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 attempt to hide winnings from the United States federal government.
Sports bettor Las vegas, nevada Dave is facing 19 costs 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 Security numbers either not belonging to him, or simply just composed, to casino sportsbooks. Authorities claim he utilized falsified Social Security identifications on nine occasions that are separate Wynn nevada as well as the Westgate SuperBook.
Social Security numbers’ primary purpose is to help the US government monitor citizens and residents’ earnings to determine social welfare benefits upon retirement. But the nine-digit identification figures 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 fraudulent use of Social Security identities aided him cover up, at least temporarily, $881,600 in winnings from the Internal Revenue Service (IRS).
At the very least on top, Oancea doesn’t seem too concerned because of the indictment. He posted an image to night that is twitter last him at a Texas Rangers baseball game.
Winning Streak Ends
Oancea is perhaps one of the most effective sports gamblers and handicappers in Las vegas, nevada in recent years.
His 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 chances paid him $2.5 million when his forecast 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 have 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 could have come to an end. It’s the second high-stakes, well-known sports gambler to recently catch the attention of federal authorities.
Just last week, Billy Walters, often labeled the most successful sports bettor in Las Vegas history, was convicted in a Manhattan federal courtroom on allegations of using 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 financial institutions aid the federal government in detecting and preventing money laundering.
When someone attempts to move $10,000 or more within a 24-hour period, the BSA mandates that a Currency Transaction Report be filed. A suspicious Activity Report must be additionally completed if the institution suspects any criminal conduct related to the activity.
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 financial reporting. But that is changed in the past few years, and 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’s innocent until proven guilty, the economic tracking shows Sin City sportsbooks are serious about keeping 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 executives 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 working in insider trading information relating to Amaya stock. (Image: Financial Post)
Ben Cheng, the organization’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 and its own many famous asset, PokerStars.
Although the term ‘accused’ in Canada generally seems to often mean the equivalent of ‘charged’ in the US, there are many definitions, making the exact status of this case opaque.
It is alleged that Cheng learned of the pending takeover at a meeting 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.
Distributing the phrase
‘Cheng … suggested to Rothstein to inform other people, who had lost cash on certain other assets promoted by [Aston Hill], about the acquisition before it was established,’ the OSC said in its statement. ‘Rothstein understood that the objective of providing these with the material, undisclosed information was to make up for these losings.’
‘ 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 stocks in Amaya, offering them two times later for a $5,507 profit. Rothstein passed the 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 Inventory
Amaya’s stock rose quickly in the weeks just before the announcement for the takeover, suggesting something was going on behind the scenes. Rumors of the deal were reported into the gambling press a complete three weeks before it had been publicly established. 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 computers and documentation. In March 2016, it charged the organization’s creator, 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 outcome, and has since sold the majority that is vast of stake in the industry. 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 more 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 largely to New Jersey on the web casinos. (Image: New Jersey 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 on the same thirty days in 2016.
New Jersey’s Division of Gaming Enforcement (DGE) shows in its revenue report that online gaming is playing a significant role in stabilizing Atlantic City. The residual seven land-based gambling enterprises produced $200.1 million in win month that is last meaning internet gambling web sites accounted for nearly 11 percent of New Jersey’s total take.
The fact that for every $10 a casino produced in New Jersey, over $1 came from its operations that are online is certainly significant.
‘For the very first 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.
Seventh Heaven
Five casinos in Atlantic City have closed their doorways since 2014, therefore the staying seven is apparently 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 the strong revenues that are online New Jersey’s current operators were up 9.3 percent for the thirty days, so when the shuttered Trump Taj Mahal’s 2016 income is removed from the equation, the profit jumps 17 percent.
‘ Every should be as good as March,’ New Jersey Casino Control Commission Chairman Matthew Levinson explained lucky 88 slot machine game free download month. ‘It’s clear that casinos have actually started to develop the market and increase their profits. That is creating large amount of positive fascination with Atlantic City.’
Borgata 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 former rewards people, posted $31.8 million. That’s an almost 40 percent gain.
Five associated with the seven casinos all had positive months, with only Bally’s (-2.2) and Golden Nugget (-1.7) in debt. Bally’s is one of two land-based gambling enterprises that isn’t currently involved 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, 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 season’s snowfall that is biggest. Though central and southern components of the state were sparred, Northern nj-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 mobile devices to 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 government that is korean made trillions from gambling within the last 15 years. Trillions of South won that is koreanSKW), that is, but it is perhaps not doing too badly in US dollars either.
An musician’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 very first built-in resort, is due to open later this thirty days. (Image: Sega Sammy Holdings)
Based on a written report published this by the Korea Taxpayer Association, the country’s gambling industry has paid $54.56 billion (62.5 trillion SKW) to the government during that period week.
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 from the gambling industry more than doubled during the period, the corporation stated, while profits 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 regardless of the growth of the casino sector over the past decade, Korean citizens are still barred from gambling in the united kingdom’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 Macau that is next while 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, close to the capital Seoul.
However, developers were also gambling on the united states amending its rules to permit South Korean nationals to take part in casino video gaming, something that has failed to materialize and now appears unlikely to occur in the future that is near. This, plus Macau’s resurgence, and the opening that is imminent of the Japanese market, are making investors think twice.
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 on other areas instead, namely Japan, and to a reduced extent Singapore.
Political Tensions
Meanwhile the political stress between Asia 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 short term.
David Bain, of Aegis Capital Corp, said month that is last China’s ‘escalating economic retaliation’ within the deployment, that was designed to send a message to Southern Korea’s truculent neighbors within the north, will gain 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.
