What would make a successful poker pro risk every thing through getting taking part in a massive, multimillion dollar bank fraud and Ponzi scheme plot? That is the question numerous are now asking regarding Australian poker pro Bill Jordanou, whom is under research by Victoria police for his so-called role in a bank fraud that continued for years, based on reports.

While details on the reported Ponzi scheme are sparse, the $70 million bank fraud operation was reportedly carried out with Jordanou’s business partner, Robert Zaia, 45. The 2 presumably ensnared Zaia’s wealthy clients, via his accountancy firm Zaia Arthur & Associates, into an undetailed Ponzi scheme, while simultaneously forging bank papers to secure loans, at times in Zaia’s clients‘ names, that they then comingled with property and development loans in addition they received from the bank, for jobs that either never existed or had been never started.

Bank Holds Victims Hostage

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

Undeterred, apparently, by the logic here, Commonwealth continues to be going after Ms. Klapanis‘ Toorak property, and also charging her ongoing interest on said loan at the reported rate of $1,135 per day. Ms. Klapanis has now filed an affidavit with the Supreme Court, saying she actually is perhaps not accountable for the loan fraudulently obtained, without her authorization, in her name. Her family that is wealthy had one of Zaia Arthur & Associates‘ financial clients.

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

Also called within 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 known as a ‚conspiracy‘ in the case. Other victims are likely to follow suit shortly with legal action.

Bank Didn’t Check Loan Forms

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

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

Only if we’re able to get those bankers working for the IRS.

Commonwealth, not surprisingly, isn’t saying word about any of it. But it is maybe not the time that is first ethics have actually come under scrutiny; earlier in the day this present year, it had been reported that the bank had covered up major misconduct from within its very own economic planning division, which presumably place thousands of clients‘ savings at danger.

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

So that as if that have beenn’t enough warm water to be in, it now appears Commonwealth earned a global security firm, whose job it would be to conduct undercover surveillance on Michael Fraser, a prominent anti-banking lobbyist, aswell as some other politicians ( not, we are assured, Germany’s Chancellor Angela Merkel. Hey, we need to amuse ourselves here sometimes). The secret spying included 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 produce this any more dramatic.

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

The two-year research is expected to be finished by the end of the huuuge.com year.

PONZI SCHEMES:

Called for early 20th century scammer Charles Ponzi, these schemes actually first started long before he lent his notorious title to them. The purpose of these financial scams is for the perpetrator to collect vast sums of money according to insanely ambitious promises of riches towards the ‚investors,‘ after which the instigator takes off, with everybody else’s cash in tow.

Typically, Ponzi schemes involve several elements that are predictable. The first is a far-above-average rate that is promised of on investments, with a apparently plausible explanation of exactly how these rates will be achieved; frequently, the scammer will say they either have insider information, or are involved in an elite investment opportunity maybe not available to the general public.

Next, the perp makes certain that some of the investors that are initial certainly get 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. But, subsequent investors won’t be therefore fortunate, and are typically left completely cleaned out if they not just receive no returns, but lose their initial investment as well.

Bernie Madoff, needless to say, is the absolute most Ponzi that is infamous schemer history. After defrauding everyone from elite institutions that are nonprofit superstars to banking institutions away from a lot more than $50 billion within the course of decades, he happens to be serving what’s tantamount to a life sentence. Their ripoffs left many of his investors penniless, including countless elderly people.

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