New Jersey Governor Chris Christie is no longer crisscrossing the nation on the presidential campaign trail, and as such the Republican, now in his 2nd gubernatorial term, has more time and energy to refocus their efforts on issues facing their own state.
Nj-new Jersey Governor Chris Christie said enough will do on Thursday, calling on state lawmakers to take solid control of the city. He made his situation equipped with colorful graphs displaying the reckless overspending that’s become rampant in Atlantic City.
No concern is more paramount in nj-new Jersey right now than Atlantic City’s current monetary crisis. On Thursday, Christie told his fellow legislators that it’s within the city’s best interest to permit hawaii to assume control of its funds.
‘Even with the support plus the advice of the Emergency Manager re paid over $100,000 through the last year that is fiscal a sum which doesn’t even are the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the fact that Atlantic City paid $6.6 million in 2015 to retiring employees that are public primarily to compensate unused sick and vacation days. Part-time council users were collectively compensated $300,000, an expense viewed as extravagant in the eyes regarding the governor.
Unless the state legislature takes action to provide control of the flailing gambling mecca to Trenton, Christie claims he lacks the ability to renegotiate contracts with public sector unions to get the ‘exorbitant costs of the city employees in order.’
Takeover could be the Only Solution
Christie is calling on State Assembly Speaker Vincent Prieto (D) to urge the chamber to pay control of Atlantic City to your state. Prieto opposes that path, opting in favor of the PILOT (payment in lieu of taxes) program instead.
PILOT would allow casinos to pay taxes on a schedule that is fixed isn’t determined on property value or gaming revenues, which have both greatly diminished over the years, as tourism to the area has fallen.
Christie believes the PILOT system is a solution that is short-term won’t help Atlantic City’s long-term forecast. Financial analyst outfit Moody’s seems to agree.
‘If just the PILOT bill passes [with no other measures instituted], the town continues to face stress since the single bill is insufficient to restore Atlantic City’s fiscal health,’ the credit rating corporation said recently. ‘ as the PILOT bill creates additional revenues and avoids incurring additional casino tax liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a 12 months, over the next 5 years.’
Christie thinks public workers require to step up to the plate into the most readily useful interest of their city, but it appears some already are doing that.
Every four weeks instead of two, a change that would allow the government to continue operating until the next quarterly tax payments are received on May 1 after Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees.
But that is only one away, so action will need to be taken, and soon month.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform casino that is social has survived a class action lawsuit attempt from the disgruntled Illinois customer who claimed that the free gaming platform offers ‘nothing more than camouflaged illegal games of possibility.’
IGT’s DoubleDown social casino beat back a class action lawsuit effort from the disgruntled Illinois on the web customer this week, who claimed that its operations had been tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on virtual, value-less chips in the web site before determining she wanted to claw back every play cent. Phillips claimed that because DoubleDown uses ‘gambling mechanics’ in its games, it really is tantamount to gambling that is actual.
Well, except for real money being involved, but besides that.
In a class action lawsuit filed at the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown web site to down be shut and money refunded to customers in Illinois. The lawsuit had been filed on behalf of all citizens for the state that has lost over $50 playing at DoubleDown, under the Illinois that is antiquated Loss Act (ILRA).
Claw-back Law Dragged Up
The 19th century law states that any Illinois gambler who loses $50 or more has the straight to sue the winner to get the money back. It also states which should the losing gambler perhaps not sue the winner within sixth months, then ‘any person’ is allowed to sue on behalf of all losers, for up to 3 x the amount.
The legislation was originally built to protect destitute families who’d had their dollar that is last stolen relatives, which was later gambled away.
Phillips says she began playing on DoubleDown in January of 2013, and soon began purchasing virtual (and value-less) chips with real money, once she had played through the original supply of free chips. She argues, they had a monetary value, just like chips purchased in a casino, and therefore the services offered by DoubleDown were tantamount to illegal gambling because she paid for the chips.
According to Phillips, in addition to ILRA, DoubleDown was in violation of the Illinois customer Fraud and Deceptive Business methods Act, and was guilty of unjustly enriching itself with the use of ‘gambling devices,’ another no-no under Illinois state law.
The filing might have had to establish that online social casino games can be understood to be ‘gambling devices,’ and that IGT had procured money from the plaintiff within an illegal manner.
But the judge, unlike Phillips, had beenn’t buying any of it.
JudgeEdmond Chang noted that ILRA requires a success and a loser from the outcome of a gambling proposition. The social casino site cannot lose anything from the proposition, and so Phillips was on shaky ground because virtual chips bought from DoubleDown cannot be cashed in for real money.
In fact, broadly speaking, Phillips was asking the court to reconsider the definition that is very of as it’s construed in pretty much every state in the US: specifically, the proposition that something of value is risked upon the outcome of a event or game that is susceptible to opportunity in the hope of receiving something else of equal or greater value.
While spending money on virtual potato chips constitutes a stake that is financial without any financial reward involved, no form of gambling has occurred, by any legal definition, at the very least.
In fact, you could say that Phillip’s choice to sue DoubleDown is a greater exemplory case of gambling than anything that happens in the social casino website. And in this case, it had been a losing bet.
Money Laundering and Suspicious Activity at Casinos Continues to Rise, FinCEN Reports
Money laundering is serious company.
Unfortunately for anyone in the casino industry, criminals have long relished the attractiveness of this floor cage as being the perfect tool to clean dirty money into purportedly legitimate funds.
‘Washing’ money by trading it in for chips and then cashing it away again has become a preferred method of cash laundering by crooks. Now FinCEN wants the industry to monitor itself for better possible crimes being committed by clients, and the issues have actually become global. (Image: i5design.com)
Since 1996, the Financial Crimes Enforcement Network (FinCEN), a bureau associated with the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a client transacts over $10,000 in just one day. In addition, federal law mandates that a dubious task report (SAR) be completed in the event that patron is suspected of participating in the laundering of money.
With thousands of commercial banks into the United States, including smaller regional institutions, FinCEN has been cracking straight down on money laundering by threatening non-conforming banking institutions with financial penalties.
Without any option but to comply with FinCEN, SARs filed by banks rose from 288,343 in 2003 to 972,037 in 2013, a 70 percent increase in just 10 years. Nevertheless, a decline that is unexpected SARs followed in 2014, and along with it arrived a growth in suspicious activity reports being filed by the casino, securities, and insurance industries.
What does it all mean?
Underground and Out of Sight
This week titled, ‘Losing Count: US Terror Rules Drive Money Underground,’ the argument is made that current FinCEN rules might actually be hampering the government’s ability to monitor suspicious activity and intercept potential terrorism in a Wall Street Journal report.
Afraid of dealing with significant financial charges for facilitating a dubious client’s request, banking institutions are quickly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative methods to move money, and the funds effectively vanish from regulatory oversight.
‘What do we do, within the police force arena, once the money goes underground?’ FBI financial crimes specialist Patrick Fallon pondered within the piece. ‘It’s what you don’t realize that’s the frightening thing.’
As banks will not provide services for suspected launderers, those who are indeed attempting to facilitate money movement illegally may be drawn more and more to the casino cage.
And while bank SARs dropped by nearly nine percent between 2013-2014, the reports increased in the casino industry by 69 percent during the time frame that is same.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 workers are successfully safeguarding the usa system that is financial promoting nationwide security, and SARs play a vital role in those efforts.
‘The information that casinos along with other financial institutions offer is employed to confront terrorist organizations, rogue countries, WMD proliferators, international grand corruption, and increasingly serious cyber threats,’ Calvery said in 2014. ‘Violating the BSA (Bank Secrecy Act) might result in FinCEN imposing civil penalties against the casino it self.’
And imposing penalties they are, as Calvery’s team levied monetary fines on four gambling companies year that is last. Most notably had been the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las Vegas for just what FinCEN found to become a violation that is willful of BSA and failure to adhere to SAR protocols.
The recent alleged involvement of two Philippines banks in a $83 million cyber heist from the New York Federal Reserve has shined an even brighter light on this unpleasant issue, and you can bet that regulatory arms all over the world will be moving in to the casino industry for the closer look.
The list of internet sites, which detectives have stated were considering servers outside Italy while having been impounded, are the following: www4.dgbpoker.com; www.pkgambling373.com; www.pkwildpoker.net; www.betfaktor.com; www.planetwin365.com; www.new5.betaland.com; www.new4.betaland.com; www.new2.betaland.com; www.new1.betaland.com; www.new.betaland.com; and www.betaland.com.
But according to CalvinAyre.com, two of the internet sites might have been targeted in error. Austria’s SKS365 Group, which runs Planet365, has categorically distanced itself from any involvement, saying that the unlawful group had exploited Planet365’s brand reputation to lure bettors to copycat sites.
OIA Services Ltd, meanwhile, which owns Betaland, says that Betaland.com has been closed to Italian players for over a year, and the web sites associated with the gambling ring that used the Betaland extension did so without authorization and were ‘rightly already darkened to access, as unlicensed.’
Italian authorities said that the ring also had links to Luigi Tancredi, a person understood in Italy as ‘the King of Slots’ for their operations in the legal gambling world that is land-based.
Tancredi is considered to be the master of DollaroPoker, and was arrested in January and accused of being the mastermind of the gambling ring that operated 12,000 online gaming and lottery video terminals in bars, cafes and gaming halls throughout Italy.