Art, Entertainment & Sports Finance & Banking

Read need-to-know updates, commentary, and analysis on Art, Entertainment & Sports issues written by leading professionals.
News & Analysis as of

The SEC, Insider Trading and the Super Bowl

Perhaps the SEC is developing a sense of ironic timing. The day after the Super Bowl the Commission filed an insider trading action. The conversations which are the predicate for the alleged illegal securities trades began in...more

NHL Scores Big on Attorneys' Fees Against Nondebtors

Last fall, the National Hockey League (NHL) enjoyed a big off-ice victory when the U.S. District Court for the District of Arizona found that it was entitled to recover from Jerry and Vickie Moyes and the Jerry and Vickie...more

US Treasury and Commerce Departments Announce New Changes to Cuba Regulations

On January 25, 2016, the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the US Commerce Department's Bureau of Industry and Security (BIS) announced new changes to existing US sanctions on Cuba,...more

You won the lottery, now what?

With up to $1.4 Billion at stake in Wednesday’s Powerball, those who play the lottery are busy making plans for what to do with all the money they may win. If you win it, you won’t ever have to worry about money again –...more

FinCEN Announces First Card Club AML Enforcement Action

Just in time for Christmas, the Financial Crimes Enforcement Network (FinCEN), the financial industry (including casinos and card clubs) regulator, announced its first-ever enforcement action against a card club, California’s...more

FIFA Ethics Committee Issues Eight-Year Bans to President and Vice President

On December 21, the FIFA Ethics Committee announced that it would ban its embattled President, Sepp Blatter, and Vice President, Michel Platini, from all football-related activities for eight years. The ban was imposed as a...more

FinCEN Imposes $650,000 Civil Penalty on Small ''Card Club'' Gaming Establishment

The Financial Crimes Enforcement Network (FinCEN) announced its first enforcement action against a small “card club” gaming establishment imposing a civil penalty of $650,000. The enforcement action, announced December 17,...more

2015: Arbitration Inches Toward Center Stage

Arbitration case law did not break any new ground in 2015. Instead, a larger sector of the public became aware of the ground already broken in 2011 and 2013, as well as how common arbitration is in professional...more

FinCEN Settles with Card Club Gaming Establishment for BSA Violations

On December 17, FinCEN announced a $650,000 settlement with a “card club” gaming establishment in California for willfully violating the program and reporting requirements of the Bank Secrecy Act (BSA). The gaming...more

Marathon Structured Finance Fund, LP v. Paramount Pictures Corp. - USCA, Second Circuit, December 14, 2015

Second Circuit affirms dismissal of fraud claims against Paramount Pictures, finding that defendant has always used wide mix of co-financing strategies in release of its motion pictures, and plaintiffs, who are sophisticated...more

FinCrimes Update - November 2015 Summary, Volume 2, Issue 9

FINCEN DIRECTOR HIGHLIGHTS THE SIGNIFICANCE OF SAR FILINGS - On December 9, FinCEN Director Calvery highlighted at a joint FBIIC-FSSCC meeting the role of FinCEN in gathering and analyzing financial intelligence and the...more

SEC Charges Oxford City Football Club With Fraud

It was touted as “the largest publicly traded diversified portfolio of professional sports teams in the world.” The firm actually owned interests in a U.K. football team and other sports teams. The company was put together by...more

Mass Gaming Commission Holds Daylong Forum on Daily Fantasy Sports

On Thursday, December 10, 2015, the Massachusetts Gaming Commission (MGC) held a daylong forum to educate the MGC commissioners, staff and the public on Daily Fantasy Sports (DFS) and to inform the policy paper the MGC is...more

2016 New Mexico Political Outlook

The 2016 New Mexico Political Outlook provides a basic overview of what clients can expect from the upcoming New Mexico legislative session. Republicans won control of the New Mexico House of Representatives in the election...more

Bulletin: AFTRA Retirement Fund Sending Information Request to JPC Members on Significant Drop in Pension Contributions

To address what it perceives as significant underfunding in its pension plan, the AFTRA Retirement Fund is actively sending information requests to Joint Policy Committee signatories whose contributions have declined over a...more

DOJ Charges 16 Additional Individuals with FIFA-Related Corruption; Swiss Authorities Arrest Two High-Ranking FIFA Members

On December 3, the DOJ charged an additional 16 individuals in connection with its ongoing corruption investigation into FIFA. The new indictment included a number of high ranking FIFA members, including Alfredo Hawit, the...more

Advertising Law - November 2015 #3

FTC Flushes Claims for "Flushable" Wipes - Reminding advertisers about the importance of environmental marketing claims, the Federal Trade Commission approved a final consent order in an enforcement action against...more

New York Attorney General Says Daily Fantasy Sports Contests Are Illegal

As the popularity of fantasy sports grows, so do the legal issues surrounding the industry. The main legal challenges facing fantasy sports have been centered on the issue of whether pay-to-play fantasy sports contests...more

FinCEN Issues Final Civil Money Penalty Against U.S.-based Casino Over BSA Violations

On November 6, FinCEN issued a final assessment of civil money penalty against a Las Vegas-based casino and its branch offices for violating the BSA by failing to develop and implement a sufficient AML program and report...more

Accepting Daily Fantasy Sports Payments and Proceeds May Be Unlawful: New York AG Accuses DFS Sites of Leading “Massive . . ....

New York Attorney General (“NYAG”) Eric Schneiderman has claimed that daily fantasy sports (“DFS”) sites, including FanDuel and DraftKings, violate New York state gambling laws. He has issued cease-and-desist letters, giving...more

Rating Agency Developments

On November 2nd, DBRS updated its rating methodology for Companies in the Gaming Industry. On November 2nd, DBRS updated its rating methodology for European Non-Performing Loans Securitizations. On October 30th, Moody’s...more

Is Money Being Laundered Through Your Financial Institution Using Daily Fantasy Sports Sites?

This alert addresses the explosion in popularity of daily fantasy sports (“DFS”) sites and the money-laundering potential that DFS sites may offer to criminals around the world. It then explains potential legal liability...more

FIFA Investigation Ensnares President Blatter

After months of speculation about potential legal ramifications for FIFA President Joseph (“Sepp”) Blatter, the Office of the Attorney General of Switzerland announced that Mr. Blatter is the subject of criminal proceedings...more

FIFA Investigation Expands In Scope; Former FIFA VP Extradited to United States

On September 14, U.S. Attorney General Loretta Lynch announced that the DOJ is expanding its FIFA investigation to pursue additional charges against individuals and companies. AG Lynch made these comments at a press...more

FinCEN Action Against Casino for Weak AML Compliance Efforts Should Not Be Ignored by Others—Especially Digital Currency Companies

Why it matters - FinCEN's $8 million civil money penalty imposed on Caesars Palace for "willful and repeated" violations of the BSA sends a signal that failure to collect and use appropriately identifying information...more

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