Infamous Sports Bettor ‘Vegas Dave’ Indicted on Federal Charges

Infamous Sports Bettor ‘Vegas Dave’ Indicted on Federal Charges

‘Vegas Dave,’ the sports bettor whose real name is David Oancea, was indicted on 19 federal charges that allege the gambler misused Social Security numbers in an endeavor 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 using false Social Security numbers.

In the indictment, Oancea is accused of providing Social protection numbers either not belonging to him, or simply made up, to casino sportsbooks. Authorities claim he utilized falsified Social protection identifications on nine occasions that are separate Wynn nevada and also the Westgate SuperBook.

Personal safety figures’ primary purpose is to help the federal 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 attempting to crackdown on money laundering and tax evasion enterprises.

Law enforcement states Las Vegas Dave’s alleged fraudulent use of Social Security identities helped him cover up, at least temporarily, $881,600 in winnings from the irs (IRS).

At the 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 more effective sports gamblers and handicappers in Las Vegas in recent years.

Their stock skyrocketed in 2015, as he correctly predicted in week among the Major League Baseball season that the Kansas City Royals would win that year’s World Series. His bet at 30-1 odds paid him $2.5 million when his forecast stumbled on fruition.

Their handicapping website, (which is 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 have come to an end. Oahu is the high-stakes that are second well-known sports gambler to recently get the eye of federal authorities.

Simply week that is last Billy Walters, often labeled probably the 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 follow the Bank Secrecy Act (BSA), a federal legislation first passed in 1970 that demands finance institutions aid the government in detecting and money laundering that is preventing.

When somebody attempts to move $10,000 or maybe more within a period that is 24-hour the BSA mandates that a Currency Transaction Report be filed. In the event that institution suspects any criminal conduct related to the activity, a dubious Activity Report needs to be additionally completed.

Over the 2 decades since casino cashiers were included under the BSA’s oversight, there’s been lots of unfavorable headlines highlighting the industry’s shortcomings in monetary reporting. But that’s changed in recent years, plus 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’s innocent until proven guilty, the financial tracking shows Sin City sportsbooks are serious 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 former professionals 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 working in insider trading information relating to Amaya stock. (Image: Financial Post)

Ben Cheng, the company’s previous president and chief investment officer at the time, and John David Rothstein, its ex-senior VP and national 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 particular many famous asset, PokerStars.

Whilst the term ‘accused’ in Canada generally seems to sometimes mean the equivalent of ‘charged’ in the usa, there are many definitions, making the precise status of this case opaque.

It is alleged that Cheng learned of the pending takeover at a meeting in April 2014, at which he finalized a non-disclosure agreement. But on June 11, 2014, the day before the purchase was made public, the OSC alleges that Cheng tipped off Rothstein about the deal and told him to spread the term among other Aston Hill customers.

Distributing the phrase

‘Cheng … advised to Rothstein to inform others, who had lost money on certain other investments promoted by [Aston Hill], in regards to the acquisition before it absolutely was established,’ the OSC said in its statement. ‘Rothstein understood that the objective of supplying all of them with the material, undisclosed information would be to replace 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, quickly after the meeting, Rothstein himself bought 700 stocks in Amaya, attempting to sell 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, previous CEO of Aston Hill, made false or misleading statements during the course of the commission’s investigation.

Taking Stock

Amaya’s stock rose quickly in the months ahead of the announcement of this takeover, suggesting something was going on behind the scenes. Rumors associated with the deal had been reported in the gambling press a 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 per cent.

In December 2014, the OSC’s Quebec counterpart, AMF, raided Amaya’s workplaces, seizing computer systems and documentation. 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 roles at Amaya as a result, and has since sold the great majority of his 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 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 thanks mainly to New Jersey on the web gambling enterprises. (Image: Nj Casino Reinvestment Development Authority)

March marked the sector’s best thirty days 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 revenue report that online gaming is playing a role that is significant stabilizing Atlantic City. The residual seven land-based gambling enterprises generated $200.1 million in win month that is last meaning internet gambling web sites accounted for almost 11 per cent of nj-new jersey’s total take.

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

‘For the initial three months of 2017, internet gaming revenue is up 32 percent. The industry that is online on rate for another record year,’ DGE Director David Rebuck told theAssociated Press.

Seventh Heaven

Five gambling enterprises in Atlantic City have closed their doorways since 2014, therefore the remaining seven seems to be a number that is ideal. The land-based resorts also experienced A march that is strong never 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 online revenues, New Jersey’s current operators were up 9.3 percent for the month, when the shuttered Trump Taj Mahal’s 2016 income is removed from the equation, the revenue 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 started to develop the market and increase their earnings. That is creating a complete large amount of positive 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 benefit from being the Taj Mahal’s designated reciprocal for previous rewards members, posted $31.8 million. That’s an almost 40 percent gain.

Five for the seven gambling enterprises all had months that are positive with only Bally’s (-2.2) and Golden Nugget (-1.7) in debt. Bally’s lucky 88 slot free play is one of two casinos that are land-based isn’t currently engaged in online gaming. The other is Harrah’s, but its parent company, Caesars, is greatly invested in internet casinos.

Poor Poker

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.

Though on-line poker is up 2.4 per cent through the first 90 days of the entire year, the card game continues to disappoint in the three states where it’s legitimately managed.

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 nj-new Jersey received double-digit snowfall amounts that closed schools and organizations.

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 government that is korean attained trillions from gambling in the last 15 years. Trillions of South won that is koreanSKW), that is, but it is 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 very first built-in resort, is due to open later this month. (Image: Sega Sammy Holdings)

In accordance with a written report published this week by the Korea Taxpayer Association, the country’s gambling industry has paid $54.56 billion (62.5 trillion SKW) to the us government during that period.

Horse racing has brought within the lion’s share, some 37.5 percent, followed by the lottery (25.4 per cent) and casinos (12.3 %).

Tax revenue from the gambling industry more than doubled during the period, the business stated, while earnings increased about fourfold.

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

But inspite of the development of the casino sector over the decade that is past Korean citizens continue to be barred from gambling in the nation’s casinos.

Trouble Ahead?

The casino sector has witnessed a good investment boom during the last few years, from developers who possess backed South Korea whilst the next Macau, particularly even though the latter was at 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 regulations allowing South Korean nationals to take part in casino gaming, something that has failed to materialize and now looks unlikely to take place in the near future. This, plus Macau’s resurgence, and the opening that is imminent of the Japanese market, have made 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 to a lesser extent Singapore.

Political Tensions

Meanwhile the political tension between China and South Korea over the implementation of a US missile system on South Korean territory could further harm the sector, at least into the term that is short.

David Bain, of Aegis Capital Corp, stated month that is last China’s ‘escalating financial retaliation’ over the deployment, that was designed to send a message to Southern Korea’s truculent neighbors in the north, will gain 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.

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