Infamous Sports Bettor ‘Vegas Dave’ Indicted on Federal Charges

‘Vegas Dave,’ the sports bettor whose real name is David Oancea, is 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 charges in a recently filed indictment that is federal accuses him of criminally using false Social Security numbers.
In the indictment, Oancea is accused of supplying Social safety figures either not belonging to him, or simply just comprised, to casino sportsbooks. Authorities claim he utilized falsified Social protection identifications on nine split occasions at Wynn Las Vegas therefore the Westgate SuperBook.
Personal Security figures’ primary purpose would be to help the federal government monitor citizens and residents’ earnings to determine welfare that is social upon retirement. But the nine-digit identification numbers have also become vital tools for federal authorities in wanting to crackdown on money laundering and tax evasion enterprises.
Law enforcement states Las Vegas Dave’s alleged use that is fraudulent of Security identities helped him cover up, at least temporarily, $881,600 in winnings through the irs (IRS).
At the least at first glance, Oancea doesn’t seem too concerned with all 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 nevada in current years.
Their stock skyrocketed in 2015, as he correctly predicted in week one of many 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 whenever his forecast came to fruition.
His handicapping website, itsvegasdave.com (that will be 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 wagering consulting services.
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 second high-stakes, well-known sports gambler to recently get the attention of federal authorities.
Just last week, Billy Walters, often labeled probably 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.
Clean Laundry
Since 1996, casinos have been required to follow the Bank Secrecy Act (BSA), a federal law first passed in 1970 that demands financial institutions aid the federal government in detecting and preventing money laundering.
When somebody tries to move $10,000 or higher in a single period that is 24-hour 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 decades since casino cashiers were included under the BSA’s oversight, there is lots of unfavorable headlines showcasing the industry’s shortcomings in monetary reporting. But that is changed in the past few years, and also 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’s innocent until proven guilty, the tracking that is financial Sin City sportsbooks are severe about keeping their 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 executives of asset management 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 side colleague John David Rothstein, of working in insider trading information relating to Amaya stock. (Image: Financial Post)
Ben Cheng, the organization’s former president and investment that is chief at the time, and John David Rothstein, its ex-senior VP and nationwide sales manager, are alleged to have profited from the trades in 2014, while allegedly being celebration to non-public information relating to Amaya’s takeover of the Olford Group and its own many famous asset, PokerStars.
Whilst the term ‘accused’ in Canada seems to often mean the equivalent of ‘charged’ in america, 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, at which he signed a non-disclosure agreement. But on June 11, 2014, the day prior to the purchase was made public, the OSC alleges that Cheng tipped off Rothstein about the offer and told him to spread the term among other Aston Hill customers.
Distributing your message
‘Cheng … suggested to Rothstein to inform others, whom had lost cash on specific other opportunities promoted by [Aston Hill], about the purchase before it had been announced,’ the OSC said in its statement. ‘Rothstein understood that the objective of providing 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, quickly after the meeting, Rothstein himself bought 700 stocks in Amaya, offering them two days 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, previous CEO of Aston Hill, made false or misleading statements during the span of the commission’s research.
Taking Stock
Amaya’s stock rose quickly in the months just before the announcement of the takeover, suggesting something was happening behind the scenes. Rumors of the deal had been reported into the gambling press a complete three weeks before it was publicly established. On the Friday before these rumors were first publicized in the press, stock lucky 88 slot machine free download shot up by nearly 14 %.
In December 2014, the OSC’s Quebec counterpart, AMF, raided Amaya’s workplaces, seizing computers and paperwork. In March 2016, it charged the company’s founder, major shareholder, CEO and chairman, David Baazov, with five counts of securities fraud.
Baazov was forced to resigned from his executive roles at Amaya as a result, and has since offered the great majority of his stake in the commercial. November he is due to stand trial for the charges, to which he has plead not guilty, this coming.
New Jersey Online Casinos Saving Grace for Land-Based Resorts in Atlantic City
New Jersey are not any 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 on line casinos. (Image: 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 far 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 generated $200.1 million in win last month, meaning internet gambling web sites accounted for almost 11 per cent of New Jersey’s total take.
The actual fact that for every ten dollars a casino built in New Jersey, over $1 came from its operations that are online is obviously significant.
‘For 1st 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 doors since 2014, as well as 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 gain that is year-over-year. Combined with strong revenues that are online nj-new jersey’s current operators were up 9.3 percent for the month, 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 month. ‘It’s clear that casinos have actually started to grow the market and increase their earnings. That is creating a complete lot of positive desire for Atlantic City.’
Borgata once again led the 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 people, posted $31.8 million. That’s an almost 40 percent gain.
Five of this seven gambling enterprises all had positive months, with only Bally’s (-2.2) and Golden Nugget (-1.7) in debt. Bally’s is certainly one of two land-based casinos that is not 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.
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 biggest snowfall. Though central and southern parts of the state were sparred, Northern New Jersey received double-digit amounts that are snowfall closed schools and organizations.
Unfortunately for PokerStars, partypoker, and 888poker, few apparently went with their computer systems 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 gained trillions from gambling within 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 integrated resort, is due to open later this month. (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 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 organization said, while earnings increased about fourfold.
South Korea legalized casinos in 1967, when the country’s hotels had been permitted, for the time that is first to provide casino games to international guests.
But regardless of the growth of the casino sector over the past decade, Korean citizens continue to be barred from gambling in the united states’s casinos.
Trouble Ahead?
The casino sector has witnessed a good investment boom over the last few years, from developers who have backed South Korea since the Macau that is next while 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, close to the capital Seoul.
However, developers were also gambling on the country amending its laws and regulations to permit South Korean nationals to engage in casino video gaming, something that has failed to materialize and now appears 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 desires to focus its brand name on other areas instead, namely Japan, and to a reduced extent Singapore.
Political Tensions
Meanwhile the political tension between China and South Korea over the deployment of a US missile system on South Korean territory could further harm the sector, at least within the term that is short.
David Bain, of Aegis Capital Corp, stated final month that China’s ‘escalating financial retaliation’ throughout the deployment, that was designed to send a message to South Korea’s truculent neighbors within the north, will benefit Macau’s casinos to the detriment of South Korea’s.
‘Mainland Chinese travelers may check out Macau and other destinations being an alternative to South Korea,’ noted Bain.