The poker world is stunned by news of a so-called $70-million bank fraud scandal and Ponzi that is possible scheme well involving pro Bill Jordanou.
Exactly What would make a poker that is successful risk everything by getting tangled up in a massive, multimillion dollar bank fraud and Ponzi scheme plot? That is the question many are now asking regarding poker that is australian Bill Jordanou, whom is under investigation by Victoria police for his alleged role in a bank fraud that continued for years, based on reports.
While details 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 2 allegedly ensnared Zaia’s wealthy clients, via their accountancy firm Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously forging bank documents to secure loans, from time to time in Zaia’s customers’ names, which they then comingled with property and development loans additionally they received from the bank, for jobs that either never existed or had been never started.
Bank Holds Victims Hostage
But the caper gets even crazier from here. The bank useful for all these transactions was Australia’s biggest: Commonwealth Bank. That bank is currently holding Zaia’s allegedly scammed clients hostage throughout the loans guaranteed inside their names, without their permission. One of these former customers, Rita Klapanis, says Commonwealth served her having a $6 million demand note, despite the fact that she just heard concerning the loan’s existence when contacted by Commonwealth for payment, and promptly contacted the authorities.
Undeterred, apparently, by the logic here, Commonwealth is still going after Ms. Klapanis’ Toorak home, and even 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 this woman is not accountable for the loan fraudulently obtained, without her authorization, inside her title. Her family that is wealthy had certainly one of Zaia Arthur & Associates’ financial clients.
Once again, there are not any details on the reported Ponzi scheme, or how much any consumers were supposedly defrauded or what had been promised; only that 20 such clients that are well-to-do involved.
Also named within 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 known as a ‘conspiracy’ in the case. Other victims are anticipated to follow suit shortly with legal action.
Bank Didn’t Check Loan Forms
And the tentacles with this financial octopus keep on coming; home developer who claims to possess lost millions is now accusing Commonwealth of gross negligence.
‘The bank failed to check always 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 in the loan application without question,’ the lawyer for the developer said.
If only those bankers could be got by us working for the IRS.
Commonwealth, not surprisingly, isn’t saying word about any of it. But it’s perhaps not the first time their ethics have come under scrutiny; earlier in 2010, it ended up being reported that the financial institution had covered up major misconduct from within its own economic planning division, which presumably put thousands of clients’ savings at danger.
The Australian Securities and Investments Commission (ASIC) subsequently banned seven regarding the bank’s monetary planners, and forced Commonwealth to pay out tens of millions in damages to your victims.
So when if that have beenn’t enough water that is hot take, it now appears Commonwealth brought in a global security firm, whose job it was to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, aswell as several other politicians (however, we are assured, Germany’s Chancellor Angela Merkel. Hey, we must here amuse ourselves sometimes). The spying that is secret National Senator from brand New South Wales John Williams, who 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 job poker tournament cashes, including taking 3rd for $300,000 in the 2010 Aussie Millions $100,000 Challenge in Melbourne.
The two-year investigation is expected to be completed by the end of the year.
Called for early 20th century scammer Charles Ponzi, these schemes actually first started long before he lent his notorious name to them. The goal of these financial scams is for the perpetrator to collect vast sums of cash considering insanely ambitious promises of riches towards the ‘investors,’ after that your instigator takes off, with every person’s money in tow.
Typically, Ponzi schemes include a few predictable elements. The very first is a far-above-average promised rate of return on investments, with a apparently plausible description of how these prices will be achieved; frequently, the scammer will say they either have insider information, or are engaged in an elite investment opportunity not available to the public.
Next, the perp makes sure that some of the investors that are initial certainly get the promised returns, to create buzz and credibility, and obviously to bring in yet more investors, who are needed to make the scheme profitable to its creator. But, subsequent investors will never be so lucky, and are typically left completely cleaned out when they not just receive no returns, but lose their initial investment as well.
Bernie Madoff, needless to say, is essentially the most Ponzi that is infamous schemer history. After defrauding every person from elite institutions that are nonprofit superstars to banks away from significantly more than $50 billion within the course of decades, he happens to be serving what exactly is tantamount to a life sentence. His ripoffs left many of his investors penniless, including countless citizens that are senior.
Whether A ponzi that is actual scheme allegedly committed by Jordanou and Zaia is perhaps not entirely clear from the reports released therefore far; but if a scheme was indeed perpetrated on Zaia’s wealthy accounting clients, it most likely left a financial Cat 5 hurricane in its wake.
Very Superstitious: Scientists Say Myth of this Lucky Gambler Lives On
Do superstitions and talismans really affect a gambler’s luck? Or perhaps is at all in your mind? (Image source: peacebenwilliams.com)
‘Very superstitious, writing’s on the wall/Very superstitious, ladders bout’ to fall/Thirteen-month- old baby broke the lookin’ glass/Seven years of bad luck, the great things in your past/ once you believe in things that you do not understand/Then you suffer/Superstition ain’t the method’ Stevie Wonder, ‘Superstition’ EMI Music Publishing
Ryan Riess Believed He Would Win
Is there anyone more superstitious than the usual gambler? Maybe, but based on a University of Cambridge researcher and several other psychology and brain function experts, most gamblers hold onto superstitious principles tighter than a lottery champion with a check that is million-dollar. Talking of (multi) million dollar checks, World Series of Poker winner Ryan Riess, 23, claims he ‘just had a great feeling about it. I just think I’m the best poker player on the planet.’
In this situation, Riess’s lucky talisman could best be called either an extremely confident or ego that is overinflateddepending on your world views), but exactly how many poker players and gamblers in general lay lots of faith in illogical belief systems? A significant few, it appears.
‘The brain is an extremely learning that is powerful,’ says Luke Clark, of the University of Cambridge therapy department. ‘Gamblers are wanting to sense their state of luck.’ Clark wrote a treatise on this subject about six years back and is an expert in neuro-scientific the gambler’s mind and point of view. Much from it, maintains Clark, is to produce an illusion of control in games that are frequently luck that is largely random.
The Theory of a ‘Bad Streak’
Let’s take a look at the other part of the coin in this week’s WSOP Main Event outcome: second-place finisher Jay Farber, that has this to state about champion Riess’s play: ‘Every time I produced hand, he would make a much better one,’ Farber said. ‘It’s very hard to beat someone who is just running hotter than the sunlight.’
The superstition of the ‘unbeatable lucky streak’ or simply just being outplayed by way of a gamesman that is superior? 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.
But a hefty ego is neither unusual nor that weird, particularly among poker’s elite; which will be more than can be stated of many things gamblers haul around for good luck. Bo Bernhard, executive of UNLV’s International Gaming Institute, says one of the strangest he ever encountered was a woman who carried her deceased gambling partner’s urn replete with his ashes wherever she went, thinking it might bestow good fortune upon her.
(evidently, ‘good fortune’ was not in Mr. Dead Guy’s cards, centered on outcome).
Among other common good luck charms are things like ‘lucky’ articles of clothing; specific figures (while 13 is considered bad luck in the West, in Asian countries, oahu is the # 4); having a beautiful girl blow on your dice (yes, we all know there is an endless supply of humor in that one); as well as specific rituals, eschewing $50 bills (some say this derives from the reported habit of mobsters putting $50 bills in the jacket pockets of victims they buried in the desert- it seems unlikely, however, to us that mobsters would throw money away on their dead enemies by doing this); and, of course, a lot more too numerous to say.
‘A lot of times, it is extremely personal,’ stated David G. Schwartz, director of UNLV’s Center for Gaming analysis.
New MGM Arena to Host Sporting Events, Entertainment
This is what the brand new MGM Arena is https://slotsforfun-ca.com/huuuge-casino-review/ apparently going to look like. (Image source: AEG artist’s rendering)
As Las Vegas continues its slow but steady ascent back into being a gaming superpower, MGM Resorts International as well as its brand new business partner, L.A.-based entertainment and arena builder AEG, simply unveiled the initial renderings for just what are an enormous 20,000-seat arena to be constructed 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 which were erected as part regarding the CityCenter project will be torn down to make way for the $350-million arena project, whose design will meld the neon plus the nature which make up what is becoming understood to tourists while the Las Vegas landscape.
‘In Las Vegas, the design needs to be iconic,’ stated AEG president and chief executive Dan Beckerman in a current interview. ‘It’s planning to be one of the most recognizable and leading venues in the globe.’
The project is expected to open 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 or May of next year april. Once completed, the arena is expected to host at least 100 occasions per year, including events that are sporting as martial arts and boxing, honors shows, and concerts. It will have, needless to say, the most common private suites for high rollers you might expect in Las Vegas, where money talks and it is treated as reverentially as any dignitary that is visiting.
‘With this activity building in a city of entertainment buildings, we feel a responsibility to style a building that offers a fantastic fan experience,’ said architect Brad Clark, Populous senior principal. Populous is the Kansas City, Mo., architectural firm employed by AEG and MGM to create the outside renderings of this arena, that will have footprint that is 5.4-acre.
‘The arena is really the nexus for finding the stability of the normal surroundings around Las vegas, nevada with all the artistic energy associated with Strip. There is a very effort that is conscious have the two languages merge on the building exterior,’ Clark said. The architect added that the entrance may have a cup façade and a 12-story video overlay to impress incoming fans.
Outdoor Entertainment Areas
Project manager Romani says the venue will take advantage of the desert weather by including party that is outdoor in the surrounding balconies.
‘People will love an environment that is outdoor’ he said. ‘The climate of Las Vegas allows us to have more outdoor balcony space. I cannot think of any arena who has this much balcony area, and I think I understand them all.’
Of course, in August with regards to can strike temps because high as 114F, some nice interior A/C may become more attractive to stadium attendees.
The stadium is wanting to split away from a completely traditional format for such venues, notes designer Beckerman. He says premium seating will encompass both traditional suites that can endure to 100 guests, as well as more intimate ones for just two to four people.
Beckerman also noted that AEG is working to bring a high-visibility boxing match in as one associated with first occasions during the new stadium. But while the arena that is new 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’s going to be more such as a water polo match), there will not be any major league sports tenants to begin.
‘The great thing in regards to the building is we’re designing it for the flexibility that is maximum. It provides us lot of freedom,’ the designer said.