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Thread: Federal warrant executed at Bicycle Casino

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    Silver AhoosierA's Avatar
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    Federal warrant executed at Bicycle Casino

    Not many details as to exactly what is going on ATM. It appears they're under criminal investigation for IRS related crimes?

    http://www.nbclosangeles.com/news/lo...418206523.html

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    Serial Blogger BeerAndPoker's Avatar
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    http://www.foxla.com/news/local-news/246389331-story

    A really short video is up at this link it appears they are seizing financial records today for potential money laundering ring.

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    Plutonium sonatine's Avatar
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    nice hand, sessions.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Gold Shizzmoney's Avatar
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    #LOL

    And of course the money laundering ring is Asian



    Commerce is going to be packed in the meantime
    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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    smells like a rat, where's lemon?

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    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Shizzmoney View Post
    #LOL

    And of course the money laundering ring is Asian


    Can you think this through for me?

    What is the box holder's exposure here?

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    Diamond shortbuspoker's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by Shizzmoney View Post
    #LOL

    And of course the money laundering ring is Asian


    Can you think this through for me?

    What is the box holder's exposure here?
    No exposure, but it will take the government decades to release the money to pay the outstanding chips. They'll look for a reason to keep it all and not make the casino customers whole.

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    Plutonium simpdog's Avatar
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    Quote Originally Posted by shortbuspoker View Post
    Quote Originally Posted by Sanlmar View Post

    Can you think this through for me?

    What is the box holder's exposure here?
    No exposure, but it will take the government decades to release the money to pay the outstanding chips. They'll look for a reason to keep it all and not make the casino customers whole.
    Or what if the box holder isn't paying tax on winnings?

    Basically if the box holder is into anything illegal I could see them being concerned/having issues cashing out.

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    Plutonium sonatine's Avatar
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    Quote Originally Posted by shortbuspoker View Post
    Quote Originally Posted by Sanlmar View Post

    Can you think this through for me?

    What is the box holder's exposure here?
    No exposure, but it will take the government decades to release the money to pay the outstanding chips. They'll look for a reason to keep it all and not make the casino customers whole.
    this assumes that Bicycle even had the cash reserves to cover the value of all those chips. we could be talking about millions of dollars. who knows how liquid they were, especially considering what they just got tagged for.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Platinum ftpjesus's Avatar
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    Story is multi agency task force brought down the hammer for alleged money laundering charges. This is reminiscent of the massive investigation into good ole Sheldon Adelsons Venetian doing similar and cost them an eight figure fine. Reportedly involved in the raid HomeLand Security ICE IRS CA gaming and a few others. Given some of the ABCs involved my guess is this goes beyond just some small time money issues, likely includes international involvement problem is this is much more serious as the Bike is a card room not a typical casino which means collusion and a lot of other things that are the ammo for idiots like Chaffetz and others.

    https://www.pokernews.com/news/2017/...raud-27555.htm

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    Diamond PLOL's Avatar
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    Players are being allowed to cash in their chips already (according to my source at the Bike). So probably a nothingburger

     
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    TRUMP 2024!

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    Just non-stop unrelenting LGBT propaganda being shoved down our throats.

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    Plutonium sonatine's Avatar
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    Quote Originally Posted by PLOL View Post
    Players are allowed to cash in their chips already. So probably a nothingburger

    well shit, never mind then.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Quote Originally Posted by ftpjesus View Post
    Story is multi agency task force brought down the hammer for alleged money laundering charges. This is reminiscent of the massive investigation into good ole Sheldon Adelsons Venetian doing similar and cost them an eight figure fine. Reportedly involved in the raid HomeLand Security ICE IRS CA gaming and a few others. Given some of the ABCs involved my guess is this goes beyond just some small time money issues, likely includes international involvement problem is this is much more serious as the Bike is a card room not a typical casino which means collusion and a lot of other things that are the ammo for idiots like Chaffetz and others.

    https://www.pokernews.com/news/2017/...raud-27555.htm
    The Bike was always filled with Mexicans. I wonder if the cartels were washing some money thru the joint?

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    Owner Dan Druff's Avatar
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    My sources say that this is strictly a money laundering issue, and involves a small number of individuals.

    Basically, the Bike and certain employees are suspected of being complicit in money laundering on behalf of criminals who are using the casino as a way to clean "dirty" money, disguising it as gambling winnings.

    The Normandie Casino, also in the LA area, got into similar hot water in 2015.

    There is panic right now that The Bike (which I believe to be the world's second-largest card room, behind Commerce) is broke and that their chips will become worthless.

    From what I'm hearing, that's not the case, and in fact they will reopen in 1-2 days.

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    Owner Dan Druff's Avatar
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    LA Times article seems to be confirming what my source said. This is only about money laundering: http://www.latimes.com/local/lanow/l...404-story.html

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    From the LATimes article, I mean how can you argue with this logic:

    "A Pai Gow player who joked that he comes to the Bicycle and loses “every day," Taylor said he was not surprised by the flood of police that descended on the building. "Let's put it like this. Gambling is a game of luck. I consider myself a lucky person," he said. "But you can never win at the Bicycle."

    Several others watching from the street also had complaints about the casino — decrying rude pit bosses and raising suspicions that even though “the house always wins,” it won a little too often inside the Bicycle. Rigged gaming, however, did not appear to be the focus of the federal probe."

     
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  17. #17
    Lolomon
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    Will sell for $499

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    Cubic Zirconia
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    Quote Originally Posted by shortbuspoker View Post
    Quote Originally Posted by Sanlmar View Post

    Can you think this through for me?

    What is the box holder's exposure here?
    No exposure, but it will take the government decades to release the money to pay the outstanding chips. They'll look for a reason to keep it all and not make the casino customers whole.
    I'll take the under. How much you wanna bet?

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    Cubic Zirconia
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    Quote Originally Posted by sonatine View Post
    Quote Originally Posted by shortbuspoker View Post

    No exposure, but it will take the government decades to release the money to pay the outstanding chips. They'll look for a reason to keep it all and not make the casino customers whole.
    this assumes that Bicycle even had the cash reserves to cover the value of all those chips. we could be talking about millions of dollars. who knows how liquid they were, especially considering what they just got tagged for.
    The Bike can cover the chips standing on their head. This already happened in 1991.

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    Cubic Zirconia
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    Quote Originally Posted by BartHanson View Post
    From the LATimes article, I mean how can you argue with this logic:

    "A Pai Gow player who joked that he comes to the Bicycle and loses “every day," Taylor said he was not surprised by the flood of police that descended on the building. "Let's put it like this. Gambling is a game of luck. I consider myself a lucky person," he said. "But you can never win at the Bicycle."

    Several others watching from the street also had complaints about the casino — decrying rude pit bosses and raising suspicions that even though “the house always wins,” it won a little too often inside the Bicycle. Rigged gaming, however, did not appear to be the focus of the federal probe."

    Will you still be promoting the Bike on Live at the Bike? after they've been caught in this fraud scheme? Ive heard some high balance players can't cash out fully without filling out personal information, will this be covered on LATB?

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