RICO


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Related to RICO: RICO Act, Rico law

RICO

abbr.
Racketeer Influenced and Corrupt Organizations Act of 1970

RICO

(ˈri koʊ)
n.
Racketeer Influenced and Corrupt Organizations Act: a U.S. law, enacted in 1970, allowing victims of organized crime to sue those responsible for punitive damages.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.RICO - law intended to eradicate organized crime by establishing strong sanctions and forfeiture provisionsRICO - law intended to eradicate organized crime by establishing strong sanctions and forfeiture provisions
law - legal document setting forth rules governing a particular kind of activity; "there is a law against kidnapping"
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"
References in periodicals archive ?
Supreme Court, which unanimously ruled that an "enterprise" can be subject to RICO even if it's not aimed at making money.
Fortunately, as this article demonstrates, recent case law shows a trend to dismiss RICO claims against outside accountants (and other professionals) who did not participate in the management or operation of the companies to which they provided services.
The paradox referred to by the court arose because the eight defendants found guilty were (as conceded by the Service on brief) entitled to deduct the legal fees they incurred in unsuccessfully defending against the RICO charges under Sec.
This definitive treatise deals with unresolved issues including: the four-year statute of limitations; due process; the evolving definitions of pattern and enterprise; determination of predicate acts, including mail, wire and securities fraud; potential applications of RICO in commercial fraud; causation, injury and scope of damages; pretrial seizure of assets and forfeiture of assets; criminal mega-trials; parallel proceedings and collateral consequences; and government civil RICO.
While the factual findings clearly are favorable to Ernst, it is highly questionable whether Reves has significantly limited CPAs' potential liability for triple damages under RICO.
When the co-op subsequently went bankrupt, the noteholders filed suit against Ernst (at the time Arthur Young & Company), alleging the firm misvalued the gasohol company, assisted the co-op's manager in a scheme to defraud investors and violated RICO by engaging in a pattern of racketeering activity.