• Netad Management and Other Casino Owners Nailed in Bust

    30 July 2015

    Crookedbusiness

    Like something out of a crime movie, the US Securities and Exchange Commission's recent busts for money laundering, identity theft and fraud via penny stock scams has been tied into online casino activities. Known as "pump and dump" schemes, this particular type of scam involves running up the value of a penny stock through artificial means before selling all of the stock that you own in it.

    Those Arrested

    The people arrested include Gery Shalon and Ziv Orenstein. They were arrested in Israel, and they're being extradited to the United States. Another suspect is on the run and believed to be hiding out in Russia, perhaps in Moscow, and his name is Joshua Samuel Aaron. While all three men are close together in age being that they're all in their thirties, they also all go by a number of other names. They also include the owners of several brands in the Netad Management, RevenueJet and Affactive groups.

    Other Allegations

    In a really interesting turn of events, these men are also believed to have been involved in the hacking of JPMorgan Chase back in 2013. A lot of information was stolen in this hack, and a lot of that information was data on customer accounts. This seems to fit in with the other charges, though there aren't any charges pending against them for these particular acts at this time.

    The Online Casinos Involved

    Perhaps the most well-known brand that's been shut down over this is WinPalace Casino. The brands that have been affected have been known to be rogue in nature for quite a while in the sense that they were not reliable with payouts for a large number of players. Now players and affiliates with these sites are left with the short end of the stick since funds that were in their accounts do not appear to be coming their way anytime soon.

    This news really underscores the importance of sticking with online casinos that have a reputation for taking care of their players and that are recommended by online gambling portals that you can trust. Because most or all of the affected casinos accepted US players, it also shows how important expanding regulation is in the United States to help protect the players from this type of thing in the future.

    Related News

    • 01 October 2020

      Playtech Releases New Casino Software With BetMGM

      Playtech is delighted to announce the roll-out of its online casino in New Jersey via BetMGM’s gaming network for the first time. According to the deal, the supplier will deliver its own leading iGaming casino software to the venue. Media Comments Shimon Akad, Playtech COO, said: “We are delighted to launch with leading operator BetMGM in New Jersey.

      Read full article
    • 27 September 2020

      1Up Entertainment B.V. to Launch Casino Friday

      Upcoming new casino, Casino Friday, is about to be launched on October 1st, according to 1Up Entertainment B.V. company. The casino is packed with a lot of generous bonuses for its new players.  The site is set to offer various types of games such as slots, live casino titles, jackpots options and table games. The new brand is fully adaptable cross-platform, and it's available on all types of devices such as mobile, tablet and desktop.

      Read full article
    • 18 September 2020

      Lucky Tiger Casino Unleashed Upon Adoring iGaming Crowds

      There is a brand-new online casino on the horizon, and it’s one that is ready to pounce and pack a punch: Lucky Tiger is the name and it’s all business! Gamified quests, generous winning potential and much more makes this online gambling establishment a place to look out for in the final quarter of 2020! A Bit About Lucky Tiger Let’s first take a look at Lucky Tiger’s origins.

      Read full article