NY Attorney John Q. Kelly

Drew Peterson Case Attorney John Q. Kelly is pleased to announce the launch of his new website for The Kelly Group P.C.

The website can be viewed at http://www.kellygrouppc.com and features notable cases and clients of Mr. Kelly.

About John Q. Kelly
One of the most renowned litigators in the country, Mr. Kelly has a proven track record in complex civil and corporate litigation nationwide.

His clients include some of the most widely publicized victims in recent times, including:

- Estate of Nicole Brown Simpson
- Parents of Natalee Holloway
- Estate of Kathleen Savio, ex-wife of Drew Peterson
- Estate of Heiress Anne Scripps Douglas
- Former Yankee great Joe Pepitone

Metrolink Train Accident Lawyer Jerome Ringler

www.rkallp.com

Chicago Contract Law Firm the Roth Group Featured Law Firm

The Roth Law Group has been named a Breaking Legal News Featured Law Firm for its outstanding achievements in Business law and contract law in the Chicago area. Below is a little bit about the firm.

About Roth Law:
Business owners know that it takes hard work and dedication to make it in today's competitive marketplace. And choosing a law firm that understands the needs of small business is essential if you want to get a leg-up on the competition. You expect that your law firm will provide you with practical solutions and attentive individualized service. At the Chicago-based business law firm of the Roth Law Group, that's what you get.

At the Roth Law Group, we understand the concerns of small business owners like you and we have experience working in industries ranging from construction to chemical manufacturing. Our lawyers know that you need to remain focused on business and legal issues often detract from this goal. When the Roth Law Group represents you, we concentrate our efforts on resolving matters efficiently and economically and seek to reach the best business outcome in the least amount of time whenever practical. From contract negotiations to commercial litigation, we offer a full-range of business legal services specifically tailored to meet your needs.

If your small business is in the market for business legal services in Cook County or throughout Illinois, contact the Chicago-based Roth Law Group for a Free Initial Consultation. We offer practical solutions to your small business legal challenges at affordable rates.


A Few Representative Matters

-Obtained six-figure settlement on behalf of an Italian-based Manufacturer of wood veneer products in a breach of contract action against U.S. based distributor.

-Obtained judgment in favor of a Commercial Landscaping Contractor involving breach of contract.

-Negotiated nuisance value settlement on behalf of a Multi-Media Company sued for violation of Non-Compete Agreement, thus avoiding business interruption and an injunction.

-Successfully prosecuted foreclosure and other actions on behalf of a Colorado-based Mortgage Company.

www.rothlawgroup.com

Baker McKenzie Appoints David Mcleod Head of Global Business Solutions

Baker & McKenzie has appointed David M. MacLeod as Director of Global Business Solutions. Mr. MacLeod, who will be based in Chicago, will take a leadership role in creating, implementing and delivering the Firm’s technology-based business solutions.

Mr. MacLeod has more than 20 years of experience in aligning technology investments with business strategy and functional directives for a diverse set of industry leading organizations. Most recently, he ran a consulting firm focused on clients needing assistance setting and monitoring business goals. Prior to that, he was responsible for leading IT investments, planning, customer service, and process re-engineering for one of the leading global restaurant companies. In addition, he spent 15 years with a Big Four accounting firm, six of those years as partner.

Sue Hall, Baker & McKenzie’s Chief Information Officer, said: “David’s background and consistent track record in integrating strategy, business consulting and IT services into business solutions will help us enhance our information framework and customer service capabilities.”

Mr. MacLeod holds a Masters in Industrial Engineering and B.S. in Mathematics and Economics, both from the University of Pittsburgh.

SEC Proposes New Technology to Get Info to Investors Quickly

The Securities and Exchange Commission today voted unanimously to formally propose using new technology to get important information to investors faster, more reliably, and at a lower cost.

At the center of the SEC proposal is “interactive data” – computer “tags” similar in function to bar codes used to identify groceries and shipped packages. The interactive data tags uniquely identify individual items in a company’s financial statement so they can be easily searched on the Internet, downloaded into spreadsheets, reorganized in databases, and put to any number of other comparative and analytical uses by investors, analysts, and journalists.

The proposed rule would require all U.S. companies to provide financial information using interactive data beginning next year for the largest companies, and within three years for all public companies.

“This is all about bringing investors better, faster, more meaningful information about the companies they own,” said SEC Chairman Christopher Cox. “It would transform financial disclosure from a 1930s form-based system to a truly 21st century model that taps the power of technology for the benefit of investors.”

John White, Director of the SEC’s Division of Corporation Finance, said, “These steps will represent real progress, both for SEC filers and investors. All of the technology is coming together to make electronic filing a true analytical tool. The staff has gathered valuable experience during the almost three years that public companies have been submitting interactive data in our voluntary filer program. This helps give us a strong foundation for moving forward.”

Conrad Hewitt, the SEC’s Chief Accountant, said, “Accounting is the business language of the world, and interactive data will become an easy and reliable technology to improve that language worldwide, just like many other tools available on the Internet. The SEC’s Advisory Committee on Improvements to Financial Reporting has been studying the benefits of interactive data and has proposed that the Commission proceed with a mandatory adoption schedule. Over the long term, preparers are expected to benefit through better internal management information and applications, and investors will benefit with improved analytical methods to analyze financial information.”

Corey Booth, SEC Chief Information Officer, said, “Interactive data represents the logical next step in the evolution of company disclosure, just as HTML and Internet access were the next logical step a decade ago. And like a decade ago, this move will usher in a quantum leap in helping companies explain their business to investors.”

David M. Blaszkowsky, Director of the SEC’s Office of Interactive Disclosure, said, “Information – meaningful, accurate, timely, easy-to-use financial reporting – always has been the driver of commerce and markets. This proposal provides the critical regulatory framework by which interactive data will make financial reporting more easily and quickly available, and help transform the relationship between filer and investor.”

Since 2005, companies have voluntarily submitted to the SEC financial information in interactive data format. The rules proposed today would require companies to provide this information according to a phase-in schedule.

The SEC’s proposed schedule would require companies using U.S. Generally Accepted Accounting Principles with a worldwide public float over $5 billion (approximately the 500 largest companies) to make financial disclosures using interactive data formatted in eXtensible Business Reporting Language (XBRL) for fiscal periods ending in late 2008. If adopted, the first interactive data provided under the new rules would be made public in early 2009. The remaining companies using U.S. GAAP would provide this disclosure over the following two years. Companies using International Financial Reporting Standards as issued by the International Accounting Standards Board would provide this disclosure for fiscal periods ending in late 2010. The disclosure would be provided as additional exhibits to annual and quarterly reports and registration statements. Companies also would be required to post this information on their websites.

The required tagged disclosures would include companies’ primary financial statements, notes, and financial statement schedules. Initially, companies would tag notes and schedules as blocks of text, and a year later, they would provide tags for the details within the notes and schedules.

Companies filing under the proposed rule that use U.S. GAAP will use upgraded data tags issued April 28, 2008, by XBRL US, Inc. that were developed based on U.S. GAAP and on the review of hundreds of actual SEC filings. The SEC’s EDGAR system will accept test filings using a February 11 version of these tags later this month, with the final April 28 version of the tags becoming usable in June. In addition, an interim system is expected to be announced shortly that will enable companies immediately to provide interactive data submissions to the SEC using the April 28 version of the tags.

The SEC has had an interactive data pilot program for three years, beginning in 2005. It covered the financial statements of corporate filers. In addition, the SEC began an interactive data filing program for mutual fund risk return information in August 2007. Also last year, the SEC created an online database tagging executive compensation data for 500 large companies. Filers seeking a head start on data tagging are invited to formally join these SEC voluntary filing programs or informally practice with the new data tags.

SEC Action Halts $72M Fraud Scheme

The Securities and Exchange Commission has obtained an emergency court order freezing the assets of the alleged perpetrator of an Internet fraud scheme that reaped $72 million from more than 3,000 investors in all 50 states and at least 30 foreign countries.

The SEC alleges that from December 2005 until at least November 2007, Gregory N. McKnight of Swartz Creek, Mich., and his company, Legisi Holdings LLC, sold unregistered securities through a Web site by representing that he would invest the offering proceeds in foreign currencies, commodity futures, stocks, and real estate. He promised to pay interest as high as 15 percent per month out of the profits from his investments. Throughout the offering period, McKnight represented to investors that his investments were profitable and were generating the promised returns. But McKnight only invested approximately $33 million, less than half the money he raised, on behalf of investors. Those investments suffered substantial losses. Furthermore, nearly $30 million of the investors’ funds were allegedly dissipated through an unlawful Ponzi scheme and unauthorized personal expenditures by McKnight. The SEC froze millions of dollars of remaining assets controlled by McKnight and Legisi Holdings on behalf of the injured investors.

“This emergency action demonstrates that the Commission can and will move quickly to secure and preserve assets for the benefit of all investors, both in the United States and internationally,” said Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement.

“As alleged in our complaint, McKnight lured investors from around the globe into investing by claiming on his Web site that the Legisi program was legitimate and unlike other ‘scams’ and ‘high yield investment programs’ that you see on the Internet. In fact, McKnight’s Legisi program was just that, a scam from beginning to end,” said Merri Jo Gillette, Regional Director of the SEC’s Chicago Regional Office.

On May 5, 2008, the Honorable Judge Paul V. Gadola of the U.S. District Court for the Eastern District of Michigan issued an Asset Freeze Order against all assets of McKnight and Legisi Holdings, LLC, as primary defendants, and against all assets of McKnight’s affiliates, Legisi Marketing, Inc., Lido Consulting, LLC, Healthy Body Nutraceuticals, and Lindenwood Enterprises, LLC, which were named as relief defendants based on their alleged receipt of investor funds. In addition, Judge Gadola issued an order appointing a receiver over all assets of McKnight, Legisi Holdings, and the affiliates.

The court issued the freeze and receivership orders under seal while the assets were being secured, and the seal has now been lifted.

The SEC alleges that the defendants used approximately $27.5 million of the offering proceeds to make payments of purported profits to prior investors in a Ponzi scheme, and McKnight used $2.2 million of investor funds to pay for his personal expenses and to make payments to his relatives.

The SEC action also seeks recovery of the assets McKnight allegedly transferred to his relatives, including his daughter Jennifer McKnight, his niece Danielle Burton, and Danielle Burton’s mother Theresa Burton, all of whom were named as relief defendants based on their receipt of investor funds.

The SEC’s complaint charges the defendants with an unregistered securities offering and securities fraud in violation of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition to the emergency relief already obtained, the SEC’s complaint seeks preliminary and permanent injunctions, disgorgement of ill-gotten gains and civil penalties against McKnight and Legisi Holdings, as well as disgorgement of ill-gotten gains from the relief defendants. A hearing on the SEC’s request for a preliminary injunction is scheduled for May 19, 2008 at 2 p.m.

The SEC acknowledges the assistance of Michigan’s Office of Financial and Insurance Regulation, the U.S. Secret Service, and the Commodity Futures Trading Commission in this investigation.

IRS Reminder for Tax Exempt Organizations

The Internal Revenue Service today reminded small tax-exempt organizations of their new annual electronic filing requirement as the first filing deadline of May 15 approaches. Organizations can file by going to the appropriate page on this Web site.

Beginning this year, most organizations whose gross receipts are normally $25,000 or less must file Form 990-N, also known as the e-Postcard. Previously these small organizations did not have an annual filing requirement.

“The e-Postcard is fast and easy. An organization just quickly answers a few questions online,” said Steven T. Miller, Commissioner of the Tax Exempt and Government Entities Division of the IRS. “It’s free, totally paperless and will help ensure integrity and transparency in the tax-exempt community.”

The first e-Postcards are due by May 15, 2008, from small tax-exempt organizations whose tax year ended on December 31, 2007. For organizations with a tax year that ends after December 31, 2007, the e-Postcard is due by the 15th day of the 5th month after the close of their tax year.

It is important for small organizations to file the e-Postcard because, under the Pension Protection Act of 2006, if an organization fails to file for three consecutive years it will lose its tax-exempt status.

Some organizations do not have to file including organizations that are part of a group return, as well as churches, their integrated auxiliaries and conventions or associations of churches