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.
Exactly 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 is the question many are now asking regarding poker that is australian Bill Jordanou, who is under research by Victoria police for his so-called 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 procedure was reportedly carried away with Jordanou’s business partner, Robert Zaia, 45. The two allegedly ensnared Zaia’s wealthy clients, via their accountancy company Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously forging bank documents to secure loans, at times in Zaia’s consumers‘ 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 were never started.
Bank Holds Victims Hostage
But the caper gets even crazier from here. The bank used for all these transactions was Australia’s largest: Commonwealth Bank. That bank happens to be holding Zaia’s allegedly clients that are scammed throughout the loans secured in their names, without their authorization. One of these clients that are former Rita Klapanis, says Commonwealth served her having a $6 million demand note, even though she only heard in regards to the loan’s existence whenever contacted by Commonwealth for payment, and promptly contacted the authorities.
Undeterred, apparently, by the logic right here, Commonwealth is still going after Ms. Klapanis‘ Toorak home, 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 not accountable for the loan fraudulently obtained, without her authorization, inside her name. Her wealthy household was certainly one of Zaia Arthur & Associates‘ financial clients.
Once more, there are no details on the reported Ponzi scheme, or how much any customers were supposedly defrauded or what was promised; only that 20 such well-to-do consumers had been 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 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 house developer who claims to possess lost millions is now accusing Commonwealth of gross negligence.
‚The bank did not 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 attorney for the developer said.
If only those bankers could be got by us working for the IRS.
Commonwealth, not surprisingly, isn’t saying an expressed word about any from it. But it is perhaps not the first time their ethics have come under scrutiny; early in the day this present year, it ended up being reported that the lender had covered up major misconduct from within its own economic preparation division, which allegedly put thousands of clients‘ savings at danger.
The Securities that is australian and Commission (ASIC) subsequently banned seven of this bank’s financial planners, and forced Commonwealth to pay out tens of millions in damages to the victims.
And also as if that have beenn’t enough hot water to be in, it now appears Commonwealth brought in a global security firm, whose job it would be to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, also as various other politicians (but not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we must 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 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 job poker competition cashes, including 3rd that is taking $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.
Named 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 monetary scams is for the perpetrator to collect vast sums of money predicated on insanely ambitious promises of riches to the ‚investors,‘ after which the instigator takes off, with everybody else’s profit tow.
Typically, Ponzi schemes involve a few elements that are predictable. Initial is a far-above-average promised rate of return on investments, along with a apparently plausible explanation of just how these rates will be accomplished; usually, the scammer will say 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 indeed have 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. But, subsequent investors will never be therefore lucky, and are typically left completely wiped out if they not just receive no returns, but lose their initial investment as well.
Bernie Madoff, needless to say, is the absolute most infamous Ponzi schemer in history. After defrauding every person from elite nonprofit institutions to a-listers to banking institutions away huuuge from a lot more than $50 billion throughout the course of years, he has become serving what exactly is tantamount to a life phrase. Their ripoffs left lots of his investors penniless, including countless citizens that are senior.
Whether A ponzi that is actual scheme allegedly committed by Jordanou and Zaia is maybe 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: Scientists Say Myth of the Lucky Gambler Everyday Lives On
Do superstitions and talismans affect a gambler really’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 bad luck, the nice things in your past/ When you believe in things 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 many other psychology and brain function experts, most gamblers hold onto superstitious ideas tighter than the usual lottery winner with a check that is million-dollar. Speaking of (multi) million dollar checks, World variety of Poker winner Ryan Riess, 23, claims he ‚just had a feeling that is great it. We just think I’m the poker player that is best worldwide.‘
In cases like this, Riess’s happy talisman could best be described as either an extremely confident or ego that is overinflatedbased on your world views), but exactly how many poker players and gamblers in general lay a lot of faith in illogical belief systems? A significant few, this indicates.
‚The mind is a really learning that is powerful,‘ 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 topic about six years ago and is a specialist in neuro-scientific the gambler’s mind and point of view. Much from it, keeps Clark, is to produce an illusion of control in games that are often largely random fortune.
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’s this to state about champion Riess’s play: ‚Every time I produced hand, he would make a better one,‘ Farber said. ‚It’s really hard to beat someone who is simply running hotter than the sun.‘
The superstition of the ‚unbeatable lucky streak‘ or just being outplayed by a superior gamesman? Riess does, after all, have quite a performance that is solid record for starters so young, whereas Farber is really a VIP host in Las Vegas with just a few nominal tournament finishes to his name before their $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 things gamblers haul around for good 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 wherever she went, thinking it might bestow good fortune upon her.
(Apparently, ‚good fortune‘ was not in Mr. Dead Guy’s cards, centered on result).
Among other common luck that is good are things like ‚lucky‘ articles of clothing; specific numbers (while 13 is considered bad luck within the West, in Asian nations, it is the number 4); having an attractive girl blow on your dice (yes, we 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 habit of mobsters placing $50 bills in the jacket pouches of victims they buried into the desert- it appears unlikely, however, to us that mobsters would throw money away on their dead enemies that way); and, of program, many others too numerous to mention.
‚A lot of times, it is extremely personal,‘ said David G. Schwartz, director of UNLV’s Center for Gaming analysis.
New MGM Arena to Host Sporting Events, Entertainment
This is exactly 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 ascent that is steady into being a gaming superpower, MGM Resorts International and its particular new business partner, L.A.-based entertainment and arena builder AEG, simply revealed the very first renderings for what will be 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 purchase to make this happen, two office buildings which were erected as an ingredient of the CityCenter project will down be torn to make means for the $350-million arena project, whose design will meld the neon therefore the nature which make up just what became known to tourists as the Las Vegas landscape.
‚In Las Vegas, the design has to be iconic,‘ said AEG president and chief executive Dan Beckerman in an interview that is recent. ‚It’s going to be very recognizable and premier venues in the world.‘
The project is anticipated 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 activities per 12 months, including events that are sporting as martial arts and boxing, honors shows, and concerts. It’ll have, needless to say, the usual private rooms for high rollers one would expect in Las Vegas, where cash 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 develop a building that gives an amazing fan experience,‘ said designer Brad Clark, Populous senior principal. Populous is the Kansas City, Mo., architectural firm employed by AEG and MGM to design the external renderings of the arena, which will have footprint that is 5.4-acre.
‚The arena is truly the nexus for finding the stability of the natural surroundings around Las Vegas with the artistic energy of this Strip. There is a very conscious effort to have the 2 languages merge in the building outside,‘ Clark said. The architect added that the entrance will have a glass façade and a 12-story movie overlay to impress incoming fans.
Outdoor Entertainment Areas
Project manager Romani says the venue takes advantageous asset of the wilderness weather by including party that is outdoor regarding the surrounding balconies.
‚People will love an environment that is outdoor‘ he stated. ‚The climate of Las Vegas allows us to have more balcony space that is outdoor. I cannot consider any arena which includes this much balcony space, and I also think I understand them all.‘
Of course, in August when it can strike temps because high as 114F, some indoor that is nice may be much more appealing to stadium attendees.
The arena is trying to split 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 also more intimate people for just two to four individuals.
Beckerman additionally noted that AEG is attempting to bring in a high-visibility boxing match as one of the first occasions at the new stadium. But while the arena that is new being designed with huge sporting events like NBA and NHL games in mind (we sure hope there’s a strong cooling system installed, or it will likely be more such as a water polo match), there won’t be any major league sports tenants to start out.
‚The great thing concerning the building is we’re designing it for the maximum flexibility. It gives us large amount of freedom,‘ the designer said.