Article: Macao gambling group retreats from Japan bid amid controversies

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Macao gambling group retreats from Japan bid amid controversies

ZACH COLEMAN, 23 May 2021

HONG KONG — Suncity Group, the Macao-based gambling company, has pulled out of the running for rights to run a casino resort in Japan.

The group is the biggest junket agency in Macao, bringing in high rollers from China and other countries to wager millions in VIP rooms it operates inside other companies’ casinos in the world’s largest betting hub and elsewhere. Through listed arm Suncity Group Holdings, it also runs its own casino resorts near Hoi An, Vietnam and Vladivostok, Russia and is building another in Manila’s Entertainment City gambling zone. Continue reading “Article: Macao gambling group retreats from Japan bid amid controversies”

Article: Former Canadian Gaming Minister Tap Dances in Money-laundering Investigation

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Former Canadian Gaming Minister Tap Dances in Money-laundering Investigation

Erik Gibbs, 17 May 2021

As British Columbia (BC), more than a decade later, still tries to get to the bottom of a massive casino money-laundering saga, it seems that there are more questions than answers being raised. The government-led inquiry, dubbed the Cullen Commission, into how hundreds of millions of dollars could have been allegedly laundered right under regulators’ and casino executives’ noses without their knowledge has shed light on a series of failures in the industry. However, it isn’t any closer to wrapping up. It might not be for some time to come, as certain people involved at the highest levels allegedly have a difficult time providing accurate and consistent stories. One of these is Rich Coleman, a former BC gaming minister, who seems to have trouble sticking to his story. Continue reading “Article: Former Canadian Gaming Minister Tap Dances in Money-laundering Investigation”

Article: Former gaming minister agrees ‘unfair’ to cop who said ‘something stinky’ at casinos

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Former gaming minister agrees ‘unfair’ to cop who said ‘something stinky’ at casinos

Canadian Press, 14 May 2021

VANCOUVER — British Columbia’s former gaming minister said comments he made more than a decade ago about a top-ranking financial crime investigator’s concerns about “something stinky” going on at provincial casinos were not fair.

Rich Coleman was recalled to testify Friday at the public inquiry into money laundering to face more questions about statements he made in January 2011, disputing media comments by former RCMP inspector Barry Baxter. “I probably got too broad in saying that,” said Coleman, who is the inquiry’s last witness. “I probably went a little too far out with my answer. It may have been unfair.” Continue reading “Article: Former gaming minister agrees ‘unfair’ to cop who said ‘something stinky’ at casinos”

Article: B.C. Attorney General David Eby to testify at money laundering inquiry

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B.C. Attorney General David Eby to testify at money laundering inquiry

Canadian Press, 26 April 2021

VANCOUVER — The politician who set the wheels in motion for the money laundering inquiry in British Columbia will testify before the commission today.

David Eby has been called before the Cohen Commission to testify both as the current attorney general and for his role as the former Opposition critic for gaming in the province. Continue reading “Article: B.C. Attorney General David Eby to testify at money laundering inquiry”

Article: Poway Rabbi’s Sentencing in Financial Fraud Delayed 6 Months: Probe Persists

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Poway Rabbi’s Sentencing in Financial Fraud Delayed 6 Months: Probe Persists

Ken Stone, 26 April 2021

Chabad of Poway’s former head rabbi faces a maximum five-year prison sentence for tax-evasion and other financial crimes he pled guilty to last July.

But sentencing of Rabbi Yisroel Goldstein won’t take place Monday — a day short of two years after he lost his right index finger in the deadly shooting attack on his congregation. Continue reading “Article: Poway Rabbi’s Sentencing in Financial Fraud Delayed 6 Months: Probe Persists”

Article: Former B.C. premier Christy Clark to face questions from money laundering inquiry

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Former B.C. premier Christy Clark to face questions from money laundering inquiry

CBC News, 20 April 2021

Former Premier Christy Clark will testify Tuesday at the official inquiry investigating the scope and impact of money laundering in B.C., answering questions as to how much her cabinet knew about the crisis that grew during its tenure.

Clark, who was premier from 2011 to 2017, is the first of several present and past politicians to appear this month before the Cullen Commission, which is investigating the causes and impact of B.C.’s money laundering problem over the past decade. Continue reading “Article: Former B.C. premier Christy Clark to face questions from money laundering inquiry”

Article: Rich Coleman’s dismissal of money laundering warning was baseless: Mountie

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Rich Coleman’s dismissal of money laundering warning was baseless: Mountie

Graeme Wood, 09 April 2021

RCMP’s failure to earmark adequate resources against financial crime was compounded by government officials downplaying problem, inquiry hears.

The senior Mountie in charge of a B.C. money laundering unit in January 2011 says he was “taken aback” by then minister of public safety and solicitor general Rich Coleman’s dismissal of his assessment of money laundering activity in government-regulated casinos. Continue reading “Article: Rich Coleman’s dismissal of money laundering warning was baseless: Mountie”

Article: 15 Hedge Fund Managers Made $23 Billion In 2020

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15 Hedge Fund Managers Made $23 Billion In 2020

Tyler Durden, Zero Hedge, 10 February 2021

The historic gains by a handful of Wall Street tians demonstrates “the disconnect between the stock market and the real economy,” said finance professor Reena Aggarwal, director of Georgetown University’s Center for Financial Markets & Policy. While high volatility and low interest rates buoyed hedge funds, much of the population struggled “with worries about health, jobs, mortgage payments and student loans,” she said.

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Web: Patrick Byrne, Facing Dilemma, Lashes Out at Penson Financial

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Patrick Byrne, Facing Dilemma, Lashes Out at Penson Financial

Gary Weiss

gary-weiss.com, 9 October 2009

Sam Antar today describes the serious dilemma facing Patrick Byrne, the wacky CEO of Overstock.com. Thanks to an SEC investigation instigated by Sam, who has posted frequently about how Overstock has systematically inflated its financial statements, Byrne is caught between the proverbial rock and a hard place.

He has to either restate Overstock’s recent earnings–including a much-ballyhooed “profit” in the fourth quarter that was actually a loss–or wait until the SEC forces him to do so.

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