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Your daily dose of financial news The Brief – 5.20.16

Manhattan USA Preet Bharara’s back in front of the cameras and back on the insider-trading horse with the announcement yesterday of criminal charges against well-known sports bettor Billy Walters and former investment banker...more

Your daily dose of financial news The Brief – 4.28.16

As expected, the Fed held steady on rates as it waits for the American economy and labor market to keep improving. June remains on the table for the next incremental increase, though some analysts are shifting expectations...more

Debt Restructurings -- New Developments

Shearman & Sterling joined 27 other law firms in developing an opinion white paper regarding the application of recent judicial opinions relating to Section 316(b) of the Trust Indenture Act of 1939 in the Marblegate and...more

Rating Agency Developments

On April 13, Moody’s published its approach to rating obligations with variable promises, where the source of variation is related to non-standard or non-credit-related reference factors. ...more

Will the FCPA Go Down Under (again)?

We do not often have the chance to go ‘down under’ at the FCPA Compliance and Ethics Blog. However, there is a case brewing that may have some Foreign Corrupt Practices Act (FCPA) implications as well as Australian...more

The man who sold the world: Bowie, bonds and IP securitisation

The loss of David Bowie at the start of this year prompted much discussion of his musical legacy, but less well-publicised was his contribution to finance....more

The Smart Guys in Everett Saw Steve Wynn's China Strategy from a Mile Off

One of the proverbs lodged in my cranium is, “The judgment of the village is never wrong.” I buy that. I also think that units within cities – neighborhoods, social clubs, busy restaurants, coffee shops and bars -- take...more

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

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

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

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

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

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