The poker world is stunned by news of an alleged $70-million bank fraud scandal and Ponzi that is possible scheme well involving pro Bill Jordanou.
Exactly What would make a successful poker pro danger everything by getting associated with a massive, multimillion dollar bank fraud and Ponzi scheme plot? That is the question numerous are now asking regarding Australian poker pro Bill Jordanou, whom is under research by Victoria police for his alleged role in a bank fraud that went on for years, according to reports.
While information on the reported Ponzi scheme are sparse, the $70 million bank fraud procedure was reportedly carried out with Jordanou’s business partner, Robert Zaia, 45. The two allegedly ensnared Zaia’s wealthy clients, via his accountancy firm Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously bank that is forging to secure loans, from time to time in Zaia’s clients’ names, that they then comingled with home and development loans additionally they received from the bank, for jobs that either never ever existed or were never ever started.
Bank Holds Victims Hostage
But the caper gets even crazier from here. The bank employed for all these transactions was Australia’s largest: Commonwealth Bank. That bank has become keeping Zaia’s allegedly clients that are scammed throughout the loans guaranteed inside their names, without their authorization. Certainly one of these clients that are former Rita Klapanis, says Commonwealth served her having a $6 million demand note, even though 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 property, and also charging her ongoing interest on said loan during the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she is maybe not accountable for the loan fraudulently obtained, without her authorization, in her name. Her wealthy household had been certainly one of Zaia Arthur & Associates’ financial consumers.
Again, there are no 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 referred to as a ‘conspiracy’ in case. Other victims are likely to follow suit shortly with legal action.
Bank Didn’t Check Loan Forms
And the tentacles of the octopus that is financial on coming; home developer who claims to own lost millions is now accusing Commonwealth of gross negligence.
‘The bank failed to check the validity of tax returns or whether they was indeed filed, they did not check always work representations that were made, they did not undertake valuations on the properties become secured. They accepted anything completed in the loan application without question,’ the lawyer for the developer stated.
Only if we’re able to get those bankers working for the IRS.
Commonwealth, not surprisingly, isn’t saying word about any from it. But it is maybe not the time that is first ethics have actually come under scrutiny; earlier in 2010, it ended up being reported that the lender had covered up major misconduct from within its very own monetary planning division, which allegedly put thousands of clients’ savings at risk.
The Securities that is australian and Commission (ASIC) subsequently banned seven associated with the bank’s financial planners, and forced Commonwealth to spend tens of millions in damages towards the victims.
So that as if that weren’t enough water that is hot take, it now appears Commonwealth brought in an international security firm, whose job it was to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, also as some other politicians (although not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we must amuse ourselves here sometimes). The secret spying included National Senator from New South Wales John Williams, who is involved in a Senate inquiry into the ASIC’s very own conduct after bringing the Commonwealth scandal to light.
Good lord, all we need are Anthony and Cleopatra in order to make this any more dramatic.
Jordanou has made 15 career poker tournament cashes, including taking 3rd for $300,000 in the 2010 Aussie Millions $100,000 Challenge in Melbourne.
The investigation that is two-year anticipated to be finished 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 scams that are financial for the perpetrator to collect vast amounts of cash according to insanely ambitious promises of riches to your ‘investors,’ after that the instigator takes off, with everybody’s cash in tow.
Typically, Ponzi schemes include a few elements that are predictable. The very first is a far-above-average promised rate of return on investments, accompanied by a apparently plausible description of how these rates will be achieved; usually, the scammer will state they either have insider information, or are involved in an elite investment opportunity perhaps not available to the public.
Next, the perp makes sure that a few 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 really make the scheme profitable to its creator. Nevertheless, subsequent investors will not be so happy, and are typically left completely cleaned out if they perhaps not only receive no returns, but lose all their investment that is initial as.
Bernie Madoff, of course, is 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 throughout the course of years, he is currently serving what is tantamount to a life phrase. His ripoffs left many of his investors penniless, including countless seniors.
Whether an actual ponzi scheme ended up being presumably committed by Jordanou and Zaia is perhaps not entirely clear through the reports released therefore far; but if a scheme was indeed perpetrated on Zaia’s rich accounting clients, it most likely left a monetary Cat 5 hurricane in its wake.
Very Superstitious: Scientists Say Myth of the Lucky Gambler Lives On
Do superstitions and talismans affect a gambler really’s luck? Or perhaps is at all in your brain? (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 don’t understand/Then you suffer/Superstition ain’t the way’ Stevie Wonder, ‘Superstition’ EMI Music Publishing
Ryan Riess Believed He Would Win
Will there be anyone more superstitious than the usual gambler? Maybe, but according to a University of Cambridge researcher and many other therapy and brain function experts, many gamblers hold onto superstitious concepts tighter compared to a lottery champion with a check that is million-dollar. Speaking of (multi) million dollar checks, World number of Poker winner Ryan Riess, 23, says he ‘just had a great feeling about it. We imagine I’m the poker player that is best in the world.’
In this case, Riess’s happy talisman could best be called either an extremely confident or overinflated ego (based on your world views), but how many poker players and gamblers in basic lay lots of faith in illogical belief systems? A serious few, it appears.
‘The brain is a very 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 back and is an expert in neuro-scientific the gambler’s mind and point of view. Much of it, keeps Clark, is to generate an illusion of control in games that are usually largely random luck.
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 this to say about champion Riess’s play: ‘Every time we produced hand, he would make a better one,’ Farber said. ‘It’s very difficult to beat someone that is just running hotter compared to the sun.’
The superstition of the ‘unbeatable fortunate streak’ or simply being outplayed with a superior gamesman? Riess does, after all, have quite a performance that is solid record for just one so young, whereas Farber is 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 ego that is hefty neither unusual nor that weird, particularly among poker’s elite; that will be more than can be said of many items gamblers haul around once and for all luck. Bo Bernhard, executive of UNLV’s International Gaming Institute, says one of the strangest he ever encountered had been a woman who carried her deceased gambling partner’s urn replete with his ashes wherever she went, believing it could fortune that is bestow good her.
(Apparently, ‘good fortune’ was not in Mr. Dead Guy’s cards, according to result).
Among other common luck that is good are things like ‘lucky’ articles of clothing; specific figures (while 13 is known as bad luck into the West, in Asian countries, oahu is the number four); having a beautiful woman blow in your dice (yes, we 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 practice 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 program, many others 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 evidently planning 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 and its own new business partner, L.A.-based entertainment and arena builder AEG, simply revealed 1st renderings for just what is an enormous 20,000-seat stadium become built on 12 acres situated between New York-New York casino and Frank Sinatra Drive.
Striking Design Concept
In purchase to attempt, two office buildings that were erected as an ingredient of the CityCenter project will down be torn to make method for the $350-million arena project, whose design will meld the neon and also the nature that make up exactly what is now known to tourists once the Las Vegas landscape.
‘In Las Vegas, the look has to be slotsforfun-ca.com iconic,’ stated AEG president and chief executive Dan Beckerman in a present interview. ‘It’s planning to be the most recognizable and leading venues in the world.’
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 April or May of next year. Once completed, the arena is expected to host at least 100 activities per year, including sports such as martial arts and boxing, honors shows, and concerts. It will have, of course, the most common private suites for high rollers one could expect in Las Vegas, where cash talks and is treated as reverentially as any visiting dignitary.
‘With this entertainment building in a city of entertainment buildings, we feel an obligation to create a building that gives a great fan experience,’ said designer Brad Clark, Populous principal that is senior. Populous is the Kansas City, Mo., architectural firm employed by AEG and MGM to design the external renderings of the arena, that may have 5.4-acre footprint.
‘The arena is truly the nexus for choosing the balance of the natural surroundings around Las vegas, nevada utilizing the energy that is visual of Strip. There’s a very conscious effort to have the 2 languages merge on the building exterior,’ Clark said. The architect added that the entrance will 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 advantageous asset of the desert environment by including outside party areas on the surrounding balconies.
‘People will relish a outside environment,’ he said. ‘The climate of Las Vegas allows us to have more balcony space that is outdoor. I can’t think about any arena that has this balcony that is much, and I think I am aware 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 trying to split away from a format that is totally traditional such venues, notes designer Beckerman. He says seating that is premium encompass both old-fashioned suites that can last to 100 guests, as well as more intimate ones for just two to four individuals.
Beckerman also noted that AEG is attempting to bring in a high-visibility boxing match as you regarding the first occasions at the new arena. 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 powerful coolant system installed, or it’s going to be more such as a water polo match), there won’t be any major league sports tenants to start.
‘The great thing about the building is we’re designing it for the flexibility that is maximum. It offers us a complete large amount of freedom,’ the architect said.