Article: Crown spiked review of new money laundering rules

Article - Media, Publications

Crown spiked review of new money laundering rules

Patrick Hatch, 25 May 2021

Crown Resorts stopped an independent review of new anti-money laundering controls early this year after preliminary findings suggested it was not complying with measures to prevent criminal infiltration of its bank accounts.

Neil Jeans, principal at the anti-money laundering consultancy Initialism, told Victoria’s royal commission into Crown on Tuesday that Crown commissioned him in early 2021 to review its recent ban on cash deposits and third-party transfers to its patron bank accounts. Continue reading “Article: Crown spiked review of new money laundering rules”

Article: Victorian Royal Commission into Crown Melbourne begins

Article - Media, Publications

Victorian Royal Commission into Crown Melbourne begins

Peter Lynch, 17 May 2021

The Victorian Royal Commission into the suitability of Crown Resorts to hold a casino licence in Melbourne commenced today.

The commission revealed its first four witnesses as Timothy Bryant and Jason Cremona from the Victorian Commission for Gambling and Liquor Regulation (VCGLR), Dr Murray Lawson, director of Ethics and Risk Culture at accounting firm Deloitte Australia, and Nick Stokes, head of financial crime and money laundering reporting officer at Crown Resorts Limited.

Opening questions for Bryant and Cremona will focus on the VCGLR’s monitoring of the operator, its investigation into the arrests of 19 staff members in China in 2016, as well as junket operations. Continue reading “Article: Victorian Royal Commission into Crown Melbourne begins”

Article: In Pursuit of the Naked Short by Alexis Stokes

Article - Academic

In Pursuit of the Naked Short

Alexis Stokes, Texas State University

Journal of Law and Business 5/1 (Spring 2009)

This article explores the origins of naked short-selling litigation; considers
the failures of significant naked short-selling lawsuits in federal court;
surveys the obstacles erected collectively by constitutional standing requirements, the Federal Rules of Civil Procedure, the Private Securities Litigation Reform Act, brokerage firms, death spiral financiers, and the Depository Trust and Clearing Corporation; examines the efficacy of Regulation SHO, SEC rule 10b-21, and new FINRA rules; discusses recent state legislation and state court litigation; and identifies non-litigation options to curb naked short-selling. Ultimately, this article seeks to answer the question: If manipulative naked short-selling is more than a mythological scapegoat for
small cap failure, what remedies are, or should be, available?

PDF (62 Pages): Article In Pursuit of the Naked Short