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Entertainment Legal News
SEC Charges Entertainment Promoter Jack Utsick and Others
Washington, D.C., April 17, 2006 - The Securities and Exchange Commission today announced that it filed a civil injunctive action in the United States District Court for the Southern District of Florida charging Worldwide Entertainment, Inc. and Entertainment Group Fund, Inc. and their principal John P. (Jack) Utsick, and American Enterprises, Inc. and Entertainment Funds, Inc. and their principals Robert Yeager and Donna Yeager, in connection with a fraudulent offering that raised over $300 million from over 3,300 investors nationwide.
The Commission also requested the appointment of a receiver over all four corporate defendants. Simultaneously with the complaint, the Commission filed consents executed by all the defendants, with proposed judgments. Defendants, without admitting or denying the allegations of the complaint, consented to the entry of a permanent injunction, an asset freeze, repatriation order, repayment of amounts they received, and penalties.
Linda Chatman Thomsen, the Director of the Commission's Division of Enforcement, said, "Fraudulent schemes and the misuse of funds have a devastating impact on investors' faith in capital raising efforts. We will continue vigorously to enforce the securities laws against those who engage in such schemes."
David Nelson, Director of the Commission's Southeast Regional Office in Miami, said, "Even businesses that tout their success through affiliations with public figures and celebrities, can turn out to be frauds. Investors should keep in mind that investments that are not registered with the SEC are often among the riskiest." Read more at sec.gov
Rights are clearly defined
Rights' are the expressed, granted permission by the owner of a particular work to an intended buyer, for the utilization of their property in the profitable redistribution of that material. The permission, if granted, may entail the right to employ the work in the designated medium in which it was intended for redistribution. Additionally, the Copyright Act protects the owner of a property from unauthorized use of their material.
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Definition:
Variation Margin: Payment made on a daily or intraday basis by a clearing member to the clearing organization based on adverse price movement in positions carried by the clearing member, calculated separately for customer and proprietary positions.
Copyright
Definition:
A legal term referring to protection granted an individual or organization against the use of an original work without expressed consent.
Distributor
Definition:
From studios to exhibitors, the distributor sells viewing rights for a finished film. Somewhat of an intermediary function, distribution creates initial revenue for the source that financed the project. Its basic function is to sell the viewing rights of a motion picture to specifically designated areas. Based on the elements involved in the feature, the costs of these rights vary and are just a fraction of the income for distributors.
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