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Kelli Hogue Mauro pleaded guilty in April just two days after being formally charged to one count of misappropriating at least $5,000 in funds from a federal program. She was sentenced Wednesday morning by Chief District Judge Karon O Bowdre to five years of probation, with five months of home confinement."This crime was one I can only rationalize as being one of greed," Bowdre said.In addition, Mauro must pay $10,288.32 in restitution to the Birmingham Bar Volunteer Lawyers Program where she served as the executive director from 2010 2013. According to the program's website, more than 2,700 low income Alabamians receive legal help from the group each year, and more than 500 attorneys donate time to the program.Mauro, 48, spoke at her sentencing hearing.

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iPhone x case Sign in / Join NowSummarySpotify operates in a highly competitive streaming music industry, with cash giant Apple Music seen in a rear view mirror;High bargaining power is key to improve gross margins in the near term;Potential to become record label itself is a way to lift gross margins further in the longer term;In terms of risk, Spotify will have above average WACC, given its young growth status;In terms of reinvestments, there are minimal requirements, given the scalability of the already deployed platform.In part 1 of this two piece series, I have put forward the analysis on the industry Spotify (SPOT) operates in, the rationale of why the company's IPO is unusual and, more importantly, some of the ensuing intricacies surrounding it (starting with the need to adjust premium users' figures, the questionable decision to pay cash bonus to a CEO, and implicit dual class share structure).Having set the stage, I will now move on to translating these facts into a formal DCF valuation. The narrative that will drive the valuation of Spotify is that of a technology company, operating in the blossoming but highly competitive music streaming industry. In the short term, SPOT's ability to improve gross margins and maintain and expand premium user base will largely depend on both keeping an attractive price structure and a bargaining power with streaming rights holders; in the long term, however, as the industry matures, total user growth slows, but user base in absolute terms reaches impressive levels, Spotify will be a record label itself for under served, under the radar artists seeking vast audience exposure, allowing the company to improve gross margins further (since it will not have to pay royalty fees on songs it is the label for) iPhone x case..
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