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.
Just What would make a successful poker pro risk every thing by 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 research by Victoria authorities for his alleged role in a bank fraud that continued for years, in accordance with 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 presumably ensnared Zaia’s wealthy clients, via their accountancy firm Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously forging bank papers to secure loans, oftentimes in Zaia’s customers’ names, which they then comingled with home and development loans in addition they received from the bank, for projects 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 used for all these transactions was Australia’s largest: Commonwealth Bank. That bank is currently holding Zaia’s allegedly clients that are scammed over the loans secured inside their names, without their authorization. One of these former consumers, Rita Klapanis, says Commonwealth served her having a $6 million demand note, despite the fact that she only heard concerning the loan’s existence whenever contacted by Commonwealth for repayment, and promptly contacted the authorities.
Undeterred, apparently, by the logic here, Commonwealth continues to be going after Ms. Klapanis’ Toorak property, and also charging her ongoing interest on said loan at the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she actually is not accountable for a loan fraudulently obtained, without her authorization, in her title. Her wealthy household was indeed one of Zaia Arthur & Associates’ financial consumers.
Again, there are not any information on the reported Ponzi scheme, or how much any customers were supposedly defrauded or what had been promised; only that 20 such well-to-do clients had been involved.
Also called into 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 called a ‘conspiracy’ in 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 own lost millions is now accusing Commonwealth of gross negligence.
‘The bank failed to check always the validity of taxation statements or whether they had been filed, they did not always check work representations that were made, they did not undertake valuations on the properties become guaranteed. They accepted anything completed regarding the loan application without question,’ the lawyer for the developer said.
Only if those bankers could be got by us working for the IRS.
Commonwealth, not surprisingly, isn’t saying an expressed word about any of it. But it is not the very first time their ethics have come under scrutiny; earlier in the day this year, it was reported that the financial institution had covered up major misconduct from within its very own monetary planning division, which allegedly place thousands of clients’ savings at danger.
The Securities that is australian and Commission (ASIC) subsequently banned seven for the bank’s economic planners, and forced Commonwealth to pay out tens of millions in damages towards the victims.
So when if that have beenn’t enough water that is hot be in, it now appears Commonwealth introduced a worldwide security firm, whose job it was to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, too as several other politicians (although not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we have to amuse ourselves here sometimes). The spying that is secret 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 make this any more dramatic.
Jordanou has made 15 profession poker competition 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 finished 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 name to them. The goal of these economic scams is for the perpetrator to collect vast sums of cash according to insanely ambitious promises of riches towards the ‘investors,’ after that your instigator takes off, with everyone’s cash in tow.
Typically, Ponzi schemes involve several elements that are predictable. Initial is a far-above-average promised rate of return on investments, along with a apparently plausible description of how these rates will be accomplished; often, the scammer will say they either have insider information, or are involved in an elite investment opportunity perhaps not ready to accept the public.
Next, the perp makes certain that some of the investors that are initial certainly get the promised returns, to create buzz and credibility, and demonstrably to bring in yet more investors, who are needed to make the scheme profitable to its creator. However, subsequent investors won’t be therefore happy, and are typically left completely wiped out once they perhaps not just receive no returns, but lose all of their investment that is initial as.
Bernie Madoff, of course, is essentially the most infamous Ponzi schemer in history. After defrauding everybody from elite institutions that are nonprofit superstars to banking institutions out of a lot more than $50 billion over the course of years, he is currently serving what’s tantamount to a life phrase. His ripoffs left many of his investors penniless, including countless senior citizens.
Whether an actual ponzi scheme ended up being allegedly committed by Jordanou and Zaia is not entirely clear from the reports released therefore far; but if a scheme was indeed perpetrated on Zaia’s rich accounting clients, it most likely left an economic Cat 5 hurricane in its wake.
Very Superstitious: Scientists Say Myth of this Lucky Gambler Everyday Lives On
Do superstitions and talismans affect a gambler really’s luck? Or is at all in your head? (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 misfortune, the nice things in your past/ When you think in things that you do not understand/Then you suffer/Superstition ain’t the means’ Stevie Wonder, ‘Superstition’ EMI Music Publishing
Ryan Riess Believed He Would Win
Is there anyone more superstitious when compared to a gambler? Maybe, but based on a University of Cambridge researcher and lots of other psychology and brain function experts, many gamblers hold onto superstitious principles tighter than the usual lottery winner with a million-dollar check. Speaking of (multi) million dollar checks, World number of Poker winner Ryan Riess, 23, claims he ‘just had a feeling that is great it. We imagine I’m the best poker player worldwide.’
In cases like this, Riess’s lucky talisman could best be called either an extremely confident or overinflated ego (according to your world views), but how many poker players and gamblers in general lay lots of faith in illogical belief systems? A significant few, it appears.
‘The mind is a very powerful learning device,’ says Luke Clark, of the University of Cambridge psychology department. ‘Gamblers are attempting to sense their state of luck.’ Clark wrote a treatise on this subject about six years ago and is an expert in neuro-scientific the gambler’s mind and point of view. Much from it, maintains Clark, is to generate an illusion of control in games that are frequently luck that is largely random.
The Theory of a ‘Bad Streak’
Let’s take a good 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 say about champion Riess’s play: ‘Every time we made a hand, he would make a better one,’ Farber said. ‘It’s very hard to beat someone who’s just running hotter compared to the sunlight.’
The superstition of the ‘unbeatable lucky streak’ or simply being outplayed by way of a gamesman that is superior? Riess does, after all, have a pretty solid performance track record for just one so young, whereas Farber is really a VIP host in Las Vegas with just a few nominal tournament finishes to his name before his $5 million second-place take this week.
However a ego that is hefty neither unusual nor that weird, particularly among poker’s elite; which will be more than can be said of many items 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 would fortune that is bestow good her.
(Apparently, ‘good fortune’ was not in Mr. Dead Guy’s cards, based on result).
Among other common best of luck charms are things like ‘lucky’ articles of clothing; specific figures (while 13 is recognized as bad luck in the West, in Asian nations, oahu is the number four); having an attractive woman blow on your 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 placing $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 by doing this); and, of course, many others too numerous to mention.
‘a great deal of times, it is extremely personal,’ stated David G. Schwartz, director of UNLV’s Center for Gaming Research.
New MGM Arena to Host events that are sporting Entertainment
This is exactly what the brand new MGM Arena is 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 particular new business partner, L.A.-based activity and arena builder AEG, simply revealed 1st renderings for just what is 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 attempt, two office buildings that have been erected as an ingredient of the CityCenter task will down be torn to make way for the $350-million stadium project, whose design will meld the neon therefore the nature that make up what is understood to tourists due to the fact Las Vegas landscape.
‘In Las Vegas, the style needs to be iconic,’ said AEG slotsforfun-ca.com president and leader Dan Beckerman in an interview that is recent. ‘It’s going to be perhaps one of the most recognizable and venues that are premier 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 start in April or might of next year. 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’ll have, of course, the most common private suites for high rollers one would expect in Las Vegas, where cash speaks and it is treated as reverentially as any visiting dignitary.
‘With this entertainment building in a city of activity buildings, we feel a responsibility to create a building that offers an incredible fan experience,’ said architect Brad Clark, Populous principal that is senior. Populous is the Kansas City, Mo., architectural firm employed by AEG and MGM to develop the exterior renderings for the stadium, that may have a footprint that is 5.4-acre.
‘The arena is really the nexus for choosing the balance of the normal surroundings around Las vegas, nevada with all the visual energy of the Strip. There exists a very effort that is conscious have the 2 languages merge on the building outside,’ 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 takes benefit of the desert weather by including outdoor party areas on the surrounding balconies.
‘People will enjoy a outdoor environment,’ he stated. ‘The climate of Las Vegas allows us to have more outdoor balcony space. I cannot think about any arena which has this much balcony area, and I think I understand them all.’
Of course, in August when it can hit temps as high as 114F, some nice indoor A/C may be more appealing to stadium attendees.
The arena is attempting to break away from a format that is totally traditional such venues, notes designer Beckerman. He says premium seating will encompass both old-fashioned suites that can endure to 100 guests, and in addition more intimate ones for just two to four people.
Beckerman also noted that AEG is attempting to bring a high-visibility boxing match in as you associated with first events during the new arena. But while the new arena is being designed with huge sporting events like NBA and NHL games in mind (we sure hope there’s a strong coolant system set up, or it will be more such as for instance a water polo match), there won’t be any major league sports tenants to begin.
‘The great thing about the building is that we’re designing it for the maximum flexibility. It gives us a complete large amount of freedom,’ the designer said.