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 risk every thing through getting associated with a massive, multimillion dollar bank fraud and Ponzi scheme plot? That is the question numerous are now asking regarding poker that is australian Bill Jordanou, who is under research by Victoria police for his alleged role in a bank fraudulence that proceeded for years, according to reports.
While information on the reported Ponzi scheme are sparse, the $70 million bank fraud operation was reportedly carried away with Jordanou’s business partner, Robert Zaia, 45. The 2 presumably ensnared Zaia’s wealthy clients, via their accountancy company Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously forging bank papers to secure loans, often times in Zaia’s consumers’ names, which they then comingled with property and development loans in addition 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 largest: Commonwealth Bank. That bank is currently keeping Zaia’s allegedly scammed clients hostage throughout the loans secured within their names, without their authorization. One of these clients that are former Rita Klapanis, says Commonwealth served her with a $6 million demand note, even though she just heard in regards to the loan’s existence whenever contacted by Commonwealth for repayment, and immediately contacted the authorities.
Undeterred, apparently, by the logic right here, Commonwealth remains going after Ms. Klapanis’ Toorak property, 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 maybe not accountable for the loan fraudulently obtained, without her permission, inside her title. Her wealthy family was in fact one of Zaia Arthur & Associates’ financial consumers.
Once 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 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 huuuge bonus what is referred to as a ‘conspiracy’ in the event. Other victims are expected to follow suit shortly with legal action.
Bank Didn’t Check Loan Forms
And the tentacles of the financial octopus keep on coming; a property developer who claims to own lost millions is now accusing Commonwealth of gross negligence.
‘The bank failed to always 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 lawyer for the developer said.
Only if those bankers could be got by us working for the IRS.
Commonwealth, not surprisingly, isn’t saying word about any from it. But it is perhaps not the time that is first ethics have actually come under scrutiny; earlier this present year, it was reported that the lender had covered up major misconduct from within its very own financial preparation division, which allegedly place thousands of clients’ savings at danger.
The Australian Securities and Investments Commission (ASIC) subsequently banned seven of the bank’s monetary planners, and forced Commonwealth to shell out tens of millions in damages to the victims.
And as if that have beenn’t enough water that is hot take, it now appears Commonwealth introduced an international security firm, whose job it was to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, too as several other politicians ( not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we need to here amuse ourselves 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 help 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 investigation that is two-year anticipated to be completed by the end of the year.
Called 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 predicated on insanely ambitious promises of riches towards the ‘investors,’ after that the instigator takes off, with everybody’s cash in tow.
Typically, Ponzi schemes involve several elements that are predictable. The first is a far-above-average rate that is promised of on investments, with a seemingly plausible description of just how these rates will be achieved; usually, the scammer will say they either have insider information, or are engaged in an elite investment opportunity perhaps not ready to accept the general public.
Next, the perp makes sure that a few of the investors that are initial certainly have the promised returns, to create buzz and credibility, and clearly to bring in yet more investors, who are needed to really make the scheme profitable to its creator. Nevertheless, subsequent investors won’t be therefore fortunate, and are typically left completely cleaned out if they perhaps not just receive no returns, but lose their investment that is initial as.
Bernie Madoff, of course, is essentially the most Ponzi that is infamous schemer history. After defrauding everyone from elite institutions that are nonprofit a-listers to banks out of more than $50 billion on the course of years, he is now serving what is tantamount to a life sentence. His ripoffs left many of his investors penniless, including countless elderly people.
Whether an actual ponzi scheme had been 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 wealthy accounting clients, it most likely left a financial Cat 5 hurricane in its wake.
Very Superstitious: Scientists Say Myth of the 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 in the wall/Very superstitious, ladders bout’ to fall/Thirteen-month- old baby broke the lookin’ glass/Seven years of bad luck, the nice things in your past/ When you think in things you suffer/Superstition ain’t the way’ Stevie Wonder, ‘Superstition’ EMI Music Publishing that you don’t understand/Then
Ryan Riess Believed He Would Win
Can there be 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 the usual lottery champion with a check that is million-dollar. Talking of (multi) million dollar checks, World group of Poker winner Ryan Riess, 23, claims he ‘just had a great feeling about it. I just think I’m the poker player that is best on the planet.’
In this situation, Riess’s fortunate talisman could best be called either a very confident or ego that is overinflatedbased on your world views), but how many poker players and gamblers in basic lay a lot of faith in illogical belief systems? Quite a few, it seems.
‘The brain is a really learning that is powerful,’ says Luke Clark, of the University of Cambridge therapy department. ‘Gamblers are attempting to sense their state of luck.’ Clark wrote a treatise on this topic about six years back and is an expert in neuro-scientific the gambler’s point and mind of view. Much from it, maintains Clark, is to generate an illusion of control in games that are often largely random luck.
The Theory of a ‘Bad Streak’
Let’s have a look at one other part of the coin in this week’s WSOP Main Event outcome: second-place finisher Jay Farber, who may have this to say about champion Riess’s play: ‘Every time I made a hand, he would make a better one,’ Farber said. ‘It’s very difficult to beat someone who is simply running hotter compared to the sun.’
The superstition of the ‘unbeatable happy streak’ or simply being outplayed with a superior gamesman? Riess does, after all, have actually a pretty performance that is solid record for one so young, whereas Farber is a VIP host in Las Vegas with only a few nominal tournament finishes 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; that is more than can be stated of numerous products gamblers haul around for good 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 anywhere she went, believing it could fortune that is bestow good her.
(Apparently, ‘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; particular numbers (while 13 is considered bad luck within the West, in Asian nations, it’s the number 4); having a lovely girl blow in your dice (yes, we know there’s 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 appears unlikely, however, to us that mobsters would throw money away on their dead enemies this way); and, of course, many others too numerous to mention.
‘a great deal of times, it is rather personal,’ stated David G. Schwartz, director of UNLV’s Center for Gaming Research.
New MGM Arena to Host Displaying Events, Entertainment
Itâ€™s this that the brand new MGM Arena is apparently 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 brand new business partner, L.A.-based entertainment and arena builder AEG, just revealed 1st renderings for just what are 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 purchase to attempt, two office buildings that were erected as an ingredient for the CityCenter task will down be torn to make means for the $350-million stadium project, whose design will meld the neon and also the nature which make up what is now known to tourists since the Las Vegas landscape.
‘In Las Vegas, the design needs to be iconic,’ said AEG president and chief executive Dan Beckerman in a current interview. ‘It’s planning to be very recognizable and venues that are premier 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 expected that initial groundbreaking will start in April or May of next year. Once completed, the arena is expected to host at least 100 occasions per 12 months, including sports such as martial arts and boxing, awards shows, and concerts. It has, of course, the typical private suites for high rollers one would expect in Las Vegas, where money speaks and it is treated as reverentially as any visiting dignitary.
‘With this entertainment building in a city of entertainment buildings, we feel a responsibility to style a building that gives an incredible 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 design the outside renderings associated with the arena, that may have 5.4-acre footprint.
‘The arena is really the nexus for locating the balance of the normal surroundings around nevada utilizing the visual energy for the Strip. There’s a very effort that is conscious have the 2 languages merge on the building exterior,’ Clark said. The architect added that the entrance has a glass façade and a 12-story video overlay to impress incoming fans.
Outdoor Entertainment Areas
Project manager Romani says the venue will require benefit of the wilderness environment by including party that is outdoor regarding the surrounding balconies.
‘People will enjoy an environment that is outdoor’ he stated. ‘The climate of Las Vegas allows us to have more outdoor balcony space. I can’t think about any arena who has this much balcony room, and I also think I understand them all.’
Of course, in August with regards to can strike temps since high as 114F, some indoor that is nice may become more attracting stadium attendees.
The arena is wanting to break away from a format that is totally traditional such venues, notes designer Beckerman. He says premium seating will encompass both conventional suites that can hold up to 100 guests, and also more intimate people for just two to four individuals.
Beckerman additionally noted that AEG is trying to bring a high-visibility boxing match in as one associated with first occasions during 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 powerful cooling system installed, or it will likely be more such as a water polo match), there will not be any major league sports tenants to start.
‘The great thing concerning the building is we’re designing it for the maximum flexibility. It gives us lot of freedom,’ the designer said.