The poker world is stunned by news of an so-called $70-million bank fraud scandal and possible Ponzi scheme since well involving pro Bill Jordanou.
Exactly What would make a poker that is successful risk everything through getting tangled up in a massive, multimillion dollar bank fraud and Ponzi scheme plot? That’s the question many are now asking regarding Australian poker pro Bill Jordanou, whom is under investigation by Victoria authorities for his alleged role in a bank fraudulence that continued for years, according to reports.
While information on the reported Ponzi scheme are sparse, the $70 million bank fraud operation was reportedly carried out with Jordanou’s business partner, Robert Zaia, 45. The two allegedly ensnared Zaia’s wealthy clients, via his accountancy company Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously bank that is forging to secure loans, often times in Zaia’s consumers’ names, which they then comingled with home and development loans additionally they received from the bank, for tasks that either never ever existed or had been never started.
Bank Holds Victims Hostage
But the caper gets even crazier from right here. The bank employed for all these transactions was Australia’s biggest: Commonwealth Bank. That slotsforfun-ca.com bank is now keeping Zaia’s allegedly scammed customers hostage within the loans secured within their names, without their authorization. Certainly one of these former consumers, Rita Klapanis, says Commonwealth served her with a $6 million demand note, despite the fact that she only heard about the loan’s existence when contacted by Commonwealth for payment, and immediately contacted the police.
Undeterred, apparently, by the logic right here, Commonwealth continues to be going after Ms. Klapanis’ Toorak home, and also charging her interest that is ongoing on loan during the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she actually is perhaps not responsible for a loan fraudulently obtained, without her authorization, inside her title. Her family that is wealthy had one of Zaia Arthur & Associates’ financial consumers.
Once more, there are no information on the reported Ponzi scheme, or how much any clients were supposedly defrauded or what had been promised; only that 20 such clients that are well-to-do involved.
Also known as in the Supreme Court affidavit are an additional eight alleged victims of the accounting firm, which Ms. Klapanis is now suing for damages in what is referred to as a ‘conspiracy’ in the case. Other victims are expected to follow suit shortly with legal action.
Bank Didn’t Check Loan Forms
And the tentacles of this octopus that is financial on coming; a property developer who claims to own lost millions is now accusing Commonwealth of gross negligence.
‘The bank didn’t check the validity of tax returns or they did not check employment representations that were made, they did not undertake valuations on the properties to be secured whether they had been filed. They accepted anything completed on the loan application without question,’ the attorney for the developer said.
If only we’re able to get those bankers working for the IRS.
Commonwealth, not surprisingly, isn’t saying an expressed word about any from it. But it’s perhaps not the time that is first ethics have actually come under scrutiny; earlier in the day this year, it was reported that the bank had covered up major misconduct from within its very own monetary planning division, which presumably put thousands of clients’ savings at risk.
The Securities that is australian and Commission (ASIC) subsequently banned seven of the bank’s economic planners, and forced Commonwealth to shell out tens of millions in damages to the victims.
And as if that weren’t enough water that is hot maintain, it now appears Commonwealth brought in a worldwide security firm, whose job it would be to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, also as several other politicians (although not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we have to amuse ourselves here sometimes). The secret spying included National Senator from New South Wales John Williams, whom is involved in a Senate inquiry into the ASIC’s own conduct after bringing the Commonwealth scandal to light.
Good lord, all we need are Anthony and Cleopatra to produce this any more dramatic.
Jordanou has made 15 career poker tournament cashes, including using 3rd for $300,000 in the 2010 Aussie Millions $100,000 Challenge in Melbourne.
The two-year research is anticipated to be completed by the end of the year.
Named for early century that is 20th Charles Ponzi, these schemes actually first started long before he lent his notorious title to them. The aim of these financial scams is for the perpetrator to collect vast sums of cash centered on insanely ambitious promises of riches to the ‘investors,’ after that the instigator takes off, with everyone else’s money in tow.
Typically, Ponzi schemes include several elements that are predictable. The initial is a far-above-average promised rate of return on investments, accompanied by a apparently plausible description of just how these rates will be accomplished; often, the scammer will state they either have insider information, or are engaged in an elite investment opportunity maybe not available to the general public.
Next, the perp makes sure that a number of the initial investors do indeed get the promised returns, to create buzz and credibility, and obviously to bring in yet more investors, who are needed to really make the scheme profitable to its creator. But, subsequent investors will not be therefore happy, and are typically left completely cleaned out once they maybe not only receive no returns, but lose their investment that is initial as.
Bernie Madoff, needless to say, is probably the most Ponzi that is infamous schemer history. After defrauding everybody from elite institutions that are nonprofit a-listers to banks out of a lot more than $50 billion over the course of decades, he has become serving what’s tantamount to a life sentence. Their ripoffs left lots of his investors penniless, including countless citizens that are senior.
Whether an actual ponzi scheme had been presumably committed by Jordanou and Zaia is not entirely clear through the reports released therefore far; but if a scheme was indeed perpetrated on Zaia’s wealthy accounting clients, it most likely left an economic Cat 5 hurricane in its wake.
Very Superstitious: Scientists Say Myth regarding the Lucky Gambler Lives On
Do superstitions and talismans really affect a gambler’s luck? Or perhaps is at all in your brain? (Image source: peacebenwilliams.com)
‘Very superstitious, writing’s in the wall/Very superstitious, ladders bout’ to fall/Thirteen-month- old baby broke the lookin’ glass/Seven years of misfortune, the nice things in your past/ whenever you believe in things you do not understand/Then you suffer/Superstition ain’t the method’ Stevie Wonder, ‘Superstition’ EMI Music Publishing
Ryan Riess Believed He Would Win
Will there be anyone more superstitious than the usual gambler? Maybe, but based on a University of Cambridge researcher and several other therapy and brain function experts, many gamblers hold onto superstitious principles tighter when compared to a lottery champion with a million-dollar check. Talking of (multi) million dollar checks, World Series of Poker winner Ryan Riess, 23, claims he ‘just had a feeling that is great it. We consider I’m the best poker player worldwide.’
In cases like this, Riess’s fortunate talisman could best be described as either an extremely confident or overinflated ego (depending on your world views), but how many poker players and gamblers in general lay lots of faith in illogical belief systems? A serious few, it appears.
‘The brain is an extremely learning that is powerful,’ says Luke Clark, of the University of Cambridge psychology department. ‘Gamblers are trying to sense their state of luck.’ Clark wrote a treatise on this subject about six years ago and is a specialist in neuro-scientific the gambler’s mind and point of view. Much of it, maintains Clark, is to produce an illusion of control in games that are usually luck that is largely random.
The Theory of a ‘Bad Streak’
Let’s take a good look at one other part of the coin in this week’s WSOP Main Event outcome: second-place finisher Jay Farber, who’s got this to express about champion Riess’s play: ‘Every time I made a hand, he would make a better one,’ Farber said. ‘It’s really hard to beat someone who’s just running hotter compared to sun.’
The superstition of the ‘unbeatable fortunate streak’ or simply being outplayed with a superior gamesman? Riess does, after all, have actually a fairly performance that is solid record for one so young, whereas Farber is really a VIP host in Las Vegas with only a few nominal tournament completes to his name before his $5 million second-place take this week.
However a hefty ego is neither unusual nor that weird, particularly among poker’s elite; which is more than can be said of numerous products gamblers haul around once and for all luck. Bo Bernhard, executive of UNLV’s International Gaming Institute, states one of the strangest he ever encountered had been a woman whom carried her deceased gambling partner’s urn replete with his ashes anywhere she went, believing it might fortune that is bestow good her.
(Apparently, ‘good fortune’ was not in Mr. Dead Guy’s cards, based on result).
Among other common luck that is good are things like ‘lucky’ articles of clothing; particular numbers (while 13 is known as bad luck in the West, in Asian countries, it is the number 4); having an attractive girl blow on your own dice (yes, we all know there’s an endless supply of humor in that one); as well as individual rituals, eschewing $50 bills (some say this derives from the reported practice of mobsters putting $50 bills in the jacket pouches of victims they buried in the desert- it appears unlikely, however, to us that mobsters would throw money away on their dead enemies in that way); and, of course, additional too numerous to say.
‘a great deal of times, it is extremely personal,’ said David G. Schwartz, director of UNLV’s Center for Gaming analysis.
New MGM Arena to Host events that are sporting Entertainment
This is exactly what the MGM that is new Arena apparently planning to look like. (Image source: AEG artist’s rendering)
As Las Vegas continues its slow but ascent that is steady into being a gaming superpower, MGM Resorts International and its new business partner, L.A.-based entertainment and arena builder AEG, simply revealed initial renderings for just what will be an enormous 20,000-seat arena become built on 12 acres situated between New York-New York casino and Frank Sinatra Drive.
Striking Design Concept
In order to make this happen, two office buildings that have been erected as part of the CityCenter project will be torn down to make way for the $350-million stadium task, whose design will meld the neon and also the nature that make up what is becoming known to tourists since the Las Vegas landscape.
‘In Las Vegas, the style has to be iconic,’ said AEG president and chief executive Dan Beckerman in an interview that is recent. ‘It’s likely to be one of the more recognizable and premier venues in the world.’
The project is anticipated to start in Spring 2016, according to Tim Romani, whose Denver-based ICON Venue Group is the project manager for the stadium. It’s anticipated that initial groundbreaking will begin in April or May of next year. Once completed, the arena is expected to host at least 100 activities per year, including events that are sporting as martial arts and boxing, awards shows, and concerts. It’ll have, needless to say, the usual private rooms for high rollers one would expect in Las Vegas, where money speaks and it is treated as reverentially as any dignitary that is visiting.
‘With this entertainment building in a city of activity buildings, we feel a responsibility to create a building that offers a great fan experience,’ said architect Brad Clark, Populous principal that is senior. Populous is the Kansas City, Mo., architectural firm hired by AEG and MGM to develop the outside renderings regarding the arena, which will have a 5.4-acre footprint.
‘The arena is actually the nexus for choosing the balance of the normal surroundings around Las Vegas with all the energy that is visual of Strip. There’s a very effort that is conscious have the 2 languages merge regarding the building outside,’ Clark said. The architect added that the entrance may have a glass façade and a video that is 12-story to impress incoming fans.
Outdoor Entertainment Areas
Project manager Romani says the venue will need advantage of the wilderness climate by including party that is outdoor in the surrounding balconies.
‘People will enjoy an environment that is outdoor’ he said. ‘The climate of Las Vegas allows us to have more outdoor balcony space. I can not think about any arena that has this balcony that is much, and I think I am aware them all.’
Of course, in August when it can strike temps since high as 114F, some nice indoor A/C may be much more appealing to stadium attendees.
The stadium is trying to split away from a totally conventional format for such venues, notes designer Beckerman. He says premium seating will encompass both old-fashioned suites that can hold up to 100 guests, and in addition more intimate people for just two to four people.
Beckerman additionally noted that AEG is trying to bring in a high-visibility boxing match as you of the very first activities at the new stadium. But while the new arena is being created with huge sporting events like NBA and NHL games in mind (we sure hope there’s a strong cooling system set up, or it will likely be more such as a water polo match), there defintely won’t be any major league sports tenants to start out.
‘The great thing about the building is that individuals’re designing it for the flexibility that is maximum. It offers us a complete lot of freedom,’ the architect said.