Infamous Sports Bettor ‘Vegas Dave’ Indicted on Federal Charges
‘Vegas Dave,’ the sports bettor whose name that is real David Oancea, was indicted on 19 federal charges that allege the gambler misused Social Security numbers in an attempt to hide winnings from the United States federal government.
Sports bettor Las Vegas Dave is facing 19 costs in a recently filed indictment that is federal accuses him of criminally using false Social Security numbers.
In the indictment, Oancea is accused of supplying Social protection figures either not belonging to him, or just comprised, to casino sportsbooks. Authorities claim he used falsified Social Security identifications on nine separate occasions at Wynn nevada plus the Westgate SuperBook.
Social protection figures’ primary purpose is always to help the government monitor citizens and residents’ income to determine social welfare advantages upon retirement. But the identification that is nine-digit also have become vital tools for federal authorities in wanting to crackdown on money laundering and tax evasion enterprises.
Police claims Las Vegas Dave’s alleged use that is fraudulent of Security identities aided him cover up, at least temporarily, $881,600 in winnings through the Internal Revenue Service (IRS).
At least on the surface, Oancea doesn’t appear too concerned utilizing the indictment. He posted an image to night that is twitter last him at a Texas Rangers baseball game.
Winning Streak Ends
Oancea is one of the most effective sports gamblers and handicappers in Las Vegas in recent years.
His stock skyrocketed in 2015, when he correctly predicted in one of the Major League Baseball season that the Kansas City Royals would win that year’s World Series week. His bet at 30-1 chances paid him $2.5 million when his prediction found fruition.
Their handicapping website, itsvegasdave.com (that will be still up) offers packages to bettors on MLB and Ultimate Fighting Championship. Oancea claims to possess more than 10,000 customers who spend for his sports consulting that is betting.
But with authorities now having him in their sites, it appears Las Vegas Dave’s hot run may myfreepokies.com have come to an end. It is the second high-stakes, well-known sports gambler to recently get the attention of federal authorities.
Just last week, Billy Walters, often labeled the absolute most successful sports bettor in Las Vegas history, was convicted in a Manhattan federal courtroom on allegations of utilizing insider trading information to win $43 million in the stock market.
Since 1996, casinos have been required to abide by the Bank Secrecy Act (BSA), a federal legislation first passed in 1970 that demands financial institutions aid the us government in detecting and money laundering that is preventing.
When somebody tries to move $10,000 or even more within a 24-hour period, the BSA mandates that a Currency Transaction Report be filed. If the institution suspects any criminal conduct related to the activity, a Suspicious Activity Report needs to be furthermore completed.
Over the 2 decades since casino cashiers were included under the BSA’s oversight, there is plenty of unfavorable headlines showcasing the industry’s shortcomings in financial reporting. But that is changed in the past few years, while the Financial Action Task Force has recently praised the gambling sector for its increased compliance.
Wynn and Westgate’s reporting resulted in Las Vegas Dave’s indictment, and while he is innocent until proven guilty, the tracking that is financial Sin City sportsbooks are severe about keeping their own noses clean.
Amaya Stock Insider Trading Allegations Hit Toronto’s Aston Hill Asset Management Former Execs
Canada’s Ontario Securities Commission (OSC) has accused previous executives of asset management firm Aston Hill of insider trading in Amaya stock.
Ben Cheng, Aston Hill’s previous VP that is senior and sales manager, is accused by the OSC, along side colleague John David Rothstein, of dealing in insider trading information relating to Amaya stock. (Image: Financial Post)
Ben Cheng, the organization’s former president and chief investment officer at the time, and John David Rothstein, its ex-senior VP and national sales manager, are alleged to have profited from the trades in 2014, while allegedly being party to non-public information relating to Amaya’s takeover of the Olford Group and its most famous asset, PokerStars.
Whilst the term ‘accused’ in Canada appears to sometimes mean the equivalent of ‘charged’ in the usa, there are many definitions, making the exact status of this case opaque.
It’s alleged that Cheng learned of the pending takeover at a meeting in April 2014, of which he finalized a non-disclosure agreement. But on June 11, 2014, the day prior to the acquisition was made public, the OSC alleges that Cheng tipped off Rothstein about the deal and told him to spread the phrase among other Aston Hill customers.
Distributing your message
‘Cheng … proposed to Rothstein to inform other people, whom had lost cash on certain other opportunities promoted by [Aston Hill], in regards to the acquisition before it was announced,’ the OSC said in its declaration. ‘Rothstein understood that the purpose of supplying these with the material, undisclosed information would be to replace these losings.’
‘ Material information’ is the fact that which will be perhaps not yet public, but could impact a business’s share price if and whenever that information is ever released.
According to OSC transcripts, soon after the meeting, Rothstein himself bought 700 shares in Amaya, offering them two times later on for a $5,507 profit. Rothstein passed the given information onto Frank Soave, who was, at the time, a VP and investment adviser at CIBC Wood Gundy. Soave made just under $100,000 from subsequent trading.
The OSC additionally alleges that Cheng, Soave, and Eric Tremblay, former CEO of Aston Hill, made false or misleading statements during the span of the commission’s investigation.
Amaya’s stock rose quickly in the months ahead of the announcement of this takeover, suggesting something was going on behind the scenes. Rumors for the deal were reported into the gambling press the full three months before it absolutely was publicly announced. On the Friday before these rumors were first publicized in the press, stock increased by nearly 14 %.
In December 2014, the OSC’s Quebec counterpart, AMF, raided Amaya’s workplaces, seizing computers and paperwork. In March 2016, it charged the organization’s founder, major shareholder, CEO and chairman, David Baazov, with five counts of securities fraud.
Baazov was forced to resigned from his executive functions at Amaya as being a outcome, and has since offered the majority that is vast of stake in the business. November he is due to stand trial for the charges, to which he has plead not guilty, this coming.
New Jersey On The Web Casinos Saving Grace for Land-Based Resorts in Atlantic City
New Jersey online casinos are no longer considered an afterthought or diminutive sector of the state’s gambling market, as internet gaming revenues are providing land-based partners substantial returns.
Spring has sprung on Atlantic City thanks mainly to New Jersey online gambling enterprises. (Image: New Jersey Casino Reinvestment Development Authority)
March marked the sector’s month that is best ever, with total internet gaming win totaling $21,745,431. That’s an even more than 40 percent premium on the month that is same 2016.
New Jersey’s Division of Gaming Enforcement (DGE) shows in its revenue report that online gaming is playing a role that is significant stabilizing Atlantic City. The rest of the seven land-based gambling enterprises generated $200.1 million in win month that is last meaning internet gambling sites accounted for nearly 11 percent of nj-new jersey’s total take.
The actual fact that for every ten dollars a casino built in New Jersey, over $1 came from its online operations, is unquestionably significant.
‘For the initial three months of 2017, internet gaming revenue is up 32 percent. The online industry is on speed for another record year,’ DGE Director David Rebuck told theAssociated Press.
Five casinos in Atlantic City have closed their doorways since 2014, as well as the remaining seven seems to be an ideal quantity. The land-based resorts also experienced a strong march, albeit not to the 40.2 percent tune online gambling mustered.
Borgata, Tropicana, Harrah’s, Caesars, Golden Nugget, Bally’s, and Resorts’ $200.1 million total corresponds to a 6.7 percent year-over-year gain. Combined with the strong revenues that are online nj-new jersey’s current operators were up 9.3 percent for the thirty days, and when the shuttered Trump Taj Mahal’s 2016 income is taken out of the equation, the profit jumps 17 percent.
‘ Every month should be as good as March,’ New Jersey Casino Control Commission Chairman Matthew Levinson explained. ‘It’s clear that casinos have actually started to develop the market and increase their earnings. That is generating a complete lot of good fascination with Atlantic City.’
Borgata once again led the real way with $59.9 million, an 11.5 percent enhance for the Marina District resort. Tropicana, which continues to take advantage of being the Taj Mahal’s designated reciprocal for former rewards members, posted $31.8 million. That’s an almost 40 percent gain.
Five associated with seven gambling enterprises all had positive months, with only Bally’s (-2.2) and Golden Nugget (-1.7) in the red. Bally’s is one of two land-based gambling enterprises that is not currently involved in online gaming. The other is Harrah’s, but its parent business, Caesars, is greatly invested in internet casinos.
One glaring number on the otherwise exciting DGE economic filing is internet poker. Peer-to-peer games, aka poker, had been down 8.5 percent in March at on line cardrooms.
The card game continues to disappoint in the three states where it’s legally regulated though online poker is up 2.4 percent through the first three months of the year.
While the Northeast experienced an unusually warm winter, mid-March welcomed the summer season’s snowfall that is biggest. Though central and southern parts of their state were sparred, Northern New Jersey received double-digit snowfall amounts that closed schools and companies.
Unfortunately for PokerStars, partypoker, and 888poker, few apparently went for their computer systems and mobile devices to play poker while snowed in.
South Korean Government Raked $54.56 Billion in 15 Years But Casino Boom May be Short-lived
The South Korean federal government has gained trillions from gambling over the past 15 years. Trillions of South Korean won (SKW), that is, but it is perhaps not doing too badly in US dollars either.
An artist’s rendering of Paradise City, manufactured by Japanese pachinko operator Sega Sammy Holdings, which is scheduled to open later this thirty days. The property, billed as South Korea’s first built-in resort, is due to open later this month. (Image: Sega Sammy Holdings)
According to a report published this week by the Korea Taxpayer Association, the nation’s gambling industry has paid $54.56 billion (62.5 trillion SKW) to the federal government during that period.
Horse racing has brought in the lion’s share, some 37.5 percent, followed by the lottery (25.4 per cent) and casinos (12.3 percent).
Tax revenue through the gambling industry more than doubled during the period, the business stated, while earnings increased about fourfold.
South Korea legalized casinos in 1967, once the nation’s hotels had been permitted, for the first time, to provide casino games to international guests.
But inspite of the development of the casino sector over the decade that is past Korean citizens are still barred from gambling in the united states’s casinos.
The casino sector has witnessed a good investment growth over the last few years, from designers that have backed South Korea once the Macau that is next as the latter was at the midst of its two-year downturn. The country’s first genuine resort that is integrated Paradise City, is due to open its doors this month in Incheon, nearby the capital Seoul.
However, developers were also gambling on the country amending its laws and regulations to allow South Korean nationals to take part in casino gaming, a thing that has failed to materialize and now looks unlikely to occur in the future that is near. This, plus Macau’s resurgence, and the imminent opening up of the Japanese market, have made investors think hard.
Malaysian casino giant Genting recently offered its 50 percent stake in Resorts World Jeju, a $1.8 billion development on Jeju Island in South Korea, due to open later this year.
The casino group said that it wants to focus its brand on other areas instead, namely Japan, and to a lower extent Singapore.
Meanwhile the political tension between China and Southern Korea over the implementation of a US missile system on South Korean territory could further harm the sector, at the least within the term that is short.
David Bain, of Aegis Capital Corp, said final thirty days that China’s ‘escalating economic retaliation’ throughout the deployment, which was designed to send a message to Southern Korea’s truculent neighbors in the north, will benefit Macau’s casinos to your detriment of Southern Korea’s.
‘Mainland Chinese travelers may turn to Macau and other destinations being an alternative to South Korea,’ noted Bain.