‘Vegas Dave,’ the sports bettor whose real name is David Oancea, happens to be indicted on 19 federal charges that allege the gambler misused Social Security numbers in an endeavor to hide winnings from the United States federal government.
Sports bettor vegas Dave is facing 19 costs in a recently filed federal indictment that accuses him of criminally utilizing false Social Security numbers.
In the indictment, Oancea is accused of supplying Social protection numbers either not belonging to him, or just constructed, to casino sportsbooks. Authorities claim he used falsified Social protection identifications on nine separate occasions at Wynn Las vegas, nevada as well as the Westgate SuperBook.
Social Security numbers’ primary purpose is to help the federal government monitor citizens and residents’ earnings to find out social welfare advantages upon retirement. But the nine-digit identification numbers have also become vital tools for federal authorities in attempting to crackdown on money laundering and tax evasion enterprises.
Law enforcement states Las Vegas Dave’s alleged use that is fraudulent of Security identities assisted him cover up, at least temporarily, $881,600 in winnings from the irs (IRS).
At least on the surface, Oancea doesn’t appear too concerned using the indictment. He posted an image to Twitter last night showing him at a Texas Rangers baseball game.
Winning Streak Ends
Oancea is one of the more successful sports gamblers and handicappers in vegas in current years.
His stock skyrocketed in 2015, as 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 whenever his prediction stumbled on fruition.
Their handicapping website, itsvegasdave.com (which can be still up) offers packages to bettors on MLB and Ultimate Fighting Championship. Oancea claims to own more than 10,000 clients 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 have come to an end. It is the 2nd high-stakes, well-known sports gambler to recently get the eye of federal authorities.
Simply last week, Billy Walters, often labeled the most lucky 88 slot youtube successful sports bettor in Las vegas, nevada history, was convicted in a Manhattan federal courtroom on allegations of using 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 law first passed in 1970 that demands finance institutions aid the us government in detecting and money laundering that is preventing.
When somebody tries to move $10,000 or higher in one single 24-hour period, the BSA mandates that a Currency Transaction Report be filed. In the event that institution suspects any criminal conduct associated to the activity, a dubious Activity Report must be furthermore completed.
Over the two decades since casino cashiers were included under the BSA’s oversight, there’s been lots of unfavorable headlines showcasing the industry’s shortcomings in monetary reporting. But that is changed in the past few years, and the Financial Action Task Force has praised the gambling sector for its increased compliance.
Wynn and Westgate’s reporting resulted in Las Vegas Dave’s indictment, and while he’s innocent until proven guilty, the tracking that is financial Sin City sportsbooks are severe about maintaining 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 professionals of asset administration firm Aston Hill of insider trading in Amaya stock.
Ben Cheng, Aston Hill’s former senior VP and national sales manager, is accused by the OSC, along with colleague John David Rothstein, of working in insider trading information relating to Amaya stock. (Image: Financial Post)
Ben Cheng, the company’s former president and chief investment officer at the time, and John David Rothstein, its ex-senior VP and nationwide product sales manager, are purported 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 own most famous asset, PokerStars.
Whilst the term ‘accused’ in Canada generally seems to sometimes mean the same as ‘charged’ in america, there are several definitions, making the status that is exact of case opaque.
It’s alleged that Cheng learned of the pending takeover at a gathering in April 2014, at which he signed an agreement that is non-disclosure. But on 11, 2014, the day before the acquisition was made public, the OSC alleges that Cheng tipped off Rothstein about the deal and told him to spread the word among other Aston Hill clients june.
Spreading the Word
‘Cheng … suggested to Rothstein to inform others, who had lost money on specific other investments promoted by [Aston Hill], concerning the acquisition before it had been announced,’ the OSC said in its statement. ‘Rothstein understood that the objective of providing all of them with the material, undisclosed information was to replace with these losses.’
‘ Material information’ is that which is not yet public, but could impact a business’s share price if and when that given information is ever released.
According to OSC transcripts, soon after the meeting, Rothstein himself bought 700 shares in Amaya, attempting to sell them two times later for a $5,507 profit. Rothstein passed the 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 also alleges that Cheng, Soave, and Eric Tremblay, previous CEO of Aston Hill, made false or misleading statements during the span of the payment’s investigation.
Amaya’s stock rose rapidly in the weeks just before the announcement of this takeover, suggesting something was going on behind the scenes. Rumors associated with deal were reported into the gambling press the full three weeks before it had been publicly announced. On the Friday before these rumors were first publicized in the press, stock raised by nearly 14 percent.
In December 2014, the OSC’s Quebec counterpart, AMF, raided Amaya’s offices, seizing computer systems and documents. In March 2016, it charged the company’s founder, major shareholder, CEO and chairman, David Baazov, with five counts of securities fraud.
Baazov had been forced to resigned from his executive functions at Amaya as a result, and has since offered the majority that is vast of stake in the business. He’s due to face trial for the charges, to which he has plead not liable, this coming November.
New Jersey Online 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 significant returns.
Spring has sprung on Atlantic City thanks mainly to New Jersey online gambling enterprises. (Image: Nj-new Jersey Casino Reinvestment Development Authority)
March marked the sector’s best month ever, with total internet gaming win totaling $21,745,431. That’s a more than 40 percent premium in the month that is same 2016.
New Jersey’s Division of Gaming Enforcement (DGE) shows in its income report that online gaming is playing a significant role in stabilizing Atlantic City. The residual seven land-based casinos produced $200.1 million in win last month, meaning internet gambling internet sites accounted for pretty much 11 % of nj’s total take.
The very fact that for every ten dollars a casino made in New Jersey, over $1 came from its operations that are online is certainly significant.
‘For the first three months of 2017, internet gaming revenue is up 32 percent. The industry that is online on pace for another record year,’ DGE Director David Rebuck told theAssociated Press.
Five gambling enterprises in Atlantic City have closed their doors since 2014, while the remaining seven is apparently an ideal number. 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 strong revenues that are online New Jersey’s current operators were up 9.3 percent for the month, so when the shuttered Trump Taj Mahal’s 2016 income is taken out of the equation, the profit jumps 17 percent.
‘ Every should be as good as March,’ New Jersey Casino Control Commission Chairman Matthew Levinson explained month. ‘It’s clear that casinos have started to grow the market and increase their earnings. That is creating large amount of good curiosity about Atlantic City.’
Borgata once again led the way with $59.9 million, an 11.5 percent increase for the Marina District resort. Tropicana, which continues to benefit from being the Taj Mahal’s designated reciprocal for former rewards users, posted $31.8 million. That’s an almost 40 per cent gain.
Five of the seven casinos all had months that are positive with only Bally’s (-2.2) and Golden Nugget (-1.7) in the red. Bally’s is one of two casinos that are land-based is not currently involved in online gaming. The other is Harrah’s, but its parent company, Caesars, is greatly purchased 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 online cardrooms.
Though on-line poker is up 2.4 per cent through the first three months of the entire year, the card game continues to disappoint in the three states where it’s lawfully regulated.
While the Northeast experienced an unusually warm winter, mid-March welcomed the growing season’s biggest snowfall. Though central and southern parts of their state were sparred, Northern New Jersey received double-digit snowfall amounts that closed schools and businesses.
Unfortunately for PokerStars, partypoker, and 888poker, few apparently went to their computers and devices that are mobile play poker while snowed in.
South government that is korean $54.56 Billion in 15 Years But Casino Boom May be Short-lived
The South Korean federal government has attained trillions from gambling within the last 15 years. Trillions of South won that is koreanSKW), that is, but it’s perhaps not doing too badly in US dollars either.
An artist’s rendering of Paradise City, produced by Japanese pachinko operator Sega Sammy Holdings, which is scheduled to open later this month. The property, billed as South Korea’s first integrated resort, is due to open later this thirty days. (Image: Sega Sammy Holdings)
In accordance with a report published this week by the Korea Taxpayer Association, the united states’s gambling industry has paid $54.56 billion (62.5 trillion SKW) to the government during that duration.
Horse racing has brought into the lion’s share, some 37.5 percent, followed by the lottery (25.4 %) and casinos (12.3 percent).
Tax revenue through the gambling industry more than doubled during the period, the organization stated, while earnings increased about fourfold.
South Korea legalized casinos in 1967, as soon as the country’s hotels had been permitted, for the first time, to provide casino games to foreign guests.
But regardless of the growth of the casino sector over the past decade, Korean citizens are still barred from gambling in the nation’s casinos.
The casino sector has witnessed a good investment boom during the last few years, from designers who possess backed South Korea because the next Macau, particularly even though 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 nation amending its laws allowing South Korean nationals to take part in casino gaming, something that has failed to materialize and today appears unlikely to take place in the future that is near. This, plus Macau’s resurgence, and the imminent opening of the Japanese market, are making investors think.
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 up to a smaller extent Singapore.
Meanwhile the political stress between China and Southern Korea over the deployment of a US missile system on South Korean territory could further harm the sector, at the least in the term that is short.
David Bain, of Aegis Capital Corp, said month that is last China’s ‘escalating financial retaliation’ on the deployment, which was designed to send a message to Southern Korea’s truculent neighbors within the north, will benefit Macau’s casinos to your detriment of Southern Korea’s.
‘Mainland Chinese travelers may check out Macau and other destinations as an alternative to South Korea,’ noted Bain.