A $70 million Ponzi scheme hit the headlines in a report from PokerNetwork that links to Australian poker player Billy Jordanou.
The allegations state that accessing loans from the Commonwealth Bank were obtained using fraudulent documents from up to 20 wealthy clients of Scoresby-based accountant Robert Zaia. Apparently Jordanou had more on the burner than poker because he's the subject of a two-year police investigation but what ties him to the Ponzi scheme is his business partner, Zaia.
The Age is credited for the original report by the PokerNetwork and the original brings to light that Zaia's offices were raided in March 2012 and detectives uncovered hundreds of fraudulent documents. According to that report, the fraudulent documents were used to initiate illegal bank transfers that led to approximately $70 million in acquired funds.
The documents in the case have revelaed big money transfers to family trusts, bank accounts, and credit cards that link to Zaia and Jordanou — they have been partners in a number of companies as directors. The report coming in from The Age reads, "Over the past five years, the two men embarked on a lavish spending spree that included a fleet of luxury cars, two boats, a jet-ski, Harley-Davidson bikes and several hot-rods."
Jordanou has been a regular at Crown Casino in Melbourne, Austrailia during the Aussie Millions and has bought into both the AU$100,000 Challenge and AU$250,000 Challenge in the past. Jordanou also plays the Macau tournaments and high-stakes cash games.
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