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Tom Brady Better Off as a Famous Quarterback than a Registered Representative

And this is true for any number of reasons! There’s the money, the supermodel wife, the buddy trips to the Kentucky Derby . . . . All pretty obvious. But there’s another reason, too. As an NFL quarterback, Brady works...more

FinCEN Levies $75 Million Penalty on International Casino for BSA/AML Lapse

On June 3, FinCEN announced a $75 million civil money penalty against an international casino for alleged “willful and egregious” violations of the BSA. As detailed in the Assessment, the casino (i) failed to develop and...more

Gambling and the Bank Secrecy Act

The Bank Secrecy Act (“BSA”) is a complex set of federal laws and regulations that require “financial institutions” to keep records, make reports, and conduct due diligence as a means of helping the federal government detect...more

FinCEN Fines Atlantic City Casino $10 Million for AML Deficiencies

Earlier this month, an Atlantic City-based casino was fined $10 million for violating the BSA – more specifically, for failing to (i) create and implement an adequate anti-money laundering program; (ii) establish an effective...more

Auditor General Calls OLG’s Modernization Plan “Overly Ambitious” and “Overly Optimistic”

In April, the office of the Auditor General of Ontario released a special report criticizing the Ontario Lottery and Gaming Corporation’s Modernization Plan as “overly ambitious” and “overly optimistic”. The...more

SEC Names Recidivist, Claimed Country Music Fund Raiser, In Fraud Order

The Commission directed the institution of an administrative proceeding charging recidivist Stanley Jonathan Fortenberry, an unregistered fund adviser, with fraud in connection with the operation of a fund supposedly tied to...more

Reduced Interchange Fees in China Effective February 25, 2013

The ten year-old regime governing merchant fees in China is about to change – and the fees are, in general, about to be reduced by one-fourth or more....more

ALL BETS OFF!

Due to "legal and regulatory pressure" Dublin-based Intrade will no longer accept bets from US customers and all existing US customers must exit their trades and close their accounts. Intrade operates a real-money based...more

Act 1, Scene 1: FCPA Hits Hollywood

Let’s add a new industry to the list of FCPA industry sweeps. Is anyone surprised? If I worked at DOJ or the SEC, I would simply take a look at those significant industries entering China and launch an industry-wide...more

FCPA Industry Sweep Strikes Hollywood

In the past, we have reported on a number of Foreign Corrupt Practices Act ("FCPA") developments and have furnished subscribers with a primer on the FCPA. The latest developments in this area relate to an investigation of the...more

Gaming Legal News - April 18, 2012 • Volume 5, Number 9

In This Issue: TORONTO CASINO UPDATE by Michael D. Lipton, Q.C., Kevin J. Weber, and Jack Tadman As we first reported in January, the movement towards a Toronto casino continues apace. As we anticipated in our...more

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