Australian poker player Billy Jordanou has been linked to a $70 million ponzi scheme, according to a report from PokerNetwork.
Allegedly, fraudulent documents were used to access loans from the Commonwealth Bank from up to 20 wealthy clients of Scoresby-based accountant Robert Zaia. Jordanou's involvement is linked to him being a business partner of Zaia, and he is also the subject of a two-year police investigation.
The report on PokerNetwork cites an original report coming from The Age, in which it mentions that Zaia's offices were raided in March 2012 and the detectives uncovered hundreds of fraudulent documents. These documents are said to have been used to make illegal bank transfers. These transfers reportedly led to approximately $70 million in acquired funds.
Zaia and Jordanou have been partners in a number of companies as directors, and documents reveal large money transfers to bank accounts, family trusts, and credit cards linked to the two men. The Age also reported that, "Over the past five years, the two men embarked on a lavish spending spree that included a fleet of luxury cars, two boats, a jet-ski, Harley-Davidson bikes and several hot-rods."
Jordanou is no stranger to large buy-in tournaments in the Asia-Pacific region. He's a regular in Crown Casino in Melbourne, Australia at the Aussie Millions where he has played both the AU$100,000 Challenge and AU$250,000 Challenge in the past. Jordanou also plays high-stakes cash games and tournaments in Macau.
The Age has more on this story.