile dealers.
"We look forward to the next phase of this litigation and bringing justice to hundreds of U.S. auto dealers across the country who were victimized by Mahindra's fraudulent business practices," said Diaz, who leads the plaintiffs' legal team of Gary Davidson, Brant Hadaway, Carlos Gonzalez and Ahmand Johnson.
The Million Dollar Advocates Forum is pleased to announce that Diaz Reus & Targ attorney and partner Gary E. Davidson has been certified as a life member of both the Million Dollar Advocates Forum and the Multi-Million Dollar Advocates Forum. Recognized as one of the most prestigious groups of trial lawyers in the United States, membership is limited to attorneys who have won million and multi-million dollar verdicts, awards and settlements. The organization was founded in 1993 and there are approximately 3000 members, nationally.
Commentary by Robert Kiss, Associate Attorney at Diaz, Reus & Targ, LLP
Daily Business Review, November 7, 2012
Despite the best efforts of the Spanish people and Prime Minister Mariano Rajoy, the European Union will almost certainly need to bail out Spain, the fourth-largest Eurozone. Rajoy is reticent to join the ranks of other member states bailed out by the European Union, European Central Bank and International Monetary Fund, together known as the Troika.
Feature Q&A - Guest Comment, Paola Sanchez and Robert Kiss, Associate Attorneys at Diaz, Reus & Targ, LLP.
Inter-American Dialogue's - Latin America Advisors - Financial Services, November 6, 2012
Minnesota-based insurer UnitedHealth Group said Oct. 8 it has agreed to acquire Brazil's largest healthcare company, Amil, for $4.9 billion in cash. What opportunities exist for UnitedHealth in the health insurance market in Brazil, where the constitution guarantees universal access to healthcare? Is it a good deal for UnitedHealth? What other countries in Latin America could see big plays from foreign health insurance companies?
Feature Q&A - Guest Comment, Marta Colomar & Ricardo Ortiz, Associate Attorneys at Diaz, Reus & Targ, LLP.
Inter-American Dialogue's - Latin America Advisor - Financial Services, October 30, 2012
The offering of about 25 percent of the Mexican unit of Banco Santander raised $4 billion last month for the bank in Mexico's largest-ever IPO. Amid heavy demand, the shares jumped six percent on their first day of trading. To what can Santander attribute the offering's success? How healthy is Mexico's banking sector in general? What lessons should banks in other parts of the world learn from Mexico?
“The offering was more than a success,” writes Ricardo Ortiz, associate at the Mexico City office of Diaz, Reus & Targ and Marta Colomar, associate at the firm's Miami office. "Grupo Financiero Santander Mexico received requests for about 4.8 times as many shares as were offered and attracted about $20 billion in orders. Such strong demand is a reflection of an optimistic global view of Mexico's economy.”
Read the entire article. Download the PDF below.
Comentario de Pablo Giancaterino
Por Martín Kanenguiser
La Nacion, October 30, 2012
La Nacion, Buenos Aires, Argentina (30 de Octubre de 2012)-- El fallo de la Corte de Apelaciones de Estados Unidos obliga al Gobierno a adoptar una decisión en el corto plazo, ya sea para reabrir el canje de deuda, pagar los bonos en el país o entrar en otro default si mantiene la línea retórica de "no negociar" con los acreedores más agresivos.
Commentary by Marcela Blanco
Law 360, October 23, 2012
Units of Exxon Mobil Corp., Royal Dutch Shell PLC and Anadarko Petroleum Corp. picked up leases in Colombia's latest oil auction on Wednesday, growing their footprints in Latin America's rising oil giant but steering clear of new shale blocks the country hopes to develop.
By Michael Diaz, Jr., Halim M. Gebeili and Arti Sangar
Financier Worldwide Magazine, September 30, 2012
New project financing opportunities are opening up throughout Iraq. As the country’s economy recovers from decades of war, demand is growing for new infrastructure. Because internal public funds are limited, the Iraqi government has taken a number of steps in recent years to attract international capital in sectors like housing, hospitals, power plants, transportation, telecommunications and manufacturing. As a result, construction projects are underway in Baghdad and other urban centers and rural communities.
Feature Q&A - Guest Comment, Marcela Blanco and Ricardo Ortiz, Associate Attorneys at Diaz, Reus & Targ, LLP.
Inter-American Dialogue's - Latin America Advisors - Financial Services, September 25, 2012
Chile's robust economic growth and reconstruction following its 2010 earthquake have helped fuel the country's real estate sector, according to a recent report by Chilean newspaper Estrategia. Currently, the country has more than $11 billion in real estate projects under development and housing sales in Chile in the second quarter of 2012 increased 35 percent over the same period in 2011. Will Chile's real estate sector continue to expand at these rates? Is there a danger of overcapacity, or a bubble forming in Chile and elsewhere in Latin America? Where else in the region are real estate markets seeing the most dramatic upside, or downside, and what's driving these trends?
September 1, 2012
Colombia’s Congress recently approved Law 201 of 2012, popularly known as “Lleras Law 2.0”, which deals with copyrights and intellectual property. Passage of this law was fast-tracked in an effort to coincide with Barack Obama’s visit to Colombia for the Summit of the Americas. Lleras Law 2.0 purports to take a hard line on piracy and counterfeiting by establishing stricter sanctions.
Colombia´s new copyright law attempts to make Colombia's intellectual property laws fall in line with the United States copyright regulations. However, the passage of this new law has prompted considerable controversy, and generated huge public interest. In this article, Marcela explores in detail the controversial provisions of this new law.
Commentary by Michael Diaz, Jr., Halim Gebeili, and Arti Sangar
Daily Business Review, August 1, 2012
As Iraq recovers from decades of war, U.S. businesses are taking a close look at potential investment opportunities. Project financing is particularly important, as Iraq needs new power plants, housing developments, roads, bridges, ports and telecommunications systems. Because security is still a concern, many savvy investors and service providers are paying particular attention to Kurdistan, the semi-autonomous northern region that has a favorable business climate.
The Interviews: Volume 4 - Number 7 - July/August 2012
Swiss banking giant UBS’ decision to turn over information on 4,450 “secret”bank accounts to the U.S. Internal Revenue Service signals a majorshift in accountability for the world’s financial markets. We spoke aboutthe impact of this with Michael Diaz, Jr., managing partner of the Miami based international law firm Diaz, Reus & Targ, LLP.
Forbes India - Business & Strategy Blog, June 12, 2012
Ashish K. Mishra from Forbes India writes:
Last week five automobile dealers from the USA, filed a lawsuit accusing India’s largest manufacturer of utility vehicles Mahindra & Mahindra (M&M), of fraud, misrepresentation and conspiracy. The lawsuit brought about by law firm Diaz Reus alleges that M&M duped hundreds of US auto dealers and walked away with more than $ 60 million in cash and trade secrets. I spoke to Michael Diaz, the managing partner of Miami-based Diaz Reus & Targ, who leads the plaintiffs’ legal team and this is what he had to say about M&M’s US fiasco. “It was a bag of false promises.”
June 8, 2012
ATLANTA, GA, EUA – Concessionários automóveis dos EUA processaram uma ação no 4 de Junho, acusando Mahindra & Mahindra, Ltda. de fraude, deturpação, e conspiração. Mahindra & Mahindra, Ltda. é uma fabricante de caminhonetes da Índia.
Feature Q&A - Guest Comment, Marcela Blanco, Associate Attorney at Diaz, Reus & Targ, LLP.
Inter-American Dialogue's - Latin America Advisors - Financial Services, June 7, 2012
Colombia's government will force some of the country's banks to boost their provisions for bad debt because of concerns about an increasing amount of past due loans, Finance Minister Juan Carlos Echeverry said May 18, MarketWatch reported. The number of past-due loans has grown 26 percent so far this year, said Echeverry. What is causing the increase? Is Colombia's financial services industry on firm ground? Is the government imposing adequate regulations and safeguards on the industry, or is it unnecessarily holding banks back?
June 7, 2012
ATLANTA, GA (Junio 5) – Los concesionarios de carros en EE.UU de todo el país presentaron una demanda el pasado lunes contra el fabricante de carros y camionetas Mahindra & Mahindra, Ltd., quien es el principal dueño de SSANGYONG, por fraude, tergiversación y conspiración. La demanda alega que Mahindra embaucó a cientos de concesionarios de carros norteamericanos y se marchó con secretos comerciales y con más de $60 millones de dólares en efectivo. Mahindra simplemente incumplió sus promesas, afirma el abogado Michael Díaz, socio gerente de la firma con sede en Miami Diaz Reus & Targ, y quien dirige el equipo de abogados de los demandantes conformado por Gary Davidson, Brant Hadaway, Carlos Gonzalez y Sumeet Chugani.
June 7, 2012
佐治亚州亚特兰大（6月5日） - 来自美国全国各地的汽车经销商星期一提起诉讼，指控主要控制和拥有韩国双龙的印度汽车和卡车制造商Mahindra＆Mahindra有限公司欺诈、失实陈述以及商业阴谋。该诉讼指控Mahindra欺骗数百名美国汽车经销商，顺走6千万美元和商业秘密，Mahindra完全违背了其承诺。Michael Diaz，总部位于迈阿密的美国达瑞律师事物所的主任合伙人，带领了由Gary Davidson, Brant Hadaway, Carlos Gonzalez 和 Sumeet Chugani等律师组成的针对此案的原告律师团队。
ATLANTA, GA: FOR IMMEDIATE RELEASE
June 6, 2012
U.S. automobile dealers from across the country filed a lawsuit yesterday accusing the Indian truck manufacturer Mahindra & Mahindra, Ltd. and its U.S. counterpart of fraud, misrepresentation, and conspiracy. The lawsuit alleges that Mahindra duped hundreds of U.S. auto dealers and walked away with more than $60 million in cash and trade secrets.
by Arti Sangar, Michael Diaz, Jr. and Carlos F. Gonzalez
June 4, 2012
Advancements in technology have made fraudulent schemes easier to perpetrate, and have allowed criminal activity to expand in both quantity and nature. Today, corporate fraud is limited only by the creativity of the perpetrator. The most obvious effect of internal fraud is damage to a company’s financial bottom line. Another significant impact is that the company’s reputation takes a nosedive, the practical implications of which are extremely destructive
May 23, 2012
Diaz Reus & Targ, LLP has been recognized in THE Corporate LiveWire Global Awards Guide for 2012 as Global Finance Award winner of Cross Border Transactions Law Firm, Dispute Resolution Law Firm of the Year for North America, and Corporate Finance Law Firm of the Year for North America
May 7, 2012
MIAMI, FL- La firma mundial Diaz Reus and Targ, LLP anunció hoy la apertura de sus oficinas en Iraq, expandiendo así su presencia en el Medio Oriente y reforzando su compromiso de largo plazo con la región
May 7, 2012
迈阿密，佛罗里达州 - 环球性律师事务所美国达瑞律师事务所(Diaz Reus and Targ, LLP)今天宣布其伊拉克办公室的开幕，此举将进一步扩大其在中东的地位，并加强该地区的长期商业合作。
TradeArabia News Service, April 2012
"As the first major international U.S. law firm to
enter post-war Iraq, our new offices provide us with a significant presence in
this increasingly important emerging market,” said Diaz Reus managing partner Michael Diaz, Jr. “This is the
natural and logical next step for our firm, which already has a presence in the
Dubai International Financial Centre.”
According to Diaz, these new offices will enable the firm to further provide
full service support to its clients and their business needs in the Middle East
region. Read full article on TradeArabia News Service here...
Feature Q&A - Guest Comment, Marcela Blanco, Associate Attorney at Diaz, Reus & Targ, LLP.
Inter-American Dialogue's - Latin America Advisor - Financial Services, April 25, 2012
Regulators in the United States and Europe are hindering private sector growth through 'contrived'and confusing rules that could thwart lending, Evan Greenberg, the chairman and CEO of Ace Ltd., said in an April 9 letter to shareholders. Greenberg made the comments as he is leading the Swiss insurer's expansion in Latin America and Asia. How have new U.S. and European regulations affected financial services firms operating in Latin America?
Brazilian tourists visiting the United States in 2011 spent more than all other foreigners at a staggering average of $5,000.00 per visitor. Not surprising when one considers that Brazil currently churns out 19 new millionaires a day. And, consumer hunger within Brazil's borders also grows. Just a few decades ago, Brazil was openly hostile to foreign investment. Today, there is a "welcome mat" for foreign investment inflow and an unprecedented level of foreign investor interest as companies around the world take notice.
While investors, particularly in the retail and fashion industries, see diminishing returns in the U.S. and Europe, they now look to capitalize on Brazil's expanding retail economy and growing upper middle class. Against this background, there are several important factors that foreign companies should be aware of before establishing a presence in Brazil. >>> Continue Reading...
In a recent landmark ruling by the Madras High Court, foreign lawyers are now permitted to enter India to advise their clients on isolated, international legal matters on a temporary "fly in and fly out" basis.
The decision signifies a giant leap towards the opening of the Indian legal market for international law firms, stopping short of allowing foreign law firms and lawyers to actually practice in India on matters related to domestic Indian law, either on the litigation or non-litigation side, without first enrolling with the Bar Council of India. Diaz Reus attorney, Sumeet Chugani, discusses the positive impact of this landmark decision on India's international relations with the world, as well as, India's domestic legal market.
The Organization for Economic Co-operation and Development (OECD), established in 1961 to further economic co-operation around the world, is an intergovernmental body issuing guidelines for global business practices in areas such as employment and industrial relations, environmental protection, information disclosure, anti-bribery, and consumer interests. Companies seeking to expand internationally should become familiar with the OECD guidelines and work to comply with these uniform international corporate accountability standards. Failure to comply can incur significant risks, including financial penalties, reputational harm, and even legal liability. In this article, Jeffrey discusses the OECD’s key guidelines in the area of corporate governance and their implications for multinational enterprises as well as the need for governments and enterprises to strengthen their internal controls on ethics and compliance mechanisms to eliminate recurring instances of bribery and corruption. >>> Continue Reading...
March 7, 2012
The US Court of Appeals has upheld a lower court ruling in favour of Venezuelan government officials and businessmen accused of violating the US Racketeer Influenced and Corrupt Organizations Act (RICO) on the grounds that the complaint did not fall under US jurisdiction, in a case that tested the extraterritorial reach of the RICO statute.
Zaywa, March 4, 2012
Healthcare is among the priority sectors identified by the UAE government and as a result, the UAE healthcare industry has displayed extraordinary growth and significant progress in the past few years. In line with the UAE government's focus to improve the standard of healthcare, each year the UAE hosts the largest healthcare event in the region - the Arab Health. The Arab Health provides the perfect business platform for healthcare companies to showcase their products and enter into business relationships with health and medical institutions. This year's Arab Health took place in January and attracted over 3,000 exhibitors from 60 countries and more than 65,000 healthcare professionals worldwide.
Law 360, February 1, 2012
The United Arab Emirates real estate boom peaked in the middle of 2008. However, following the global financial crisis of 2008, property prices fell dramatically and the number of disputes increased. Property prices have remained relatively stable following the dramatic drops in 2008 and 2009, and now show signs of genuine recovery.
NEW YORK, NY
January 28, 2012
“The appellate court determined that the allegations in the complaint, which alleged conduct occurring almost entirely in Venezuela, did not trigger U.S. jurisdiction,” said Miami attorney Michael Diaz, Jr. managing partner of the global law firm of Diaz Reus and Targ, LLP. Diaz led the firm’s defense team, which included partners Carlos F. Gonzalez and Gary Davidson.
January 3, 2012
Michael Diaz, Jr., managing partner at international law firm Diaz Reus & Targ, LLP, has been selected as one of the top “100 Latinos in Miami” for 2011. The selection was conducted by the Fundacion Fusionarte of Spain, a prominent Spanish group specializing in minorities in Europe, Latin America and the U.S.
100 Latinos recognizes individuals from a variety of professional backgrounds in the South Florida area who contribute to the economic, social and cultural development of the region. Through example, these individuals bring awareness to the positive aspects of their culture.
Diaz Reus & Targ, LLP partners Michael Diaz, Jr., Gary E. Davidson and Carlos F. Gonzalez were selected the 2011 “Most Effective Lawyers” in the international law category by The Daily Business Review’s editorial staff. The firm was previously recognized for the international category in 2007 and 2009.
November 10, 2011
Brazil, as the world’s fifth largest country in land area and population, presents great market opportunities as the seventh largest economy in the world. Product or service suppliers can enjoy great returns on their investments in the Brazilian market, but need to understand key legal differences between their familiar home markets and the Brazilian market. This article will discuss relevant provisions under the Brazilian Consumer Protection Code (Law Number 8.078 of September 11, 1990), referred to as the CPC.
On July 13, 2011, the Innovative Design Protection and Piracy Prevention Act, (“IDPPPA”), was yet again introduced in the United States House of Representatives. It was previously introduced in 2006, 2007, 2009, and 2010. The IDPPA, if enacted, will impact designers, manufacturers, and retailers alike.
September 25, 2011
Bernard Madoff’s Ponzi scheme swindled unsuspecting investors out of billions of dollars of their hard-earned c ash. As the mastermind behind what is possibly history’s largest and most sophisticated act of financial fraud, Madoff has ruined countless lives. While Madoff has been punished for his acts, those who assisted him with his fraud have not. Government regulators and overseers who turned a blind eye to Madoff’s deception have escaped liability unscathed. The army of professionals who helped Madoff manage and operate his schemes may never be held legally account able for their assistance. Nevertheless, the trustee, Irving Picard, is making significant progress in collecting money for the victims of Madoff’s scheme. And, as new theories of liability emerge, it is possible that even more money will be recovered for Madoff’s victims.
It is no surprise that foreign investment interest in Brazil has increased recently. The country’s booming economy has justified the legal and regulatory hurdles foreign companies and individuals face in order to enjoy the benefits from the world’s eighth largest economy.
ZAWYA, August 25, 2011
Fueled by tremendous growth potential and an increasingly progressive regulatory environment, the Middle East is fast becoming a hotbed of M&A activity. Today, for example, the UAE is experiencing an upsurge in cross-border merger and acquisition activity. As a result, dealmakers throughout the Gulf Cooperation Council, including Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait, should be ready to strike while the proverbial iron is hot. As dealmakers survey the wealth of opportunities available in the region, they should be alert to certain trends particular to the Middle East. This article offers a brief overview of key issues to keep in mind as deals unfold.
WSRadio.com podcast | Q&A with Michael Diaz Jr. on opportunities in the global economy, despite the recent hardships for small and mid-size domestic businesses. Although U.S. regulatory law tends to handcuff U.S. companies expansion into emerging markets "It is not the time to quit," says Diaz."Refocus, retrofit, and you will succeed."
Corporate Compliance Insights, August 8, 2011
What do the Congo, the U.K., Mexico and Colombia have in common? How do legal and political developments in these countries impact corporate boards in the U.S.? If these questions leave you scratching your head, you are not alone. Board members are quickly waking up to the realization that a mix of U.S., European and Latin American laws may dramatically change the way domestic companies do business at home and abroad.
Corporate Compliance Insights, August 5, 2011
Brazil’s economic and social climate is like no other. It is big, fast and incredibly lucrative. But, this global player is not yet a global leader. Investors looking to capitalize on the Latin American tiger must keep in mind that Brazil’s laws and regulations are still catching up. In fact, Brazil is currently in the bottom 60 of 187 countries ranked by the World Bank for “ease of doing business.” The potential pitfalls facing dealmakers are well-illustrated in the M&A context.
Latin Business Chronicle, July 25, 2011
Colombia's recent efforts to improve economic policy and domestic security have increased confidence in the business sector.
Colombia has the fourth largest economy in
South America and is the continent’s third-most populous nation. The country also has abundant natural resources, including substantial oil reserves. For these reasons,
Colombia offers numerous business and trade opportunities for foreign investors. Click here to continue reading this article...
Latin Business Chronicle, July 11, 2011
Brazil business climate is still challenging and needs to improve, experts say.
The question should not be so much whether these problems are as bad as the rankings suggest, but rather whether the approach which Brazil has taken in 'doing business' is compatible with its new role as a global player. Brazil has had a unique trajectory and went from being the country of tomorrow, to being the country of today through a myriad of policies that not always are seen as that of a global leader. At the forefront of the country's agenda is infrastructure. In any case, arguably, things have improved, otherwise these issues would not be topics of discussion around the world.
Corporate Compliance Insights, July 6, 2011
Now is the time to invest in Brazil. Its economy is ranked among the top ten in the world. Brazil’s new president has promised important reforms, especially with respect to the country’s complex and outdated tax laws. And with Brazil set to host the 2014 FIFA World Cup and 2016 Olympic Games, the world will be paying close attention to this South American powerhouse for years to come. Brazil’s rapidly growing marketplace and improved corporate and regulatory structures will certainly continue to attract significant foreign investment. And, as money continues to pour in, investors will want to be on the ground. In order to do business in Brazil, however, foreign investors must first obtain the proper visa. While this is not a complicated process, it is important to select the correct visa. Click here to continue reading entire article...
July 6, 2011
At Diaz, Reus & Targ, LLP, we strive for excellence and our efforts have been recognized by the Florida Trend Magazine. In addition to recently receiving the highest Martindale Hubbell AV rating, Robert Q. Lee, Partner and Chief Representative of the firm's Shanghai Office, was selected by Florida Trend for its 2011 Florida Legal Elite Award.
Corporate Compliance Insights, June 13, 2011
With its strong economy, the Brazilian market today is one of the world’s most appealing destinations for international businesses and investors. Companies from North America, Europe, the Middle East and Asia are starting or expanding their operations there. In 2010 Brazil received $48.5 billion USD in foreign direct investment (FDI) – the third highest in the world. Notwithstanding the vast potential of this lucrative market, foreign companies entering Brazil must be ready to confront a multitude of unfamiliar corporate compliance challenges.
Foreign investors and companies alike must learn to navigate Brazil’s maze of laws and regulations, while understanding its bureaucracy. This article identifies and analyzes five of the major corporate compliance issues facing the modern foreign investor looking to succeed in Brazil.
Thomson Reuters - News & Insights, June 8, 2011
The prevailing economic winds have not discriminated amongst their casualties. Whether they are participants in private commerce or the public governmental sector, all economic players have been affected by the forces of economic gravity in some way, shape or form.
Commercial entities and natural persons, whether or not in dire financial straits, may resort to Chapter 11 to restructure various obligations. The Bankruptcy Code, 11 U.S.C. § 101, permits businesses and individuals to, among other things, restructure secured (and unsecured) obligations; reject burdensome leases contracts and agreements; dispose of assets; and compromise claims.
These powers and the remedial purposes of the Bankruptcy Code and Chapter 11, in particular, are aimed at preserving the debtor as a going concern.
CNBC.com, April 5, 2011
Finding Qatar on a map may be as difficult as learning how to pronounce the country's name. But analysts say that shouldn't stop investors from targeting the small desert nation—as long as they understand the business culture and the risks in a region erupting with political strife.
That inflow of investment into Qatar has already started, says Arti Sangar, a partner at the international law firm of Diaz, Reus & Targ.
"Economic growth in Qatar has spurred interest from a broader class of investors," says Sangar, who has dealt with private equity investments in the Middle East. "Besides infrastructure, there are opportunities in the financial sector as Qatar wants to be a regional hub for foreign financial institutions."
April 4, 2011
The impact of Bernard Madoff's $18 billion Ponzi scheme will be felt for a long time to come. With Madoff in prison, his assets seized and sold, lawyers for his victims must now turn to other sources to make their clients whole. Enter the banks.
Madoff handled billions of dollars. Those funds came from many unsuspecting individual and institutional investors, and were funneled through a maze of accounts spanning the globe. Even if government regulators were asleep at the switch, it is difficult to believe that all of the many financial institutions that handled Madoff's money were oblivious to what this fraudster was doing. At least that is how lawyers representing defrauded investors see the situation. To them, the financial institutions that Madoff used as part of his scheme have become a piggy bank from which they will recover their client's losses. And federal law is providing these lawyers with plenty of ammunition.
Latin Lawyer, March 31, 2011
The lawyers for a group of holders of defaulted Argentine debt have said that they will continue to pursue Banco de la Nación (BNA), just days after a US district court dismissed a case against Argentina and the bank.
"While we continue to believe that there is more than enough evidence in the record to establish our claim that BNA is in fact Argentina’s alter ego, we understand the court’s ruling in this matter," said the plaintiff’s counsel Carlos Gonzalez, from Diaz Reus & Targ LLP. Click here for full story...
Daily Business Review, March 30, 2011
After fighting a multimilliondollar judgment for more than a decade, a member of Venezuela’s prominent Cisneros family consented during trial to pay a Venezuelan bank for defaulted loans. Three days into a Miami-Dade Circuit jury trial last week, attorneys for Milagros Cisneros Fajardo agreed she would pay the full $9.25 million amount demanded by Banco Latino.
Pipeline, March 27, 2011
World interest may be focused on the dramatic political changes taking place in North Africa, but the continent’s energy industries are still booming. Africa’s oil and gas landscape is changing fast, with commercial battling taking place between Western companies and Asian players. Ghana, Kenya, Nigeria and Angola have become sites of intense oil and gas exploration. With more companies entering the continent each year, investment commitments and numbers of projects executed are rising.
Pipeline spoke to Michael Diaz Jr., a lawyer with Diaz Reus & Targ, the international law firm with offices around the world including Dubai, UAE.
The Financial Law Report, March 1, 2011
In recent years, the terms "Ponzi scheme," "financial fraud," and "money laundering" have become unfortunate household names. Fraudsters like Bernard Madoff have given new meaning to the term "financial
fraud," leaving behind a trail of tears and siphoned funds. This new wave of criminal audacity has prompted both the government and private citizens into action. Victims, many of whom were forced into bankruptcy, are now filing suit against either the "plotters" themselves or financial institutions that, neglecting proper oversight, have authorized transactions that facilitated these schemes. Asset hunters have teamed up with former FBI, Customs, and DEA agents to assist in tracing and recovering assets for these victims. At the same time, the U.S. government has instituted significant reforms, including a comprehensive overhaul of its existing asset forfeiture program and further legislation to stop these fraudulent schemes before they ruin the lives of more victims. The goal: to form a united front against common foes. Click here to read more...
Law 360, February 15, 2011
As the architect of the largest Ponzi scheme in recorded history, Bernard Madoff swindled investors out of billions. His actions ruined the lives of countless individuals and, for that, he has been properly punished. The same, however, cannot be said for those that helped Madoff pull off his scam.
Government regulators, some of whom suspected Madoff — but did not stop him — appear to have escaped any significant scrutiny, save for what their own consciences may dictate. The army of individual professionals who helped Madoff manage and operate his schemes may likewise never be called to task for their own infractions. Nevertheless, the bankruptcy trustee, Irving Picard, has made significant progress in collecting huge sums of money for Madoff’s victims. And, as new theories of liability emerge, it is possible that even more money will be recovered.
One such theory targets the banks that helped funnel the proceeds of Madoff's crimes. Indeed, banks are becoming a potential piggy bank for defrauded investors to chase — and for good reason. Banks now have the ability to truly identify their customers; to monitor their accounts; and to detect and report suspicious activity to regulators and law enforcement agencies around the world. Click here to read more...
Law360, February 14, 2011
According to a January report from Cornerstone Research, Chinese companies listed on U.S. stock exchanges were hit with 12 securities class action complaints in 2010.While that number may seem small, it made up 42.9 percent of the filings against all foreign issuers listed on U.S. exchanges.
Securities class action filings against Chinese companies have continued apace in 2011, with at least three having been launched as of Feb. 4.
But the relatively large number of suits against Chinese companies is hardly surprising, given that between 200 and 250 Chinese companies are listed in the U.S. right now, said Robert Q. Lee, a partner at Diaz Reus & Targ LLP who heads the firm's office in Shanghai.
Westlaw Expert Commentary Series - International Bribery: FCPA Update 2011
February 10, 2011
This article challenges the wisdom behind the whistle-blower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act by identifying three key drawbacks that belie this ill-conceived legislation. First, by conditioning whistle-blowers' rewards upon the receipt of "original information," the Dodd-Frank gives employees a strong financial incentive to bypass their companies' internal reporting systems and directly report FCPA violations to federal law enforcement. This severely undermines the viability of existing corporate compliance programs and runs counter to long-established goals of federal enforcement policy, depriving companies of critical sources of internal intelligence that are necessary to implement corrective measures. Click here to read more...
Bloomberg Law Reports, February 7, 2011
On July 21, 2010, President Obama signed the Dodd‐Frank Wall Street Reform and Consumer Protection Act (“Dodd‐Frank” or the “Act”) into law. Despite its title, Dodd‐Frank’s mandate goes beyond a comprehensive overhaul of existing financial services regulations. Several of the Act’s core provisions, most notably the “Securities Whistleblower Incentives and Protection” provision, will significantly impact the day‐to‐day operations of multinational businesses outside of the financial sector. Such impact is especially pronounced in these companies’ continuing efforts to comply with the Foreign Corrupt Practices Act (“FCPA”). Click here to read more...
Westlaw Journal Delaware Corporate, January 24, 2011
Carlos F. Gonzalez, a partner at Diaz, Reus & Targ, analyses the reasoning behind the New York Court of Appeals’ recent decision on the in pari delicto defense and forecasts the impact the Delaware Supreme Court’s application of that opinion in a case against AIG’s accountants and auditors will have on shareholders’ ability to sue advisers for aiding corporate fraud. Click here to read more...
Corporate Counsel, January 14, 2011
The U.S. Sentencing Commission issued several amendments to the Federal Sentencing Guidelines in 2010. Among the amendments are two that deal specifically with corporations or "organizational defendants."
The first amendment changes the presumption that a compliance program is not effective where senior executives are somehow involved in the charged criminal conduct, while the second clarifies the standard for determining whether a corporate compliance program is effective. We highlight these key amendments, and their practical impact. Click here to read more...
The Miami Herald, December 20, 2010
As one of China’s most reliable suppliers in agricultural products, Latin America is making strides to fulfill China’s mounting needs. To accommodate that rising demand, Latin America has drastically increased its harvesting of soybeans — the most significant commodity needed to sustain China’s population. For the Chinese, soya is a versatile product used for soy flour, soy milk, soybean oil, tofu, textured vegetable proteins and soy sauce, a Chinese staple.
With a population of 1.3 billion, China is the largest soybean importer in the world, consuming about 40 million tons annually. Forecasters predict that China may soon import over 50 percent of global soybean production.
Emerging Markets Focus: Latin America | Global Finance, December 3, 2010
When Chinese President Hu Jintao took his first tour of Latin America in 2004, he left a whirlwind of multibillion-dollar investment pledges, trade commitments and cooperation agreements in his wake, leaving the door open for increased Sino–Latin American economic ties. He returned to the region again earlier this year, opening the door a bit further, perhaps mindful that other Asian tigers are quickly following suit to seek Latin American opportunities of their own.
MoneyMarket.com, October 30, 2010
On July 11, 2010, Spain midfielder Andrés Iniesta scored a sensational goal in extra time to put Spain ahead of the Netherlands. Spain went on to win the 2010 World Cup. Iniesta, named the man of the match, instantly etched his name in World Cup history and Spanish folklore. However, there was another unsung hero of the World Cup. This hero never marched on the pitch. But it did have the backing of a nation.
Mahindra Satyam, an up-and-coming IT Company from India, was the official technological service provider for the World Cup. Mahindra Satyam permitted anxious fútbol fans around the world to watch their respective national team fight for the World Cup Trophy. Read more...
Cuentas Claras Digital, September 17, 2010
Exclusivo de CuentasClarasDigital (CCD). Robert Targ, director de la Asociación Internacional de Bancos de Florida (FIBA, por sus siglas en inglés) y socio del bufete Díaz Reus & Targ de Miami, al ser entrevistado por CuentasClarasDigital, en el marco del 28º Simposio sobre delitos económicos de la Universidad Cambridge (Reino Unido) aseguró que las casas de bolsa de Venezuela no estaban haciendo nada ilegal en el mercado permuta, cuando les fueron congelados sus fondos a consecuencia del sonado caso Rosemont , ocurrido en Florida, Estados Unidos. “La permuta era un mecanismo legal, ya que el gobierno venezolano así lo había determinado.” Agregó que la acción de la DEA en este hecho provocó la intervención de empresas bursátiles en nuestro país.
LatinLawyer.com, September 1, 2010
Venezuelan fugitive and dissident Eligio Cedeño has failed to bring most of his conspiracy and extortion charges against Venezuelan government officials and business figures in the US courts. US District Judge Jed Rakoff, who issued his ruling on 24 August, said that the Racketeer Influenced and Corrupt Organizations Act (RICO) could not be applied to the acts alleged by Cedeño.
"It was a correct ruling on the law and a significant victory for the Venezuelan authorities who have asked the U.S. for the extradition of Cedeño," said Michael Diaz, Jr., partner at Diaz, Reus, & Targ, LLP and counsel to Venezuelan businessman Ruben Rogelio Idler Osuna, one of the defendants. Read more here.....
Latin America's Legal Stars
Latin Business Chronicle, September 1, 2010
The editorial staff of Latin Business Chronicle has taken a closer look at some of the leading attorneys from international law firms that are involved in the growing legal boom in Latin America. Michael Diaz Jr. among top selections. Read more....
PRWEB, August 31, 2010
Miami, FL (PRWEB) August 31, 2010 -- On Friday, August 27, Taiwanese businessman Yi-Lan "Kevin" Chen was sentenced to 3 1/2 years in federal prison by U.S. District Court Judge Adalberto Jordan, successfully avoiding a severe sentence for his role in the sale of "dual purpose" electronics to Iran in violation of U.S. laws and Office of Foreign Assets Control (OFAC) regulations.
Chen, 40, had faced up to 20 years on each of three charges after he was arrested in February in Guam for his involvement in a shipment to Iran of some 8,500 glass-to-metal seals and 120 military-grade connectors. U.S. Commerce Department investigators said Chen had arranged at least 30 banned shipments to Iran since 2007, falsely telling U.S.-based suppliers that the goods were destined for Hong Kong or Taiwan.
Chen's attorney, Robert Targ of Diaz Reus & Targ, said: “Kevin allowed himself to be drawn into this scheme that ran counter to his otherwise exemplary life as a businessman.”
Michael Diaz Jr. added: “We are both relieved and pleased that our hard work and efforts paid off and persuaded the District Court Judge and the U.S. Attorney’s Office that this was an isolated event driven largely by a fundamental misunderstanding by Chen, an Asian businessman engaged in international trade with Iran without knowing the real consequences of violating the trade embargo and U.S. OFAC regulations.”
3 1/2-year sentence ordered in Iran missile part case
The Miami Herald, August 27, 2010
A Taiwanese businessman was sentenced Friday to 3 1/2 years in U.S. prison for violating the Iran trade embargo by arranging illegal shipments of parts that can be used for military or nuclear purposes, including in missiles and unmanned drones.
Yi-Lan "Kevin" Chen, 40, had faced up to 20 years on each of three charges, but U.S. District Judge Adalberto Jordan cited Chen's remorse, lack of prior criminal record and immediate admission of guilt as reasons for a lighter sentence.
Chen was arrested in February in Guam in the midst of a transaction to ship to Iran some 8,500 glass-to-metal seals and 120 military-grade connectors.
Chen's attorney, Robert Targ, of Diaz Reus & Targ in Miami, Florida said the scheme ran counter to Chen's otherwise exemplary life as a businessman. Read more here....
El Nuevo Herald, August 26, 2010
Banquero venezolano Eligio Cedeño
Un juez federal de Nueva York desestimó por falta de jurisdicción una explosiva demanda del banquero venezolano Eligio Cedeño en la que acusó de extorsión y lavado de dinero a funcionarios del gobierno del presidente Hugo Chávez, pero no descartó que las acusaciones sean convincentes.
Justice Department launches a criminal investigation into the gulf oil disaster
By Steven Andersen
Inside Counsel, August 1, 2010
Given the unfathomable magnitude of the ongoing BP oil spill in the Gulf of Mexico, the announcement of a federal criminal investigation didn’t come as a particular surprise. While few companies will ever face a debacle of this magnitude, the case provides in-house counsel with object lessons on criminal environmental liability, crisis management and the growing need to play a greater role on the operations side of corporations.
National Law Journal and ALM, July 29, 2010
President Obama was elected on a platform of change. Yet, when it comes to appointing federal judges, especially justices to the U.S. Supreme Court, change is the last thing we have seen. Consider Elena Kagan. I was disappointed by her nomination, not because I disagree with her views on key issues, but because she so easily fits into what has become the mold for a Supreme Court justice. Now, I am confident that Kagan will make an excellent judge. Her educational and professional qualifications are impeccable, her intellectual capacity unquestionable. My beef is different. I am concerned that eligible justices are being vetted against a set of criteria that is so limited that we are excluding many competent men and women from the Court. The last three individuals to be appointed and confirmed have all shared similarly impressive backgrounds — elite schools, followed by a period of public service, culminating in the most prestigious judicial appointment in the land.
Click here to get full story.
Insurance News Net.com, July 12, 2010
A labyrinthine lawsuit working its way through federal court could tap the magic number three by evoking the Racketeer Influenced and Corrupt Organizations Act. RICO can offer both sides in this case certain benefits, such as triple damages, if they win the case.
In this lawsuit, major players in the workers' compensation arena are accusing each other of conspiring and racketeering to downplay their premiums in order to dodge paying their fair share of residual market losses. The companies -- American International Group Inc. on one side and companies including Liberty Mutual Group, Travelers Insurance Group, Hartford Financial Services Group Inc., Ace INA Holdings Inc. on the other -- have accused each other of violating RICO.
Click here for full article
Financial Fraud Law, July 6, 2010
Submitted by Steven Meyerowitz
We recently spoke with Michael Diaz, Jr., the Miami-based managing partner at Diaz, Reus & Targ, LLP, who has spent more than 20 years in private practice defending and investigating Latin American money laundering and public corruption cases. A Cuban-born bilingual international attorney, Diaz (pictured) is a former U.S. government prosecutor who investigated and prosecuted highly publicized corruption, economic, drug, and other cases. Excerpts from his remarks appear below.
“Beware when doing business in Latin America. Thanks to well financed and growing Chinese and Middle Eastern investment there, fraud and bribery are growing as well. Business practices considered unethical, fraudulent, and illegal in the United States, such as bribery and financial ‘favors,’ are largely tolerated and thriving in the developing regions of the Western Hemisphere, with little risk to the perpetrators.
El Nuevo Herald, June 26, 2010
Por GERARDO REYES
Es raro que un alto tribunal de Estados Unidos acuda a las analogías cinematográficas para resumir los casos que dirime.
Un panel de jueces del 11no. Circuito de Apelaciones de la Florida cayó en la tentación la semana pasada al describir las aventuras y desventuras que rodearon la captura del tristemente célebre ex jefe de inteligencia del gobierno del Perú, Vladimiro Montesinos.
"Los hechos de este caso se leen como las más reciente película de suspenso'', afirmaron los jueces.
La frase es parte de la introducción de un fallo que exime al gobierno de Perú de pagar unos $10 millones a un informante que supuestamente facilitó el arresto de Montesinos en el 2001.
La historia, en efecto, tiene visos de un guión de intrigas políticas, espionaje, videos y decepción con un final feliz para el gobierno de Perú y un traspiés para el experto venezolano en contrainteligencia José Guevara y sus abogados.
Los jueces de apelación anularon el fallo de esa misma corte que había condenado al gobierno peruano a pagar a Guevara una recompensa de $5 millones más los intereses que podrían sumar otros $5 millones.
En su segundo pronunciamiento, la corte asegura que el sistema judicial estadounindese no tiene jurisdicción sobre el caso, debido a que ninguna de las actividades que generaron el presunto compromiso de Perú de pagar al informante tuvieron consecuencias inmediatas en Estados Unidos.
Y las "consecuencias inmediatas'' son requisitos esenciales para admitir la jurisdicción del caso, según el fallo.
Michael Díaz, del equipo de defensa de Guevara, criticó el fallo argumentando que es inconsistente con el anterior y que se extralimitó en el análisis de los documentos de apelación.
Para Díaz, la credibilidad de las autoridades de Estados Unidos y el extranjero que dependen de la información pagada de personas que toman riesgos para colaborar, como lo hizo Guevara, "ha recibido un poderoso golpe''.
Los abogados de Guevara habían ganado un batalla significativa en el proceso.
Lograron que la corte no aplicara el tradicional principio de inmunidad soberana de los países. En su lugar, la corte sostuvo que el ofrecimiento de recompensas de un gobierno es un acto comercial, no soberano, que puede ser objeto de litigios judiciales.
LatinLawyer.com, June 21, 2010
On Friday, a Florida court overturned a lower court's ruling that the Peruvian government must pay US$5 million plus interest to Guevara, arguing that under US law sovereign governments are protected from lawsuits in the country.
Michael Diaz, of Miami firm, Diaz, Reus & Targ, LLP, says, 'The critical need and ability for law enforcement and government agencies around the world to maintain their credibility to compensate those who are willing to take risks, stepping forward and providing information and cooperation in exchange for a promise of reward money, has taken a mighty blow if this opinion is to stand.'
Peru offered a US$5 million award in 2001 for the Montesinos' capture, who was wanted on charges of drug dealing, money laundering, arms trafficking, extortion and murder.
Ledge-Enquirer.com, June 19, 2010
ATLANTA -- A federal appeals court has blocked a reward of more than $10 million for a Venezuelan man who helped Peru capture a notorious spymaster in a tantalizing case that the panel said "read like the latest spy thriller."
The 11th Circuit Court of Appeals issued a 2-1 ruling Friday reversing a judge's decision that Jose Guevara should get the $5 million reward plus at least $5 million interest. The ruling concluded that Peru was shielded by U.S. laws that protect sovereign governments from lawsuits.
Read more: http://www.ledger-enquirer.com/2010/06/19/1165319/fed-panel-blocks-reward-in-peru.html?story_link=email_msg#ixzz0rUpCjp5c
msnbc.com, June 17, 2010
"We are honored to represent ProMexico at the World Expo in Shanghai," said Michael Diaz, Jr., Diaz Reus managing partner. "Our global firm and ProMexico share the same strategic vision, and the World Expo offers an exciting venue for both of us to effectively promote international trade between the two regions and around the world."
June 17, 2010
Latin Lawyer, June 15, 2010
InHouseCommunity.com hosted by Pacific Business Press, June 10, 2010
Eager to promote international trade between Mexico and China (and Asia more generally), ProMexico – the government institution responsible for strengthening Mexico’s participation in the global economy – has entered into an exclusive agreement with Diaz Reus & Targ LLP, under which the firm will serve as legal advisors to the Mexican delegation during the World Expo in Shanghai.
May 28, 2010
JD Supra Featured Q&A: Michael Diaz Jr.
Cuban-born Miami attorney Michael Diaz, Jr. earned his stripes as a prosecutor under Janet Reno in the 1980s after graduating from the University of Miami School of Law. He went into private practice in 1990 and subsequently founded Diaz Reus, a noted international law firm focused largely on international financial fraud, including recouping assets for victims of alleged Madoff and Stanford Ponzi schemes. He spoke to us from his Miami office.
FT.com Financial Times, May 25, 2010
A US judge has frozen $2.43bn of Argentine assets in the US at the behest of class-action plaintiffs, dealing a blow to Argentina as it hopes to win over creditors holding some $18bn in unpaid debt since its 2001 default.
The embargo comes less than a week after Amado Boudou, the economy minister, revealed that the take-up for the early tender period of the swap – in which institutions could sign up without incurring penalties – was $8.5bn, lower than $10bn expected before.
Economy ministry officials could not be reached for comment on the embargo ruling.
Michael Díaz, a lawyer for the plaintiffs, told the Financial Times that the order in no way interfered with Argentina’s swap, which runs until June 7 and which the government hopes will close the chapter on its painful default and allow it to return to raising money on global markets.
SFGGate.com 2010 Bloomberg News, May 24, 2010
May 24 (Bloomberg) -- U.S. District Judge Thomas Griesa can walk down the streets of New York unrecognized, even after handling Chrysler LLC's bankruptcy and a trademark lawsuit last year by film director Woody Allen.
In Argentina, where for more than seven years a return to international capital markets has rested on his rulings, the 79- year-old, semi-retired judge is a star. Buenos Aires newspapers kept his face on front pages as judgments for defaulted bonds in his court piled up to about $6.4 billion. When he agreed not to impede an $18.3 billion bond swap, they portrayed him as a hero.
Eight plaintiff class-action groups holding defaulted Argentine bonds obtained a ruling from Griesa in a $2.43 billion case, Diaz Reus & Targ, LLP said in a statement on Marketwire today.
FT.com blog, May 24, 2010
The timing is terrible for Argentina. Less than a week after it announced the take-up in the early phase of its debt swap was lower than had previously been expected ($8.5bn compared with expectations of more than $10bn), US judge Thomas Griesa has now embargoed $2.43bn in assets held by Argentina’s state Banco de la Nación in the US in response to class-action lawsuits.
May 24, 2010
NEW YORK (May 24) – In response to a request from eight plaintiff class-action groups holding defaulted Argentine bonds, U.S. District Court Judge Thomas P. Griesa today issued a restraining order that freezes up to $2.43 billion in Argentine government assets held by Banco de la Nación Argentina.
Complinet.com, March 19, 2010
Daily Business Review, March 4, 2010
Latin Lawyer Online, March 3, 2010
Carlos Gonzalez, Partner
, March 2010
On February 18 & 19, 2010, the Florida International Bankers Association hosted its 10th Annual Anti Money Laundering Conference in Miami, Florida. Diaz Reus & Targ, LLP proudly returned as a Platinum Sponsor of this important conference for the fourth year in a row. At this year’s gathering, attorney Carlos F. Gonzalez, a partner resident in the Firm’s Miami and Shanghai offices, participated in a panel discussion entitled, “The Convergence of Financial Fraud and AML.” The session, attended by nearly 1,000 participants, explored the new role banks and other financial institutions will play in fighting the massive frauds that characterized 2009. Read the summary of Mr. Gonzalez’s remarks here.
At the 10th Annual FIBA Anti-Money Laundering Compliance Conference
Intercontinental Hotel, Miami Florida
February 18, 2010
Complinet.com, February 17, 2010
Hispanic Target, February 15, 2010
ALB China / www.legalbusinessonline.com, February 5, 2010
ADN.es, January 11, 2010
Wall Street Journal, December 7, 2009
Dubai: A High Rise, Then a Steep Fall
DUBAI -- As financial crisis roiled much of the world in October 2008, the head of Dubai's biggest state-owned developer unveiled his latest megaproject: a $38 billion development that would include a tower nearly two-thirds of a mile tall.
"I'm sure most of you are asking why we're launching this, and you'd be mad not to question it," said the executive, Chris O'Donnell, at a news conference. Though there would be economic ups and downs in the years needed to build the tower, he told listeners, demand would continue to outstrip supply.
"The fundamentals in the market are too strong," he said. "There won't be a crash."
Since then, residential real-estate prices in Dubai have slumped by almost 50%. Developers have slashed jobs and scrapped projects. Groundbreaking on the tower was long ago put on hold. The yearlong retrenchment culminated in last week's surprise announcement that Dubai would seek to restructure $26 billion of debts owed by Dubai World, the holding company for many of the government's port, infrastructure and real-estate businesses.
www.complianceadvantage.com, December 4, 2009
Cravings of South Florida, November 20, 2009
South Florida Business Journal, November 13, 2009
Asian Leal Business, September 15, 2009
The Miami Herald, September 14, 2009
LatinFinance.com, September 1, 2009
Hispanic Target, September 2009
Financial Fraud Law, August 27, 2009
ConstructionWeekOnline.com, August 5, 2009
Zawya, July 11, 2009
Daily Business Review, July 9, 2009
ALB Legal News, July 9, 2009
Pacific Business Press / Asian Counsel, July 8, 2009
Pacific Business Press Asian-Counsel, July 2, 2009
Business Week, June 25, 2009
Business Week, June 25, 2009
South Florida Business Leader, June 2009
Corporate International, May 2009
Hispanic Target, April 18, 2009
El Nacional, April 1, 2009
CPI Financial, April 2009
Legalmente Hablando, April 2009
El Universal, March 31, 2009
El Universal, March 30, 2009
South Florida Business Leader Magazine, March 30, 2009
Reuters, March 30, 2009
El Universal, March 29, 2009
MiamiHerald.com, March 29, 2009
ElNuevoHerald.com, March 28, 2009
The Wall Street Journal, March 28, 2009
eluniversal.com - Noticias de Venezuela y del Mundo, March 27, 2009
AP Associated Press, March 27, 2009
WSJ.com, March 27, 2009
Fortent, March 13, 2009
antilavadodedinero.com, March 11, 2009
Michael Diaz, Jr., Managing Partner at Diaz Reus quoted on the change in flow of money from the Mid-East to Latin America, Brazil.
Latin Finance, March 5, 2009
"The Stanford International Bank saga has brought to light what all investors should consider before investing in tax havens if it seems too good to be true, it is."
Inter-American Dialogue's - Latin American Advisor - Financial Services, March 2009
Vida y Éxito, March 2009
The Miami Herald, February 26, 2009
"Regardless of a change in policy on the existing money transfer limitations to Cuba, the [underground] market may continue."
Inter-American Dialogue's - Latin America Advisors - Financial Services, February 2009
A conference on Middle-eastern Investment in Latin America, Michael Diaz, Managing Partner at Diaz Reus & Targ, LLP, Spoke on Understanding and Managing Risks When Investing in Latin America.
LatinLawyer Online, February 11, 2009
Zawya, February 10, 2009
"Banco Santander's future in Latin America will depend on how it maneuvers the Madoff scandal."
Inter-American Dialogue's - Latin Advisor, February 9, 2009
December 18, 2013
Happy Holidays from Diaz Reus & Targ LLP
Comentario de Pablo Giancaterino
Por Martín Kanenguiser | LA NACION
, February 19, 2013