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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

The Financial Report - Volume 14, No. 18 - September 2015 (Global)

Casino games are designed with a house advantage. Mathematically, the house advantage is a measure of how much the house expects to win, expressed as a percentage of the player’s wager. The house advantage is the difference...more

SEC Settles With Olympic Sponsor Over Potentially Corrupt Hospitality Program

A global resources company was fined $25 million for practises related to its sponsorship of the 2008 Beijing Olympics. The fine was part of a settlement agreement reached with the U.S. Securities and Exchanges Commission...more

SEC Opens FIFA-Related Investigations

Although not yet confirmed by the SEC, media reports suggest that the SEC has opened several investigations of publicly traded companies who contracted with FIFA. Indictments in the FIFA cases have alleged that certain...more

Treasury Department Publishes National Money Laundering Risk Assessment and National Terrorist Financing Risk Assessment

On June 12, 2015, Treasury Department issued its National Money Laundering Risk Assessment (NMLRA) and National Terrorist Financing Risk Assessment (NTFRA). This is the Department’s first NMLRA release in a decade and its...more

SEC Charges Advisory Firm to Sports Figures and Officers With Fraud

The SEC filed two actions centered on an advisory firm that serves on high net worth individuals, primarily current and former professional athletes. The actions are based on the theft of client funds and a failure to...more

FIFA and BHP Billiton: The Unique FCPA Challenges Present in International Sports

Recent enforcement actions by the Department of Justice and Securities and Exchange Commission have raised the profile of corruption in international sport and highlight unique FCPA compliance concerns. This note will explain...more

Failure To Disclose Finder’s Fee Found Not To Be Actionable

This interesting, but atypical case, involves one of the many possible issues that can arise from the use of unlicensed finders to raise securities. Five years ago, Daniel Azouri met Marvin Lipschultz at the Cannes...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

AUSTRALIA: ASIC rules risk management facilities to be used by sporting organisations are financial products

On 28 January 2015, the Australian Securities and Investment Commission (ASIC) rejected a relief application by the issuer of ’risk management facilities’ used by sporting clubs and retailers. The application for Australian...more

Manatt Digital Media - September 2014

Welcome to Issue #1 of the Manatt Digital Media (MDM) newsletter. Initially, we will publish these monthly—and look forward to receiving your feedback, since we want this to be a conversation and bring information and...more

SEC Sanctions D&T Auditor For Independence Violations

A now retired Deloitte & Touche LLP partner settled charges that he violated the auditor independence rules, engaged in improper professional conduct and caused a firm audit client to violate Exchange Act Section 13(a). 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

Hut, Hut, Hike! Investors Buying Stock In NFL Player Through First Fantex IPO

On April 28, 2014, shares of Fantex, Inc. (Fantex), which are linked to the performance and earnings of Vernon Davis, star tight end of the San Francisco 49ers, were sold to the public. Other professional football players for...more

The intersection of perk-based and securities-based crowdfunding, and defining the "issuer" under Proposed Reg CF -- financing for...

In the world of perk-based crowdfunding, film and entertainment projects have been some of the most successful projects. But perk-based financing has its limits even in this glamorously attractive industry. Today my fellow...more

Do You Know What Day It Is? The Risks and Benefits of the Animal Spokesperson

Do You Know What Day It Is? The Risks and Benefits of the Animal Spokesperson by Dan Brecher on October 9, 2013 Does Grumpy Cat have more Twitter followers than your business? If so, maybe it’s time for an animal...more

Movie Production Loans Result In 27-Year Stay At The Greybar Hotel

In 2007, the Department of Corporations issued this Desist & Refrain Order against Mahmoud Karkehabadi and others for violations of the Corporate Securities Law of 1968. The Department also made a criminal referall to the...more

Sands’ Casinos Report of “Possible” FCPA Violations Will Draw Scrutiny to the Gaming Industry

On Friday, March 1, 2013, the parent company of the Las Vegas Sands Corp. (Sands), reported in a filing to the Securities and Exchange Commission (SEC) that the company may have violated the “books and records and internal...more

China 20/20 Legal and Regulatory Developments - January 2013

In This Issue: SAFE Issues Notice of State Administration of Foreign Exchange on Further Improving and Adjusting Foreign Exchange Policies Related to Direct Investment; SAFE Makes Revisions to Provisions on Foreign...more


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

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

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