27 Feb 2020

AMF Says Securities Fraud Probe Pre-Dates Amaya’s PokerStars Acquisition, Baazov Brother Implicated by Regulator

AMF Says Securities Fraud Probe Pre-Dates Amaya’s PokerStars Acquisition, Baazov Brother Implicated by Regulator

Josh Baazov, David Baazov’s elusive older brother, that is also a suspect in the AMF case against.

AMF, the Canadian financial regulator, yesterday executed search warrants against 13 new individuals suspected of alleged involvement in securities fraudulence Amaya that is concerning stock dating as far back as 2011, well before the company purchased PokerStars parent Oldford Group.

Among those is CEO David Baazov’s older brother, Ofer ‘Josh’ Baazov.

Before we’d had time to even fully digest the headlines that David Baazov was facing five criminal counts of insider trading, the AMF released its second bombshell associated with time.

The regulator alleges that the 13 named individuals ‘traded whilst in possession of privileged information, or they leaked privileged details about prospective mergers and acquisitions involving Amaya Inc.

‘In all,’ in all, it continued, ‘they are alleged to have realized a profit of close to CA$1.5 million ($1.13 million) between 2011 and 2016.’

This implies that the scope of the investigation predates the PokerStars acquisition and that AMF is probing previous instances of suspected insider trading in Amaya’s stock.

Amaya first went public on the TSX Venture Exchange in July, 2010, at $1 a share. Last year, it purchased both Chartwell Technology and Cryptologic, even though latter deal was perhaps not finalized until very early 2012.

Josh Baazov’s Questionable Past

In 1993, at the chronilogical age of 24, Ofer aka Josh Baazov served ninety days in prison for four counts of cocaine control. Years later, a court that is federal Ohio ruled that their telemarketing business had scammed senior residents into the Midwest out of thousands and thousands of bucks.

Baazov apparently lured them to take out expensive subscriptions in return for valuable gifts, except those gifts were never delivered, according to the court. The judge ordered Josh to pay $777,000 in restitutions to his victims at that point.

But Canada’s Globe and Mail news web site, which has covered the AMF investigation assiduously since the regulator first raided Amaya’s offices in 2014, recently discovered that Josh Baazov had not paid one cent towards the compensation order december.

Links to Amaya

Amaya has denied that Josh Baazov, whose brushes that are previous what the law states would preclude him from trying to get a video gaming license himself, has ever been an employee or a shareholder of this company.

But he was once described by a business that is former of both Baazovs, Albert Jan, as a ‘founder’ for the company, along with his brother David. Meanwhile, the Globe and Mail found instances that are numerous which Josh Baazov has represented Amaya’s interests in various capacities, returning as far as 2012.

Additionally named by the AMF is Craig Levett, a longstanding business partner of both Josh and David’s, who had been photographed with Josh Baazov on a holiday to your Dominican Republic in 2012 to market Amaya’s online casino items to casino officials.

Amaya is standing behind its CEO, whom states he will ‘vigorously contest’ the costs against him.

Philippines Casino Executive Charged with Cash Laundering in Ny Fed Reserve Bank Cyber Heist

Philippines casino scandal: Kim Wong, president of the Eastern that is philippines-based Hawaii, is charged with cash laundering vast amounts stolen in the Fed Bank cyber heist. (Image: newsinfo.inquirer.net)

A top-ranking Philippines casino professional is facing money laundering charges for his alleged part in February’s $80 million cyber heist regarding the Federal Reserve Bank of New York.

On 5, computer hackers flooded the Fed with requests to transfer almost $1 billion from an account used by the Bangladeshi Central Bank for international settlements into various accounts around the world february.

Only four of the requests were actually processed before the scheme had been recognized, plus some $81 million was transmitted into accounts at Filipino bank RCBC.

From there, $46 million was laundered through the minimally regulated Philippines casino industry, specifically via Bloomberry Resorts’ Solaire Resort and Casino in Manila, and the Eastern Hawaii Casino and Resort in the Cagayan Economic Zone.

Top Executives Implicated

This week, Filipino authorities filed criminal complaints against Eastern Hawaii Casino President Kim Wong, in addition to Chinese junket operator Weikang Xu. Wong is accused of withdrawing around $21.6 million of the funds from their personal and corporate accounts.

Meanwhile, Xu reportedly received $30 million in one for the RCBC records, of which he passed $29 million to Solaire.

Wong, that is comprehended to be ‘abroad,’ has said that he’s ‘ready and willing’ to the Philippines to offer their testimony.

‘It is our impression that some very powerful folks are afraid of what our customer will disclose, that is why a early instance had been filed against him,’ Wong’s lawyer Victor Fernandez said this week. ‘ They most likely think that filing the instance will deter our client from coming house and testifying before the Senate. They are incorrect,’ he stated.

But Philippines Senator Sergio Osmeña III believes that Wong is the ‘missing website link’ in the case.

‘There is an orchestrator right here, a mastermind, and right now, it appears like it’s Kim Wong,’ Osmeña told reporters. ‘But we need to give him the possibility and let him come right back from his journey abroad to testify before the committee.

‘He’s a big player in this,’ the senator added.

Calls for Reform

Additionally under scrutiny is RCBC manager Maia Santos-Deguito, whom allegedly neglected to stop payments coming from the ny bank, as well as in fact proceeded to accept the fund transfer to casinos, despite the stop payments notice from the Federal Reserve. Deguito claims that Wong individually asked her to start the RCBC accounts through which the money passed away, using names that are fictitious.

She also claimed although she later retracted this statement at a hearing of the Philippines Senate that she processed the transactions because her family had been threatened.

The scandal has increased calls for reforms to the united states’s banking and casino companies, which, unlike many elsewhere, are under little responsibility to report suspicious patterns, or deals more than a threshold that is certain in the title of client privacy.

Brand New Hampshire Gambling Bill Dead for 2016, State Opts alternatively to invest in War on Drugs

Once a famed horse racetrack, one state lawmaker was wanting to bring legal New Hampshire gambling towards the Rockingham Park site, however the bill failed this week. (Image: Samantha Goresh/Concord Monitor)

New Hampshire gambling proponents have actually once again destroyed their fight to create commercial casino-style gambling to the ‘Live Free or Die’ state. Though New Hampshire has state lottery and enables charitable games of chance, it’s certainly one of just seven states that doesn’t offer commercial, tribal, or racetrack gambling to residents.

On Thursday, the state Senate voted 13-11 to kill Sen. Lou D’Allesandro’s (D-District 20) attempt that is latest to legalize video lottery machines and table gaming. SB 551 could have licensed only 1 gambling that is single in the whole state, but a lot of D’Allesandro’s constituents still couldn’t get up to speed.

A longtime advocate of legalizing New Hampshire gambling, D’Allesandro might have had enough.

‘This is a work we have actually placed my heart and soul into for a long time,’ the lawmaker told the Concord Monitor newsprint. ‘I’m not going to accomplish this too numerous more times.’

Rockingham’s Storied Past

D’Allesandro has introduced gambling bills for many consecutive years, most of which have failed to gain the necessary support for passage.

SB 551 sought to return gambling to the Rockingham Park horse racetrack in Salem. First built in 1906, Rockingham has a history that is rich includes hosting the famed thoroughbred Seabiscuit though he never won a competition at the website.

Like a lot of other tracks across the nation, Rockingham fell on tough times following the 2008 economic recession and horse race ceased in ’09. Today, the track that is once famed races and hosts poker tournaments seven times a week, with proceeds benefiting local charities.

Charitable games are of course much less appealing to experienced players as a large percentage regarding the buy-in goes to charity rather than the pot.

Supporters of allowing Rockingham to enable non-charitable tables and video lottery games argue amending the present law would generate $100 million yearly in new revenues. Rockingham is indeed operating out of just what appears to be the perfect locale to attract a number of patrons as the track is just 30 miles north of Boston and 25 miles south of Manchester, New Hampshire’s city that is largest.

Rockingham now faces a fate all too common in today’s horse racing industry: closing.

‘I remember whenever 25,000 people a would come,’ d’allesandro said day. ‘We all want to spend cash but no one would like to raise it.’

War on Drugs

While lawmakers in New Hampshire did not budge on gambling, they did tackle a topic that is certainly much more dire. The Senate voted unanimously on Thursday to spend $5.1 million to fight the ongoing opioid epidemic.

This new Hampshire Department of Health and Human Services will collect $4.5 million to be utilized either to fund housing that is sober or increase spending on Governor Maggie Hassan’s (D) Commission on Alcohol and Drug Abuse Prevention, Treatment, and Recovery. The staying $500,000 and change are used to endow a recovery initiative that is peer-to-peer.

Warranted or perhaps not, the stigmas that can come with commercialized casinos might have impacted the close vote on bringing legalized gambling to New Hampshire.

Online Gambling Profit Speed Creates False Sense of Real Money Potential at Land-Based Casinos

After lower than a dozen spins, we scored a 16,375 win on a 750 credit wager, maybe a bit of proof that on the web gambling win rates are far higher than physical slot machines. (Image: hollywoodcasin.com)

Free online gambling slots and other various platforms come with much better odds than you will discover in a real brick-and-mortar casino. That shouldn’t come as a shock, as gambling organizations design the Internet offerings to entice gamblers that are new their real cash floors.

It seems harmless enough to offer those playing for enjoyable more opportunities of striking the jackpot, but in reality the higher it’s likely being accused of leading to a rise in gambling addiction.


‘When it comes to gambling, the easier a game is to understand the worse chances usually are,’ the Wizard of Odds website states. With slots, most of the player must do is merely press a key, and that tremendous ease and fast rate of play means ‘there is no quicker option to lose your money.’

While slots in a casino that is physical with the worst chances within the whole building, at online fun money gambling enterprises they’re slightly better and might create a false sense of genuine winning.

‘Social gaming raises concerns because there continues to be a risk of utilizing it compulsively,’ nationwide Council on Problem Gambling Executive Director Keith Whyte told the Boston Globe this week. ‘It’s the action of gambling that is addicting, maybe not the awards.’

Plainridge’s Plain Jane

The very first casino that is commercial in Massachusetts, the Plainridge Park Casino slot parlor opened its doorways final June. The facility, which accompanies the Plainridge harness-racing horse track, offers over 1,200 slot machines.

However, through its parent company Penn National Gaming, Plainridge now allows players across the country to play for fun on its Hollywood Casino online site. Critics have quickly pointed to the site’s superior odds compared to exactly what players will see on the Plainridge that is actual floor.

‘If the games look the exact same and sound the same, but the payback of one is much reduced, then that’s misleading,’ brand new York University professor and gambling addiction author Natasha Schull said.

Problem addiction and gambling is without question a stigma in the us and something deserving of a wider discussion. As gambling in the country has expanded on the last ten years, campaigns to curtail video gaming dependency have risen, however the shaming of addicts lingers.

Just this week, brand new Jersey’s Asbury Park Press noticed that the Tropicana Atlantic City website called problem gamblers degenerates.

‘Bet with your face, perhaps not over it. If you or someone you understand is a degenerate gambler and wants help, call 1-800-Gambler.’
Tropicana has since omitted the phrase.

Not Our Problem

Earlier this month, Casino.org reported on the proven fact that while March marks Problem Gambling Awareness Month, Plainridge still had not implemented its promised issue program that is gambling.

In accordance to its certification by Massachusetts, Plainridge must follow a responsible strategy to curb dependent gamblers. Penn National submitted a ‘play management’ program that will allow players to set restrictions and time restrictions, but the system has still not been incorporated into the slot machines.

Plainridge is underperforming in its very first year of procedure. The venue was anticipated to build $300-500 million in taxation income this but is on pace to collect under $200 million year.


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