Latest news with #Merchant
Yahoo
5 days ago
- Business
- Yahoo
Jailed traders mount bid to quash conviction after Supreme Court ruling
Four traders who were jailed for rate-rigging are to appeal their convictions after the Supreme Court quashed similar charges in a landmark case. Jay Merchant, Jonathan Mathew, Philippe Moryoussef and Christian Bittar are all seeking acquittal on appeal, lawyers for the four men said. It follows the Supreme Court's decision to overturn the convictions of Tom Hayes and Carlo Palombo, two former investment bank traders, on charges of rigging Libor and Euribor respectively. The pair were found to have not received a fair trial because of how the jury was directed. The convictions came after an investigation by the Serious Fraud Office (SFO) in the aftermath of the financial crisis into claims that traders were manipulating key interest rate benchmarks by submitting false information to the market. Overall, the case led to nine convictions for fraud, with two traders pleading guilty and the rest found guilty by juries. Merchant and Mathew were ex-Barclays traders found guilty of conspiracy to defraud in 2016 after a three-month trial at Southwark Crown Court. The judge ruled that the pair had conspired to manipulate the London interbank offered rate, known as Libor, which was once used to price more than £270tn of financial products globally. Mathew was given a four-year sentence, while Merchant was given a six and a half years. Merchant, who was born in India, renounced his British citizenship and was deported in 2018. Moryoussef, also an ex-Barclays trader, and Christian Bittar, who formerly worked for Deutsche Bank, were found guilty of conspiracy to defraud in relation to the euro interbank offered rate, known in the City as Euribor. Moryoussef was sentenced in 2018 to eight years in jail, with the judge saying: 'Greed was clearly his principal motivation. Although his income was more than generous by anyone's standards, he thought he deserved more.' Bittar was sentenced to five years and four months. On Thursday night, a lawyer representing the group said: 'Following the Supreme Court's landmark decision yesterday to quash the convictions of Tom Hayes and Carlo Palombo, all four of our clients now intend to appeal against their convictions.' Mr Hayes, who served five and a half years in prison for fraud, said after the Supreme Court ruling that all those jailed on similar charges to his should have their convictions overturned. The SFO, which was contacted for comment, said earlier this week: 'We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
5 days ago
- Business
- Telegraph
Jailed traders mount bid to quash conviction after Supreme Court ruling
Four traders who were jailed for rate-rigging are to appeal their convictions after the Supreme Court quashed similar charges in a landmark case. Jay Merchant, Jonathan Mathew, Philippe Moryoussef and Christian Bittar are all seeking acquittal on appeal, lawyers for the four men said. It follows the Supreme Court's decision to overturn the convictions of Tom Hayes and Carlo Palombo, two former investment bank traders, on charges of rigging Libor and Euribor respectively. The pair were found to have not received a fair trial because of how the jury was directed. The convictions came after an investigation by the Serious Fraud Office (SFO) in the aftermath of the financial crisis into claims that traders were manipulating key interest rate benchmarks by submitting false information to the market. Overall, the case led to nine convictions for fraud, with two traders pleading guilty and the rest found guilty by juries. Merchant and Mathew were ex-Barclays traders found guilty of conspiracy to defraud in 2016 after a three-month trial at Southwark Crown Court. The judge ruled that the pair had conspired to manipulate the London interbank offered rate, known as Libor, which was once used to price more than £270tn of financial products globally. Mathew was given a four-year sentence, while Merchant was given a six and a half years. Merchant, who was born in India, renounced his British citizenship and was deported in 2018. Moryoussef, also an ex-Barclays trader, and Christian Bittar, who formerly worked for Deutsche Bank, were found guilty of conspiracy to defraud in relation to the euro interbank offered rate, known in the City as Euribor. Moryoussef was sentenced in 2018 to eight years in jail, with the judge saying: 'Greed was clearly his principal motivation. Although his income was more than generous by anyone's standards, he thought he deserved more.' Bittar was sentenced to five years and four months. On Thursday night, a lawyer representing the group said: 'Following the Supreme Court's landmark decision yesterday to quash the convictions of Tom Hayes and Carlo Palombo, all four of our clients now intend to appeal against their convictions.' Mr Hayes, who served five and a half years in prison for fraud, said after the Supreme Court ruling that all those jailed on similar charges to his should have their convictions overturned. The SFO, which was contacted for comment, said earlier this week: 'We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial.'
Yahoo
6 days ago
- Business
- Yahoo
Merchant and WR Valuation Partner to Expand Valuation Services to Better Serve Business Owners Within RIA Community
COLUMBUS, Ohio, July 23, 2025--(BUSINESS WIRE)--Merchant, a global operating company providing growth capital, strategic resources, and support to independent financial services firms, today announced a strategic growth partnership with WR Valuation, a leading provider of comprehensive business valuation services. This collaboration significantly enhances the valuation capabilities available to Registered Investment Advisors (RIAs) and the business owners they serve across Merchant's ecosystem and the broader independent wealth management industry. WR Valuation brings a high-touch, institutional-quality approach to the mid-market. The firm's specialized 12-person team currently supports 37 public companies, including high-profile names like Steve Madden and Scotts Miracle-Gro. This depth of experience enables WR to apply the same rigorous analysis to companies of all sizes, offering scalable solutions that benefit both advisors and their clients. The partnership reinforces Merchant's commitment to building a comprehensive ecosystem of essential services, serving not only RIAs but also private equity firms and closely held businesses. Together, the two firms will offer an expanded range of solutions, including fund valuation, financial reporting, M&A support, and transaction-related support, enabled by Merchant's deep relationships across capital markets. "This is a natural continuation of what we began when partnering with Republic Capital Group," said Tim Bello, Co-Founder and Managing Partner at Merchant. "Together with the entire WRV team, we're expanding our ability to deliver both transactional and strategic valuation services to RIAs and the business owners and investors they serve—not just within the Merchant community but for the entire independent wealth management marketplace." For RIAs, WR Valuation delivers a comprehensive suite of services, including transactional valuations, estate and gift tax appraisals, insurance needs assessments, ESOPs, and succession planning—helping advisors serve clients more holistically and deepen trusted relationships. "Valuation is often a missing piece in the advisor-client relationship," said Robert Stutz, Senior Managing Partner at WR Valuation. "Through this partnership, we're making it easier for advisors to deliver high-quality insights when they matter most—whether preparing for a liquidity event or building a long-term estate plan." The partnership also unlocks new growth opportunities by leveraging Merchant's broader suite of essential service providers—including trust services, strategic consulting, and succession solutions—to deliver integrated value across the advisor and business owner journey. "Being part of the Merchant community means more than just partnership—it's about collaboration with a network of forward-thinking peers and trusted providers who share a vision for elevating the advisor experience," added David Orth, Managing Partner at WR Valuation. "Together, we're expanding access to a full spectrum of valuation capabilities, empowering RIAs and business owners to make smarter, more strategic financial decisions that fuel long-term growth." About WR Valuation:WR Valuation is a boutique valuation firm known for delivering high-level business appraisal services with precision, objectivity, and discretion. With experience spanning Fortune 500 companies to closely held businesses, WR helps clients navigate succession, tax, transaction, and financial reporting requirements with unmatched diligence and care. Learn more at About Merchant:Merchant is a private partnership that provides life cycle growth capital and strategic guidance to independent financial services companies, particularly those focused on wealth and asset management. Merchant's ecosystem comprises over 115 partner firms and RIA practices in six countries, collectively managing more than $250 billion in assets. For additional information, please visit View source version on Contacts Media Contact: Ann Marie Gordenannmarie@ 267.249.7765 Sign in to access your portfolio
Business Wire
6 days ago
- Business
- Business Wire
Merchant and WR Valuation Partner to Expand Valuation Services to Better Serve Business Owners Within RIA Community
COLUMBUS, Ohio--(BUSINESS WIRE)-- Merchant, a global operating company providing growth capital, strategic resources, and support to independent financial services firms, today announced a strategic growth partnership with WR Valuation, a leading provider of comprehensive business valuation services. This collaboration significantly enhances the valuation capabilities available to Registered Investment Advisors (RIAs) and the business owners they serve across Merchant's ecosystem and the broader independent wealth management industry. "Valuation is often the missing link in the advisor-client relationship. This partnership helps advisors deliver timely, high-quality insights—whether for a liquidity event or long-term planning." WR Valuation brings a high-touch, institutional-quality approach to the mid-market. The firm's specialized 12-person team currently supports 37 public companies, including high-profile names like Steve Madden and Scotts Miracle-Gro. This depth of experience enables WR to apply the same rigorous analysis to companies of all sizes, offering scalable solutions that benefit both advisors and their clients. The partnership reinforces Merchant's commitment to building a comprehensive ecosystem of essential services, serving not only RIAs but also private equity firms and closely held businesses. Together, the two firms will offer an expanded range of solutions, including fund valuation, financial reporting, M&A support, and transaction-related support, enabled by Merchant's deep relationships across capital markets. 'This is a natural continuation of what we began when partnering with Republic Capital Group,' said Tim Bello, Co-Founder and Managing Partner at Merchant. 'Together with the entire WRV team, we're expanding our ability to deliver both transactional and strategic valuation services to RIAs and the business owners and investors they serve—not just within the Merchant community but for the entire independent wealth management marketplace.' For RIAs, WR Valuation delivers a comprehensive suite of services, including transactional valuations, estate and gift tax appraisals, insurance needs assessments, ESOPs, and succession planning—helping advisors serve clients more holistically and deepen trusted relationships. 'Valuation is often a missing piece in the advisor-client relationship,' said Robert Stutz, Senior Managing Partner at WR Valuation. 'Through this partnership, we're making it easier for advisors to deliver high-quality insights when they matter most—whether preparing for a liquidity event or building a long-term estate plan.' The partnership also unlocks new growth opportunities by leveraging Merchant's broader suite of essential service providers—including trust services, strategic consulting, and succession solutions—to deliver integrated value across the advisor and business owner journey. 'Being part of the Merchant community means more than just partnership—it's about collaboration with a network of forward-thinking peers and trusted providers who share a vision for elevating the advisor experience,' added David Orth, Managing Partner at WR Valuation. 'Together, we're expanding access to a full spectrum of valuation capabilities, empowering RIAs and business owners to make smarter, more strategic financial decisions that fuel long-term growth.' About WR Valuation: WR Valuation is a boutique valuation firm known for delivering high-level business appraisal services with precision, objectivity, and discretion. With experience spanning Fortune 500 companies to closely held businesses, WR helps clients navigate succession, tax, transaction, and financial reporting requirements with unmatched diligence and care. Learn more at
Engadget
16-07-2025
- Entertainment
- Engadget
Steam now bans games that violate the 'rules and standards' of payment processors and banks
Steam has added a new rule to its guidelines that has resulted in certain games getting banned, according to a report by Automaton . The new clause states that "content that may violate the rules and standards set forth by Steam's payment processors and related card networks and banks, or internet network providers" is not allowed and could result in removal from the platform. In other words, if credit card companies get mad about something, they could actually have the power to ban a game. The clause goes on to say that this will affect "certain kinds of adult-only content." This has likely already resulted in many games being pulled off the platform . The vast majority of these titles have obvious sexual themes and many have the word "incest" in the title. SteamDB doesn't give a reason for these removals, but the timing does match up. To view this content, you'll need to update your privacy settings. Please click here and view the "Content and social-media partners" setting to do so. Steam has added a new rule disallowing games that violate the rules and standards set forth by payment processors and card networks, or internet network providers. At the same time, many incest themed games were removed from the store. — SteamDB (@SteamDB) July 16, 2025 This move might sound unusual on its face, but payment processors have consistently fought against being used to purchase adult content. These battles are typically instigated on the notion that adults-only platforms don't have enough safeguards in place against illegal content. Mastercard and Visa blocked the use of their cards on Pornhub in 2020. Mastercard went a step further in 2021, adding language to its "Speciality Merchant Registration" requirements that announced "banks that connect merchants to our network will need to certify that the seller of adult content has effective controls in place to monitor, block and, where necessary, take down all illegal content." I doubt you'll find too many people upset that games with titles like Sex Adventures - Incest Family were removed from the platform, but it could set a potentially troubling precedent. Some Steam users are upset with this rule change on the grounds that it creates the "quiet normalization of financial censorship." In other words, if gigantic financial institutions get to decide what is appropriate and what is not, who is to say it won't eventually impact regular games? One Steam user notes that "queer content gets flagged as 'explicit' even when it's PG," which is a sentiment echoed by others . One user says this move "looks innocuous at first glance but it's a trojan horse." On the flipside, Steam has been home to some truly foul content over the years. We've reached out to Valve to ask for a comment on this news and will update this post when we hear back.
