The poker world is stunned by news of a so-called $70-million bank fraud scandal and possible Ponzi scheme because well involving pro Bill Jordanou.
Exactly What would make a successful poker pro risk every thing by getting associated with a massive, multimillion dollar bank fraud and Ponzi scheme plot? That’s the question numerous 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 fraudulence that went on for years, in accordance with reports.
While information 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 2 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, oftentimes in Zaia’s customers’ names, which they then comingled with property and development loans additionally they received from the bank, for tasks that either never existed or were never ever started.
Bank Holds Victims Hostage
But the caper gets even crazier from right here. The bank useful for all these transactions was Australia’s biggest: Commonwealth Bank. That bank has become keeping Zaia’s allegedly scammed customers hostage within the loans guaranteed in their names, without their permission. One of these former consumers, Rita Klapanis, says Commonwealth served her with a $6 million demand note, even though she only heard in regards to the loan’s existence whenever contacted by Commonwealth for payment, and quickly 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 at the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she’s perhaps not accountable for a loan fraudulently obtained, without her authorization, inside her title. Her wealthy family had been certainly one of Zaia Arthur & Associates’ financial clients.
Once again, there are no details on the reported Ponzi scheme, or how much any clients were supposedly defrauded or what ended up being promised; only that 20 such well-to-do clients had been involved.
Also known as in 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 the event. Other victims are expected 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 didn’t check always the validity of tax statements or whether they have been filed, they did not check employment representations which were made, they did not undertake valuations on the properties to be guaranteed. They accepted anything completed on the loan application without question,’ the lawyer for the developer said.
If only we could get those bankers working for the IRS.
Commonwealth, not surprisingly, isn’t saying an expressed word about any of it. But it is maybe not the time that is first ethics have come under scrutiny; earlier this year, it ended up being reported that the bank had covered up major misconduct from within its own financial planning division, which allegedly put thousands of clients’ savings at danger.
The Australian Securities and Investments Commission (ASIC) subsequently banned seven associated with bank’s financial planners, and forced Commonwealth to spend tens of millions in damages to your victims.
So that as if that weren’t enough water that is hot maintain, it now appears Commonwealth earned a global security firm, whose job it would be to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, also as several other politicians ( not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we must amuse ourselves here sometimes). The secret spying included National Senator from brand 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 produce 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 two-year research 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 scams that are financial for the perpetrator to collect vast sums of money predicated on insanely ambitious promises of riches to your ‘investors,’ after that your instigator takes off, with everybody else’s money in tow.
Typically, Ponzi schemes involve a few elements that are predictable. Initial is a far-above-average rate that is promised of on investments, along with a apparently plausible description of how these prices will be achieved; frequently, the scammer will say they either have insider information, or are engaged in an elite investment opportunity not open to the general public.
Next, the perp makes sure that a number of the investors that are initial certainly have the promised returns, to create buzz and credibility, and demonstrably to bring in yet more investors, who are needed to really make the scheme profitable to its creator. Nonetheless, subsequent investors will never be so lucky, and are typically left completely cleaned out when they maybe not only receive no returns, but lose all their investment that is initial as.
Bernie Madoff, needless to say, is probably the most Ponzi that is infamous schemer history. After defrauding everybody from elite institutions that are nonprofit superstars to banking institutions away from a lot more than $50 billion within the course of decades, he is now serving what’s tantamount to a life sentence. His ripoffs left many of his investors penniless, including countless senior citizens.
Whether A ponzi that is actual scheme allegedly committed by Jordanou and Zaia is maybe not entirely clear through the reports released so 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 regarding the Lucky Gambler 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 bad luck, the nice things in your past/ When you believe 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 therapy and brain function experts, many gamblers hold onto superstitious principles tighter compared to a lottery champion with a million-dollar check. Talking of (multi) million dollar checks, World variety of Poker winner Ryan Riess, 23, says he ‘just had a feeling that is great it. We just think I’m the best poker player on the planet.’
In this situation, Riess’s fortunate talisman could best be called either a very confident or ego that is overinflateddependent on your world views), but just how many poker players and gamblers in basic lay plenty of faith in illogical belief systems? Quite a few, it seems.
‘The brain is a very effective learning machine,’ says Luke Clark, of the University of Cambridge psychology department. ‘Gamblers are wanting 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 create an illusion of control in games that are often largely random fortune.
The Theory of a ‘Bad Streak’
Let’s have a look at the 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 we made a hand, he would make a much better one,’ Farber said. ‘It’s really hard to beat someone who is simply running hotter compared to sunlight.’
The superstition of the ‘unbeatable lucky streak’ or simply just being outplayed with a gamesman that is superior? Riess does, after all, have actually a pretty performance that is solid record for starters so young, whereas Farber is really a VIP host in Las Vegas with only a few nominal tournament completes 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 many things gamblers haul around once and for all luck. Bo Bernhard, executive of UNLV’s International Gaming Institute, claims 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, believing it might bestow good fortune upon her.
(Apparently, ‘good fortune’ was not in Mr. Dead Guy’s cards, considering result).
Among other common luck that is good are things like ‘lucky’ articles of clothing; specific figures (while 13 is considered bad luck into the West, in Asian countries, it’s the # 4); having an attractive woman blow on your dice (yes, we all 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 within the desert- it seems unlikely, however, to us that mobsters would throw money away on their dead enemies this way); and, of program, additional too numerous to mention.
‘a great deal of times, it is extremely personal,’ stated David G. Schwartz, director of UNLV’s Center for Gaming analysis.
New MGM Arena to Host Sporting Events, Entertainment
This is what the brand new MGM Arena is apparently going 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 own new business partner, L.A.-based entertainment and arena builder AEG, simply revealed initial renderings for what is going to be an enormous 20,000-seat arena become constructed on 12 acres situated between New York-New York casino and Frank Sinatra Drive.
Striking Design Concept
In order to attempt, two office structures which were erected as part associated with CityCenter project will be torn down to make method for the $350-million stadium task, whose design will meld the neon and the nature that produce up just what became understood to tourists since the Las Vegas landscape.
‘In Las Vegas, the design has to be iconic,’ stated AEG president and chief executive Dan Beckerman in an interview that is recent. ‘It’s planning to be probably one of the most 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 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, awards shows, and concerts. It will have, needless to say, the usual private rooms for high rollers you might expect in Las Vegas, where money speaks and is treated as reverentially as any dignitary that is visiting.
‘With this entertainment building in a city of entertainment buildings, we feel a duty to design a building that provides 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 develop the external renderings associated with arena, which will have a footprint that is 5.4-acre.
‘The arena is really the nexus for finding the balance of the natural surroundings around Las Vegas using the visual energy regarding the Strip. There’s a very conscious effort to have the two languages merge in the building exterior,’ Clark said. The architect huuuge online added that the entrance has a cup façade and a video that is 12-story to impress incoming fans.
Outdoor Entertainment Areas
Project manager Romani says the venue will take benefit of the desert climate by including outdoor party areas on the surrounding balconies.
‘People will relish 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 which includes this balcony that is much, and I think I am aware them all.’
Of course, in August when it can strike temps as high as 114F, some nice interior A/C may be much more appealing to stadium attendees.
The arena is trying to break away from a format that is totally traditional such venues, notes designer Beckerman. He says seating that is premium encompass both traditional suites that can hold up to 100 guests, and in addition more intimate ones for just two to four individuals.
Beckerman additionally noted that AEG is attempting to bring a high-visibility boxing match in as one associated with the first events during 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 out.
‘The great thing concerning the building is we’re designing it for the maximum flexibility. It gives us a complete lot of freedom,’ the designer said.