Infamous Sports Bettor ‚Vegas Dave‘ Indicted on Federal Charges

Infamous Sports Bettor ‚Vegas Dave‘ Indicted on Federal Charges

‚Vegas Dave,‘ the sports bettor whose name that is real David Oancea, has been indicted on 19 federal charges that allege the gambler misused Social Security numbers in an effort to hide winnings from the US government.

Sports bettor Las Vegas Dave is facing 19 fees in a recently filed indictment that is federal accuses him of criminally making use of false Social Security numbers.

In the indictment, Oancea is accused of providing Social Security numbers either not belonging to him, or simply made, to casino sportsbooks. Authorities claim he utilized falsified Social protection identifications on nine split occasions at Wynn vegas therefore the Westgate SuperBook.

Personal Security figures‘ primary purpose is always to help the federal government monitor citizens and residents‘ income to ascertain social welfare benefits upon retirement. But the nine-digit identification figures also have become vital tools for federal authorities in wanting to crackdown on money laundering and tax evasion enterprises.

Police force says Las Vegas Dave’s alleged fraudulent use of Social Security identities helped him cover up, at least temporarily, $881,600 in winnings through the irs (IRS).

At least at first glance, Oancea doesn’t seem too concerned with the indictment. He posted an image to night that is twitter last him at a Texas Rangers baseball game.

Winning Streak Ends

Oancea was one of the more sports that are successful and handicappers in Las Vegas in recent 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 when his forecast stumbled on fruition.

His handicapping website, (which will be still up) offers packages to bettors on MLB and Ultimate Fighting Championship. Oancea claims to possess more than 10,000 clients who pay for his sports consulting that is betting.

But with authorities now having him in their sites, it appears Las Vegas Dave’s hot run might have come to an end. It’s the 2nd high-stakes, well-known sports gambler to recently catch the eye of federal authorities.

Simply week that is last 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.

Clean Laundry

Since 1996, casinos have been required to abide by the Bank Secrecy Act (BSA), a federal legislation first passed in 1970 that demands banking institutions aid the government in detecting and money laundering that is preventing.

When somebody attempts to move $10,000 or more in a 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 Suspicious Activity Report must certanly be also completed.

Over the two years since casino cashiers were included under the BSA’s oversight, there’s been plenty of unfavorable headlines highlighting the industry’s shortcomings in monetary reporting. But that’s changed in recent years, and also the Financial Action Task Force has recently praised the gambling sector for its increased compliance.

Wynn and Westgate’s reporting generated Las Vegas Dave’s indictment, and while he is innocent until proven guilty, the tracking that is financial Sin City sportsbooks are severe about maintaining their very 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 former professionals of asset administration firm Aston Hill of insider trading in Amaya stock.

Ben Cheng, Aston Hill’s previous senior VP and national sales manager, is accused by the OSC, along with colleague John David Rothstein, of dealing in insider trading information relating to Amaya stock. (Image: Financial Post)

Ben Cheng, the business’s previous 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 particular many famous asset, PokerStars.

While the term ‚accused‘ in Canada generally seems to sometimes mean the equivalent of ‚charged‘ in the usa, there are several definitions, making the exact status of this case opaque.

It’s alleged that Cheng learned of the pending takeover at a gathering in April 2014, at which he finalized a non-disclosure agreement. 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 phrase

‚Cheng … suggested to Rothstein to inform other people, whom had lost money on certain other investments promoted by [Aston Hill], about the acquisition before it was announced,‘ the OSC said in its statement. ‚Rothstein understood that the objective of providing them with the material, undisclosed information would be to make up for these losses.‘

‚ Material information‘ is the fact that which can be perhaps not yet general public, but could impact a company’s share price if and whenever that information is ever released.

According to OSC transcripts, quickly after the meeting, Rothstein himself bought 700 shares in Amaya, offering them two times later for a $5,507 profit. Rothstein passed the given information onto Frank Soave, who was, during 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, former CEO of Aston Hill, made false or misleading statements during the span of the payment’s investigation.

Taking Stock

Amaya’s stock rose quickly in the weeks prior to the announcement of the takeover, suggesting something was going on behind the scenes. Rumors regarding the deal were reported into the gambling press a complete three months before it was 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 workplaces, seizing computer systems and documents. In March 2016, it charged the business’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 outcome, and has since offered the majority that is vast of stake in the industry. He is due to stand test for the charges, to which he has plead not liable, this coming November.

New Jersey On Line Casinos Saving Grace for Land-Based Resorts in Atlantic City

New Jersey online casinos are not considered an afterthought or sector that is diminutive of state’s gambling market, as internet gaming revenues are providing land-based partners substantial returns.

Spring has sprung on Atlantic City many thanks mainly to New Jersey on line 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 a more than 40 percent premium in the same month in 2016.

New Jersey’s Division of Gaming Enforcement (DGE) shows in its income report that online gaming is playing a role that is significant stabilizing Atlantic City. The remaining seven land-based casinos created $200.1 million in win month that is last meaning internet gambling web sites accounted for almost 11 per cent of nj’s total take.

The very fact that for every $10 a casino produced in New Jersey, over $1 came from its operations that are online is significant.

‚For the initial 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.

Seventh Heaven

Five gambling enterprises in Atlantic City have closed their doors since 2014, and also the remaining seven seems to be an ideal quantity. The land-based resorts additionally 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 nj’s current operators were up 9.3 percent for the month, and when the shuttered Trump Taj Mahal’s 2016 income is taken out of the equation, the revenue 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 actually started to develop the market and increase their profits. That is creating a complete large amount of good desire for Atlantic City.‘

Borgata 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 users, posted $31.8 million. That’s an almost 40 percent gain.

Five for the seven gambling enterprises all had positive months, with only Bally’s (-2.2) and Golden Nugget (-1.7) in the red. Bally’s is certainly one of two casinos that are land-based is not currently engaged in online gaming. The other is Harrah’s, but its parent company, Caesars, is heavily invested in internet casinos.

Poor Poker

One glaring number on the otherwise exciting DGE economic filing is internet poker. Peer-to-peer games, aka poker, were down 8.5 percent in March at on the web 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 growing season’s snowfall that is biggest. Though central and southern components of hawaii were sparred, Northern New Jersey received double-digit amounts that are snowfall closed schools and businesses.

Unfortunately for PokerStars, partypoker, and 888poker, few apparently went to 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 government that is korean received trillions from gambling over the past 15 years. Trillions of South won that is koreanSKW), that is, but it’s maybe not doing too badly in US dollars either.

An artist’s rendering of Paradise City, developed by Japanese pachinko operator Sega Sammy Holdings, which is scheduled to open later this month. The property, billed as South Korea’s very first integrated resort, is due to open later this thirty days. (Image: Sega Sammy Holdings)

Based on a study 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 us 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 per cent).

Tax revenue through the gambling industry more than doubled during the period, the corporation said, while profits increased about fourfold.

South Korea legalized casinos in 1967, once the country’s hotels were permitted, for the time that is first to offer casino games to foreign guests.

But inspite of the development of the casino sector over the past decade, Korean citizens continue to be banned from gambling in the country’s casinos.

Trouble Ahead?

The casino sector has witnessed an investment growth during the last few years, from developers who’ve backed South Korea as the next Macau, particularly while the latter was in the midst of its two-year downturn. The country’s first bona fide integrated resort, Paradise City, is due to open its doors this month in Incheon, near the capital Seoul.

However, developers were also gambling on the country amending its guidelines to allow South Korean nationals to take part in casino gaming, something which has failed to materialize now looks unlikely to happen in the near future. This, plus Macau’s resurgence, and the opening that is imminent of the Japanese market, are making investors think.

Malaysian casino giant Genting recently sold 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 name on other areas instead, namely Japan, and up to a lesser extent Singapore.

Political Tensions

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 in the term that is short.

David Bain, of Aegis Capital Corp, stated final thirty days that China’s ‚escalating financial retaliation‘ over the deployment, that was designed to send a message to South Korea’s truculent neighbors within the north, will benefit Macau’s casinos towards the detriment of South Korea’s.

‚Mainland Chinese travelers may check out Macau and other destinations being an alternative to South Korea,‘ noted Bain.

Leave a Reply

You must be logged in to post a comment.