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, who’s 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 for you to even fully digest the headlines that David Baazov was facing five criminal counts of insider trading, the AMF released its second bombshell regarding the day.

The regulator alleges that the 13 named individuals ‘traded whilst in possession of privileged information, or they leaked information that is privileged 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. In 2011, it purchased both Chartwell Technology and Cryptologic, even though second deal was not finalized until very early 2012.

Josh Baazov’s Questionable Past

In 1993, at the chronilogical age of 24, Ofer aka Josh Baazov served 90 days in prison for four counts of cocaine control. Many years later on, a federal court in Ohio ruled that their telemarketing company had scammed senior residents in the Midwest out of thousands and thousands of dollars.

Baazov reportedly lured them to just take out subscriptions that are expensive 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 December 2014, recently discovered that Josh Baazov had not paid one cent towards the compensation purchase.

Links to Amaya

Amaya has rejected that Josh Baazov, whose previous brushes with the law would preclude him from applying for a video gaming license himself, has ever been an employee or a shareholder associated with the company.

But he was once described by a previous business partner of both Baazovs, Albert Jan, as a ‘founder’ associated with the company, together with his brother David. Meanwhile, the world and Mail found many instances in which Josh Baazov has represented Amaya’s interests in various capacities, heading back so far as 2012.

Additionally named by the AMF is Craig Levett, a business that is longstanding of both Josh and David’s, who was simply photographed with Josh Baazov on a holiday towards the Dominican Republic in 2012 to advertise Amaya’s online casino products to casino officials.

Amaya is standing behind its CEO, whom claims 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 this Philippines-based Eastern Hawaii Casino, is faced with money laundering huge amount of money stolen in the Fed Bank cyber heist. (Image:

A top-ranking Philippines casino executive is facing money laundering charges for their 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 ended up being recognized, and some $81 million ended up being moved 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, while the Eastern Hawaii Casino and Resort in the Cagayan Economic Zone.

Top Executives Implicated

This week, Filipino authorities filed complaints that are criminal Eastern Hawaii Casino President Kim Wong, also Chinese junket operator Weikang Xu. Wong is accused of withdrawing around $21.6 million of the funds from his personal and accounts that are corporate.

Meanwhile, Xu apparently received $30 million from a single associated with RCBC accounts, of which he passed $29 million to Solaire.

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

‘It is our impression that some very powerful folks are afraid of what our client will disclose, that is why a case that is premature filed against him,’ Wong’s lawyer Victor Fernandez said this week. ‘ They probably think that filing the full situation will deter our client from coming house and testifying before the Senate. They’re incorrect,’ he stated.

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

‘There is an orchestrator here, a mastermind, and right now, it looks want wheres the gold pokies it’s Kim Wong,’ Osmeña told reporters. ‘But we need to give him an opportunity and let him come back from his journey abroad to testify prior to the committee.

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

Calls for Reform

Additionally under scrutiny is RCBC manager Maia Santos-Deguito, whom allegedly didn’t stop payments coming from the nyc bank, plus in fact proceeded to accept the fund transfer to casinos, despite the stop payments notice from the Federal Reserve. Deguito claims that Wong actually asked her to start the RCBC accounts through which the amount of money passed, making use of names that are fictitious.

She additionally advertised that she processed the transactions because her family had been threatened, although she later retracted this declaration at a hearing of the Philippines Senate.

The scandal has increased calls for reforms to the united states’s banking and casino industries, which, unlike many elsewhere, are under little obligation to report suspicious patterns, or deals over a threshold that is certain in the name of consumer privacy.

Brand New Hampshire Gambling Bill Dead for 2016, State Opts Instead to finance War on Drugs

Once a horse that is famed, one state lawmaker was wanting to bring legal brand New Hampshire gambling to 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 bring casino-style that is commercial to the ‘Live Free or Die’ state. Though New Hampshire has state lottery and allows charitable games of chance, it’s certainly one of just seven states that does not 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 would have licensed only 1 single gambling location in the whole state, but a lot of D’Allesandro’s constituents nevertheless could not get on board.

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

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

Rockingham’s Storied Past

D’Allesandro has introduced gambling bills for many consecutive years, all of which have actually failed to achieve the support that is necessary 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 many other tracks across the nation, Rockingham fell on a down economy following the 2008 economic recession and horse racing ceased in ’09. Today, the when famed track simulcasts 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 being a percentage that is large of buy-in goes to charity as opposed to the pot.

Supporters of allowing Rockingham to allow non-charitable tables and video lottery games argue amending the law that is current generate $100 million annually in new revenues. Rockingham is definitely operating out of just what appears become 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 day would come,’ d’allesandro said. ‘We all wish 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 subject that is indeed much more dire. The Senate voted unanimously on Thursday to spend $5.1 million to fight the ongoing opioid epidemic.

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

Warranted or otherwise 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 Cash Potential at Land-Based Casinos

After not as much as a dozen spins, we scored a 16,375 win on a 750 credit bet, perhaps a bit of proof that on the web gambling win prices are far greater than physical slot machines. (Image:

Free online gambling slots and other various platforms have much better odds than you’ll find in a brick-and-mortar casino that is actual. Which shouldn’t come as a shock, as gambling businesses design the Internet offerings to entice gamblers that are new their real money floors.

It seems harmless enough to provide those playing for fun more possibilities of striking the jackpot, but in fact the higher it’s likely that being accused of leading to an increase in gambling addiction.

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

While slots in a physical casino come with the worst chances in the entire building, at online fun money gambling enterprises they’re slightly better and might create a false feeling of genuine winning.

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

Plainridge’s Plain Jane

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

Nevertheless, through its parent business Penn National Gaming, Plainridge now allows players across the country to play for fun on its Hollywood Casino on line site. Critics have quickly pointed to the site’s superior chances compared to exactly what players will see on the real Plainridge floor.

‘then that’s misleading,’ New York University professor and gambling addiction author Natasha Schull said if the games look the same and sound the same, but the payback of one is much lower.

Problem addiction and gambling is without question a stigma in america and something deserving of a wider discussion. As gambling in the nation has expanded within the decade that is last campaigns to curtail gaming dependency have risen, however the shaming of addicts lingers.

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

‘Bet with the head, perhaps not over it. You know is a degenerate gambler and wants help, call 1-800-Gambler.’
Tropicana has since omitted the phrase.

Not Our Problem

Earlier this month, reported on the undeniable fact that while March marks Problem Gambling Awareness Month, Plainridge still hadn’t implemented its promised issue program that is gambling.

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

Plainridge is underperforming in its very first 12 months of procedure. The venue had been anticipated to come up with $300-500 million in tax income this but is on pace to collect under $200 million year.