‘Vegas Dave,’ the sports bettor whose name that is real David Oancea, is indicted on 19 federal charges that allege the gambler misused Social Security numbers in an effort to hide winnings through the United States government.
Sports bettor vegas Dave is facing 19 charges in a recently filed federal indictment that accuses him of criminally using false Social Security numbers.
In the indictment, Oancea is accused of providing Social safety numbers either not belonging to him, or simply just comprised, to casino sportsbooks. Authorities claim he used falsified Social protection identifications on nine occasions that are separate Wynn nevada and the Westgate SuperBook.
Social safety numbers’ primary purpose is always to help the government monitor citizens and residents’ income to determine welfare that is social upon retirement. But the identification that is nine-digit also have become vital tools for federal authorities in attempting to crackdown on cash 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 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, nevada 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 whenever his prediction came to fruition.
His handicapping website, itsvegasdave.com (which is still up) offers packages to bettors on MLB and Ultimate Fighting Championship. Oancea claims to own 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 is the 2nd high-stakes, well-known sports gambler to recently catch the eye of federal authorities.
Just week that is last Billy Walters, often labeled the most 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 exchange.
Since 1996, casinos have been required to follow the Bank Secrecy Act (BSA), a federal legislation first passed in 1970 that demands finance institutions aid the federal government in detecting and preventing money laundering.
When someone tries to move $10,000 or even more in a single 24-hour period, the BSA mandates that a Currency Transaction Report be filed. If the institution suspects any criminal conduct associated to the activity, a dubious Activity Report must be furthermore completed.
Over the two years since casino cashiers were included under the BSA’s oversight, there is plenty of unfavorable headlines highlighting the industry’s shortcomings in economic reporting. But that’s changed in the last few years, and the Financial Action Task Force has 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 economic monitoring shows Sin City sportsbooks are serious about keeping their particular 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 executives of asset administration 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 with colleague John David Rothstein, of working 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 nationwide product 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 as well as its many famous asset, PokerStars.
While the term ‘accused’ in Canada seems to sometimes mean roughly the same as ‘charged’ in the US, there are many definitions, making the exact status of this case opaque.
It is alleged that Cheng discovered of the pending takeover at a gathering 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 offer and told him to spread the phrase among other Aston Hill customers.
Distributing your message
‘Cheng … advised to Rothstein to inform other people, whom had lost cash on certain other assets promoted by [Aston Hill], concerning the acquisition before it had been established,’ the OSC said in its declaration. ‘Rothstein understood that the goal of supplying these 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, offering them two days 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 course of the commission’s research.
Amaya’s stock rose quickly in the months just before the announcement of this takeover, suggesting something was going on behind the scenes. Rumors for the deal had been 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 shot up by nearly 14 percent.
In December 2014, the OSC’s Quebec counterpart, AMF, raided Amaya’s workplaces, seizing computers and paperwork. In March 2016, it charged the business’s creator, major shareholder, CEO and chairman, David Baazov, with five counts of securities fraud.
Baazov was forced to resigned from his executive functions at Amaya being a result, and has since sold the vast majority of his stake in the industry. He’s due to face test for the charges, to which he has plead not liable, this coming November.
New Jersey On The Web 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 significant returns.
Spring has sprung on Atlantic City thanks largely to New Jersey online casinos. (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 regarding 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 casinos produced $200.1 million in win last month, meaning internet gambling sites accounted for almost 11 percent of nj’s total take.
The very fact that for every $10 a casino built in New Jersey, over $1 came from its online operations, is significant.
‘For 1st 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, and the remaining seven seems to be a number that is ideal. The land-based resorts additionally experienced A march that is strong to not 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, 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 started to grow the market and increase their profits. That is producing lot of good desire for Atlantic City.’
Borgata yet again led the real way with $59.9 million, an 11.5 percent increase for the Marina District resort. Tropicana, which continues to reap the benefits of being the Taj Mahal’s designated reciprocal for previous rewards members, posted $31.8 million. That’s an almost 40 % gain.
Five regarding the seven casinos all had positive months, with only Bally’s (-2.2) and Golden Nugget (-1.7) at a negative balance. 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 heavily purchased internet casinos.
One glaring number on the otherwise exciting DGE financial filing is internet poker. Peer-to-peer games, aka poker, were down 8.5 percent in March at online 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 biggest snowfall. Though central and southern parts of the state were sparred, Northern nj-new Jersey received double-digit amounts that are snowfall closed schools and companies.
Unfortunately for PokerStars, partypoker, and 888poker, few apparently went to their computer systems and devices that are mobile 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 government has earned trillions from gambling in the last 15 years. Trillions of South Korean won (SKW), that is, but it’s 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 month. The property, billed as South Korea’s first built-in 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 nation’s gambling industry has paid $54.56 billion (62.5 trillion SKW) to the federal government during that duration.
Horse racing has brought within the lion’s share, some 37.5 percent, followed by the lottery (25.4 per cent) and gambling enterprises (12.3 percent).
Tax revenue from the gambling industry more than doubled during the period, the organization said, while profits increased about fourfold.
South Korea legalized casinos in 1967, as soon as the country’s hotels were permitted, for the time that is first to provide casino games to international guests.
But regardless of the development of the casino sector over the past decade, Korean citizens are still banned from gambling in the country’s casinos.
The casino sector has witnessed an investment growth during the last few years, from developers that have backed South Korea since the Macau that is next even though the latter was in the midst of its two-year downturn. The country’s first bona fide 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 legislation to allow South Korean nationals to take part in casino gaming, a thing that has failed to materialize now appears unlikely to happen in the near future. This, plus Macau’s resurgence, and the imminent opening of the Japanese market, are making investors think hard.
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 wishes to focus its brand name on other areas instead, namely Japan, and up to a lower extent Singapore.
Meanwhile the political tension between Asia and South Korea over the deployment of a US missile system on South Korean territory could further harm the sector, at the very least in the term that is short.
David Bain, of Aegis Capital Corp, said month that is last China’s ‘escalating financial retaliation’ within the deployment, which was designed to send a message to South Korea’s truculent neighbors within the north, will benefit Macau’s casinos to your detriment of South Korea’s.
‘Mainland Chinese travelers may turn to Macau and other destinations as an alternative to South Korea,’ noted Bain.