Billy Jordanou Linked to $70 Million Ponzi Scheme

Posted 4 days 21 hours ago by Tim Duckworth

From the outside, the poker industry may appear to be clean cut with players trying to make a living grinding cash games or traveling the circuit looking for that next big tournament win. Like any industry, though, there will inevitably be black seeds in the mix that are uncovered every so often, and that looks to be the case here.

Most recently Japanese high stakes player Masa Kagawa was arrested and charged for running an Android malware ring while Archie Karas was arrested and charged with cheating at blackjack at a San Diego casino. Unfortunately this sours news has now surfaced in Australia with Billy Jordanou being linked and investigated on a $70 million Ponzi scheme where allegedly fraudulent documents were used to access loans from the Commonwealth Bank.

Scoresby-based accountant Robert Zaia and his Zaia Arthur & Associates’ business was raided in March 2012 with the Victorian Police fraud squad detectives uncovering hundreds of fraudulent documents allegedly used to make unauthorized bank transfers approved by the Commonwealth Bank’s Box Hill branch. Up to 20 wealthy clients have been tangled up in the alleged fraud while Zaia’s business partner Jordanou is also being the subject of a two-year police investigation.

Zaia and Jordanou have been directors of a number of companies now in external administration or being struck off by the Australian Securities and Investments Commission. Documents reveal large sums of money being transferred to bank accounts, family trusts and credit cards linked to both Zaia and Jordanou as well as prominent tournament players – although in the poker industry this is extremely common across all levels of players and bankroll sizes – something both the investigators and The Age may not be aware of.

It is also noted that both players embarked on a lavish spending spree that included cars, boats and motorbikes while Jordanou has ‘gambled’ in Macau and Las Vegas. For Jordanou, traveling the world is part of playing poker and he has become a familiar face in the Australian poker industry with roughly $570,000 in lifetime winnings plus undisclosed winnings from the high stakes cash games he plays. Travelling to these locations is part of the job and buying Harley-Davidson’s, luxury cars or new gold blind can all just be seen as rewards for success on the felt.

To view the complete article by Cameron Houston and Chris Vedelago of The Age click here.

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