The poker world is stunned by news of a alleged $70-million bank fraud scandal and possible Ponzi scheme as well involving pro Bill Jordanou.
Just What would make a successful poker pro danger everything through getting taking part in 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, whom is under investigation by Victoria authorities for his so-called role in a bank fraudulence 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 presumably ensnared Zaia’s wealthy clients, via their accountancy firm Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously bank that is forging to secure loans, at times in Zaia’s customers’ names, which they then comingled with property and development loans in addition they received from the bank, for jobs that either never ever 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 now holding Zaia’s allegedly scammed customers hostage over the loans secured in their names, without their permission. 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 concerning the loan’s existence whenever contacted by Commonwealth for payment, and immediately contacted the police.
Undeterred, apparently, by the logic here, Commonwealth is still going after Ms. Klapanis’ Toorak home, and also charging her interest that is ongoing on loan at the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she’s maybe not responsible for a loan fraudulently obtained, without her authorization, in her title. Her wealthy household was indeed one of Zaia Arthur & Associates’ financial clients.
Once again, there are no details on the reported Ponzi scheme, or how much any consumers were supposedly defrauded or what was promised; only that 20 such clients that are well-to-do 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 the case. Other victims are anticipated 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 possess lost millions is now accusing Commonwealth of gross negligence.
‘The bank didn’t always check the validity of taxation statements or whether they had been filed, they did not check always work representations which were made, they did not undertake valuations on the properties to be secured. They accepted anything completed in the loan application without question,’ the attorney for the developer said.
If perhaps we’re able to get those bankers working for the IRS.
Commonwealth, not surprisingly, isn’t saying word about any of it. But it’s maybe not the time that is first ethics have actually come under scrutiny; earlier in the day this year, it had been reported that the financial institution had covered up major misconduct from within its own monetary planning division, which allegedly place thousands of clients’ savings at danger.
The Australian Securities and Investments Commission (ASIC) subsequently banned seven of this bank’s monetary planners, and forced Commonwealth to pay out tens of millions in damages to your victims.
So that as if that have beenn’t enough water that is hot be in, 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, also as various other politicians ( 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, 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 profession poker competition cashes, including using 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.
Called for early century that is 20th Charles Ponzi, these schemes actually first started long before he lent his notorious title to them. The purpose of these financial scams is for the perpetrator to collect vast amounts of money predicated on insanely ambitious promises of riches towards the ‘investors,’ after that your instigator takes off, with everyone else’s profit tow.
Typically, Ponzi schemes involve several elements that are predictable. The first is a far-above-average promised rate of return on investments, along with a apparently plausible explanation of just how these rates will be achieved; usually, the scammer will state they either have insider information, or are engaged in an elite investment opportunity maybe not available to the public.
Next, the perp makes certain that a few of the initial investors do 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 wiped out when they perhaps not only receive no returns, but lose all their investment that is initial as.
Bernie Madoff, of course, is the most infamous Ponzi schemer in history. After defrauding everyone from elite institutions that are nonprofit a-listers to banking institutions out of a lot more than $50 billion on the course of years, he is now serving what exactly is tantamount to a life phrase. Their ripoffs left a lot of his investors penniless, including countless senior citizens.
Whether an actual ponzi scheme ended up being 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 rich accounting clients, it most likely left an economic Cat 5 hurricane in its wake.
Very Superstitious: Researchers 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 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 great things in your past/ When you believe 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
Will there be anyone more superstitious than the usual gambler? Maybe, but according to a University of Cambridge researcher and several other therapy and brain function experts, most gamblers hold onto superstitious ideas tighter when compared to a lottery champion with a check that is million-dollar. Speaking of (multi) million dollar checks, World Series of Poker winner Ryan Riess, 23, claims he ‘just had a feeling that is great it. We just think I’m the best poker player on the planet.’
In this case, Riess’s fortunate talisman could best be described as either an extremely confident or overinflated ego (based on your world views), but just how many poker players and gamblers in general lay a lot of faith in illogical belief systems? A serious few, it seems.
‘The brain is a really powerful learning device,’ 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 an expert in neuro-scientific the gambler’s point and mind of view. Much from it, keeps 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 good look at the other side 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 we produced hand, he would make a better one,’ Farber said. ‘It’s very difficult to beat someone who’s just running hotter compared to the sun.’
The superstition of the ‘unbeatable lucky streak’ or simply being outplayed by a superior gamesman? Riess does, after all, have actually a pretty solid performance track record for starters so young, whereas Farber is just a VIP host in Las Vegas with just 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 can be more than can be stated of numerous items 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, thinking it would bestow good fortune upon her.
(evidently, ‘good fortune’ was not in Mr. Dead Guy’s cards, considering outcome).
Among other common good luck charms are things like ‘lucky’ articles of clothing; specific numbers (while 13 is considered bad luck into the West, in Asian nations, it is the no. 4); having a beautiful girl blow on your own dice (yes, we understand there is 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 within the desert- it seems unlikely, however, to us that mobsters would throw money away on their dead enemies this way); and, of course, many others too numerous to say.
‘A lot of times, it’s very personal,’ stated David G. Schwartz, director of UNLV’s Center for Gaming Research.
New MGM Arena to Host Sporting Events, Entertainment
This is 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 steady ascent back into being a gaming superpower, MGM Resorts International as well as https://slotsforfun-ca.com/huuuge-casino-review/ its new business partner, L.A.-based activity and arena builder AEG, just revealed the first renderings for what will be an enormous 20,000-seat stadium become constructed 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 regarding the CityCenter project will down be torn to make means for the $350-million stadium project, whose design will meld the neon while the nature that make up what is now known to tourists while the Las Vegas landscape.
‘In Las Vegas, the style has to be iconic,’ said AEG president and leader Dan Beckerman in an interview that is recent. ‘It’s planning to be probably one of 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 start in April or might of next year. Once completed, the arena is expected to host at least 100 activities per 12 months, including sporting events such as martial arts and boxing, honors shows, and concerts. It’ll have, of course, the typical private rooms for high rollers one could expect in Las Vegas, where money speaks and it is treated as reverentially as any visiting dignitary.
‘With this activity building in a city of activity buildings, we feel a duty to design a building that gives a great 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 design the outside renderings associated with arena, that may have a footprint that is 5.4-acre.
‘The arena is actually the nexus for choosing the balance of the normal surroundings around Las Vegas utilizing the visual energy of this Strip. There is 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 video that is 12-story to impress incoming fans.
Outdoor Entertainment Areas
Project manager Romani says the venue will need advantageous asset of the wilderness weather 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 not think about any arena which has this much balcony space, and I think I know them all.’
Of course, in August with regards to can hit temps since high as 114F, some nice indoor A/C may be more attractive to stadium attendees.
The arena is attempting to split away from a completely conventional format for 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 trying to bring in a high-visibility boxing match as you regarding the first activities at the new arena. 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 coolant system installed, or it will be more like a water polo match), there will not be any major league sports tenants to start.
‘The great thing about the building is that people’re designing it for the flexibility that is maximum. It gives us a complete lot of freedom,’ the designer said.