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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
Talent is a factor in entertainment
The general term for an artistic contributor to a project, talent usually refers to actors, directors, and writers. In the studio world, atttaching talent, or bringing necessary key artists to a project, is necessary in getting the film made. Agencies usually reserve the term 'talent' for actors and classify talent agents as those who represent thesipians.
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Definition:
A common name for outdoor signs located along streets and highways in either paper or vinyl.
Financier
Definition:
The financier is a non-developing financial provider for a film. Simply, financiers are usually money sources looking to invest in complete, packaged scripts. Although they have the ability to bring a significant amount of a movie's budget, financiers are often money people looking at the bottom line - does the project have marketable elements already in place? Unlike most developing studios, these money sources move from script to screen quickly, however, most of the initial footwork must already have been done.
Talent
Definition:
Primarily refers to actors used in advertising. Can also refer to voice performers, musicians, etc.
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