Poker Professional Bill Jordanou Stuns Australia with Alleged Bank Fraud

The poker world is stunned by news of a so-called $70-million bank fraud scandal and possible Ponzi scheme as well involving pro Bill Jordanou.

What would make a successful poker pro danger every thing by getting involved with a massive, multimillion dollar bank fraud and Ponzi scheme plot? That’s the question many are now asking regarding Australian poker pro Bill Jordanou, whom is under investigation by Victoria authorities for his alleged role in a bank fraudulence that proceeded for years, in accordance with reports.

While details on the reported Ponzi scheme are sparse, the $70 million bank fraud procedure was reportedly carried away with Jordanou’s business partner, Robert Zaia, 45. The 2 presumably ensnared Zaia’s wealthy clients, via his accountancy company Zaia Arthur & Associates, huuuge withdrawal times into an undetailed Ponzi scheme, while simultaneously bank that is forging to secure loans, from time to time in Zaia’s customers’ names, that they then comingled with home and development loans they also received from the bank, for projects that either never existed or were never ever started.

Bank Holds Victims Hostage

But the caper gets even crazier from right here. The bank used for all these transactions was Australia’s largest: Commonwealth Bank. That bank has become keeping Zaia’s allegedly clients that are scammed over the loans guaranteed within their names, without their permission. One of these former clients, Rita Klapanis, says Commonwealth served her with a $6 million demand note, even though she just heard about the loan’s existence when contacted by Commonwealth for payment, and quickly contacted the authorities.

Undeterred, apparently, by the logic right here, Commonwealth is still going after Ms. Klapanis’ Toorak property, and also charging her interest that is ongoing on loan at the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she’s not accountable for the loan fraudulently obtained, without her authorization, inside her title. Her family that is wealthy had certainly one of Zaia Arthur & Associates’ financial consumers.

Once more, there are not any information on the reported Ponzi scheme, or how much any consumers were supposedly defrauded or what was promised; only that 20 such well-to-do customers were involved.

Also called into the Supreme Court affidavit are an additional eight alleged victims of the accounting firm, which Ms. Klapanis is now suing for damages in what is called a ‘conspiracy’ in case. Other victims are expected to follow suit shortly with legal action.

Bank Didn’t Check Loan Forms

And the tentacles of the octopus that is financial on coming; home developer who claims to possess lost millions is now accusing Commonwealth of gross negligence.

‘The bank did not check the validity of tax returns or whether they had been filed, they did not check work representations which were made, they did not undertake valuations on the properties to be guaranteed. They accepted anything completed in the loan application without question,’ the attorney for the developer stated.

If perhaps those bankers could be got by us working for the IRS.

Commonwealth, not surprisingly, isn’t saying an expressed word about any from it. But it is not the very first time their ethics have actually come under scrutiny; earlier in the day this season, it had been reported that the financial institution had covered up major misconduct from within its very own monetary preparation division, which allegedly put thousands of clients’ savings at danger.

The Securities that is australian and Commission (ASIC) subsequently banned seven for the bank’s monetary planners, and forced Commonwealth to pay out tens of millions in damages to your victims.

So when if that weren’t enough water that is hot maintain, it now appears Commonwealth brought in a global security firm, whose job it would be to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, too as several other politicians ( not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we have to here amuse ourselves sometimes). The spying that is secret National Senator from New South Wales John Williams, whom is involved in a Senate inquiry into the ASIC’s very own conduct after bringing the Commonwealth scandal to light.

Good lord, all we need are Anthony and Cleopatra to make this any more dramatic.

Jordanou has made 15 career poker tournament cashes, including 3rd that is taking $300,000 in the 2010 Aussie Millions $100,000 Challenge in Melbourne.

The two-year investigation is expected to be finished by the end of the year.


Named for early 20th century scammer Charles Ponzi, these schemes actually first started long before he lent his notorious name to them. The aim of these economic scams is for the perpetrator to collect vast sums of cash based on insanely ambitious promises of riches towards the ‘investors,’ after which the instigator takes off, with everybody’s profit tow.

Typically, Ponzi schemes include several predictable elements. The initial is a far-above-average promised rate of return on investments, with a apparently plausible explanation of how these rates will be achieved; usually, the scammer will say they either have insider information, or are involved in an elite investment opportunity perhaps not ready to accept the public.

Next, the perp makes certain that a number of the initial investors do certainly have the promised returns, to create buzz and credibility, and obviously to bring in yet more investors, who are needed to help make the scheme profitable to its creator. Nonetheless, subsequent investors will never be therefore lucky, and are typically left completely cleaned out if they not only receive no returns, but lose all their initial investment as well.

Bernie Madoff, of course, is the absolute most infamous Ponzi schemer in history. After defrauding every person from elite nonprofit organizations to a-listers to banking institutions out of more than $50 billion over the course of decades, he is now serving what’s tantamount to a life phrase. His ripoffs left lots of his investors penniless, including countless elderly people.

Whether an actual ponzi scheme was allegedly committed by Jordanou and Zaia is maybe not entirely clear from the reports released so far; but if a scheme was indeed perpetrated on Zaia’s rich accounting clients, it most likely left a monetary Cat 5 hurricane in its wake.

Very Superstitious: Scientists Say Myth for the Lucky Gambler Lives On

Do superstitions and talismans affect a gambler really’s luck? Or perhaps is at all in your head? (Image source:

‘Very superstitious, writing’s in the wall/Very superstitious, ladders bout’ to fall/Thirteen-month- old baby broke the lookin’ glass/Seven years of bad luck, the great things in your past/ whenever you believe in things that you don’t understand/Then you suffer/Superstition ain’t the means’ Stevie Wonder, ‘Superstition’ EMI Music Publishing

Ryan Riess Believed He Would Win

Will there be anyone more superstitious when compared to a gambler? Maybe, but in accordance with a University of Cambridge researcher and many other psychology and brain function experts, many gamblers hold onto superstitious concepts tighter than the usual lottery champion with a check that is million-dollar. Speaking of (multi) million dollar checks, World variety of Poker winner Ryan Riess, 23, states he ‘just had a great feeling about it. I consider I’m the best poker player worldwide.’

In this case, Riess’s fortunate talisman could best be described as either a very confident or ego that is overinflatedaccording to your world views), but how many poker players and gamblers in general lay a lot of faith in illogical belief systems? Quite a few, it seems.

‘The mind is an extremely learning that is powerful,’ says Luke Clark, of the University of Cambridge psychology department. ‘Gamblers are attempting to sense their state of luck.’ Clark wrote a treatise on this topic about six years back and is an expert in neuro-scientific the gambler’s point and mind of view. Much from it, maintains Clark, is to produce an illusion of control in games that are frequently luck that is largely random.

The Theory of a ‘Bad Streak’

Let’s take a good look at one other side of the coin in this week’s WSOP Main Event outcome: second-place finisher Jay Farber, who may have this to express about champion Riess’s play: ‘Every time I produced hand, he would make a better one,’ Farber said. ‘It’s very difficult to beat someone who is simply running hotter compared to sunlight.’

The superstition of the ‘unbeatable lucky streak’ or just being outplayed by a gamesman that is superior? Riess does, after all, have actually a pretty performance that is solid record for one so young, whereas Farber is just a VIP host in Las Vegas with only a few nominal tournament completes to his name before their $5 million second-place take this week.

But a ego that is hefty neither unusual nor that weird, particularly among poker’s elite; that is more than can be stated of many products gamblers haul around for good luck. Bo Bernhard, executive of UNLV’s International Gaming Institute, says one of the strangest he ever encountered was a woman who carried her deceased gambling partner’s urn replete with his ashes anywhere she went, believing it could bestow good fortune upon her.

(Apparently, ‘good fortune’ was not in Mr. Dead Guy’s cards, centered on result).

Among other common luck that is good are things like ‘lucky’ articles of clothing; particular figures (while 13 is considered bad luck in the West, in Asian nations, it is the number four); having a lovely woman blow in your dice (yes, we understand there’s an endless supply of humor in that one); as well as specific rituals, eschewing $50 bills (some say this derives from the reported habit of mobsters putting $50 bills in the jacket pockets of victims they buried within the desert- it appears unlikely, however, to us that mobsters would throw money away on their dead enemies in that way); and, of program, many others too numerous to say.