"This city sits at the end of the Golden Way, profiting greatly from the trade route by controlling access to the Sea of Fallen Stars.  Independent from Thesk but closely allied with its neighbor, Telflamm is ostensibly ruled by a merchant prince.  Actually, the city is firmly under the control of the Shadowmasters.  This thieves' guild owns the city's inns, festhalls, and gambling halls, in addition to extorting "protection" fees from merchants and wealthy alike." 1

1) D&D "Forgotten Realms" Campaign Setting, WotC, Reynolds, Greenwood, Williams, Heinsoo, p. 209