Donald Trump Atlantic City History Defended by New Jersey Governor Chris Christie

Donald Trump spent more than 20 years in the Atlantic City casino business, employing thousands of local residents and millions that are generating tax revenue for the state. Dating back to the early 1980s when he first entered the resort industry, Trump owned and operated three casinos on the Boardwalk in what was then considered the gambling mecca regarding the East Coast.

In 1990, Donald Trump went all-in on Atlantic City, but today his business dealings are increasingly being criticized by some whom hold the billionaire partially responsible for the gambling destination’s dismal current state that is fiscal. (Image: Charles Rex Arbogast/AP)

Fast-forward to 2016, and the Republican frontrunner for the presidential general election is now dealing with backlash, maybe not only for the ultimate fate of their Atlantic City casinos, but in addition for just what role he perhaps played in the area’s current and downturn that is ongoing.

On Tuesday, brand new Jersey Governor Chris Christie, a former 2016 GOP candidate that has since endorsed Trump, defended the billionaire.

‘He is a person that is honorable and I do not believe he’s ever been an office-holder in Atlantic City,’ Christie told reporters. ‘ I don’t keep in mind Donald mayor that is being’ he included, an obvious dig at current AC Mayor Don Guardian, for whom the Governor has no love destroyed.

Trump Taj Mahal Junk Bonds

Critique of Trump’s Atlantic City record primarily relates to exactly how he funded construction of the Trump Taj Mahal. In 1987, Resorts International was in the process of building the casino hotel when its owner James Crosby died during the age of 58, due to complications of serious emphysema.

Crosby’s heirs didn’t feel adequately skilled to understand project to completion, and in the end sold the controlling stake of Resorts to Trump for $79 million. He promised officials that are local the construction would be completed through standard bank loans, and also the Casino Control Commission authorized the project. However, the banks got feet that are cold and Trump eventually raised capital through junk bonds with high interest levels.

The interest in the project that is mammoth to Trump defaulting on payments simply 15 months later and filing for Chapter 11 bankruptcy security.

Trump has been repeatedly pressured to defend his time in Atlantic City. Through the first Republican debate in early August, he said his use of bankruptcy laws is something many businesspersons do at some point, and that sticking the bill to the junk bondholders was not a deal that is big.

‘These lenders aren’t infants,’ Trump said on 6 august. ‘These are total killers. These are not the good, sweet little individuals.’

Moving Forward

While Trump had the ‘good feeling’ (by his account that is own keep Atlantic City eight years back, the town itself has struggled ever since. Decreasing gaming revenues and property values has created a shortfall in fees being paid towards the town, but Christie believes spending the shogun slot game that is outlandish the part of neighborhood government hasn’t been reigned in properly.

The governor in his second term has threatened to veto any Atlantic City relief bill that comes to his desk that doesn’t also hand over responsibility that is fiscal the state government.

Christie is at odds with State Assembly Speaker Vincent Prieto (D), who wants to impose the PILOT (payment in place of taxes) program to enable struggling casinos to spend a fee that is fixed the city, instead of taxes.

Some form of action should be taken.

‘ If all you see are headlines that Atlantic City is out of money, people may draw a complete large amount of incorrect conclusions from that,’ Christie explained. ‘It can affect tourism not only to Atlantic City but to all of south Jersey.’

Reno Sparks Nugget Fined $1 Million for Lax Money-Laundering Controls

The Sparks Nugget in northern Nevada was fined $1 million for ‘systematic and egregious’ violation of its anti-money laundering (AML) laws, the Financial Crimes Enforcement Network (FinCEN) said this week.

Michonne Ascuaga, whom presided over the Reno Sparks Nugget once the violations took destination. She voluntarily resigned from the Nevada Gaming Commission in February over the scandal. (Image: Jeff Scheid/reviewjournal.com)

The violations occurred even though the casino had been under the management of previous Nevada Gaming Commissioner Michonne Ascuaga, whom was forced to resign from the commission board in February when news of investigation went public.

The Ascuaga family members went the Nugget for over 50 years, before it had been sold to investment that is private Wofhound Holdings in 2013. None regarding the investigation’s findings relate to the management of the casino under its owners that are new.

Systematic Breakdown of Compliance

FinCEN, a branch for the Treasury Department, said that the Sparks Nugget willfully chose not to register Suspicious task Reports (SARs) and Currency Transaction Reports (CTRs), an oversight that has been in violation of the anti-money laundering provisions for the Bank Secrecy Act (BSA).

The casino also instructed its compliance officer perhaps not to communicate with the IRS’ Bank Secrecy Act auditors, while a management committee established to determine whether to file SARs ‘never held just one meeting.’

The federal government agency said that the Nugget had been guilty of hundreds of bookkeeping violations and compliance that is AML. Since the passage of the BSA in 1970, and then the amount of money Laundering Control Act in 1986, all US financial institutions have already been obligated to file a CTR to FinCEN for any transaction over $10,000, as well as to report any seemingly suspicious transactions.

BSA eliminated a person’s directly to financial privacy by declaring that a financial institution would no longer be held liable for declaring economic transactions towards the authorities.

‘Sparks Nugget possessed a systemic breakdown in its conformity program,’ stated FinCEN Director Jennifer Shasky Calvery in a statement. ‘Despite the fact so it hosted convicted embezzlers and had been over repeatedly alerted to suspicious transactions by its very own [BSA] compliance manager, Sparks saw no need to re-think its (AML) defenses.’

Ascuaga-Wolfhound Case Dismissed

Information of the FinCEN investigation first came to light in court papers in February, as an ingredient of judicial proceedings brought by the Ascuaga household against the owners that are new. The Ascuagas stated they were owed $500,000 beneath the purchase and sale contract of the Nugget to Wolfhound, but that situation was dismissed with a judge this week, coincidentally on the day that is same FinCEN made its announcement.

Ascuaga, who was simply appointed to the Nevada Gaming Commission board by Governor Brian Sandoval ten months before her resignation, claimed she ‘did not purposely hold back information through the governor,’ whose office had been unaware of the investigation.

She was resigning, she said, ‘out of deep respect for the Nevada Gaming Commission and to not allow myself to be a distraction that is unnecessary the essential regulatory oversight work it does.’

Philippine Casinos Targeted by Government Officials attempting to Recoup Stolen cash Related to New York Fed Heist

The Solaire is one of two Philippine casinos involved in a successful $81 million heist, and government officials are racing to find and clean up the dirty money alleged to be in possession of various individuals and entities. (Image: forbes.com)

Two casinos that are philippine their parent companies are being targeted by government leaders trying to recoup the $81 million in stolen funds hackers swindled in February from the bank account held by Bangladesh at the newest York Federal Reserve in Manhattan.

A total of $101 million was effectively withdrawn though $20 million was restored by Bangladesh’s central bank.

Philippine’s Anti-Money Laundering Council (AMLC) is expected to soon file a case up against the Solaire Resort & Casino and Midas Hotel & Casino for their reported roles in launching dirty money into the country.

When the AMLC paperwork is completed, the Philippine government could seize assets regarding the casinos should illegitimate money be found. The moms and dad companies for the resorts could contest the AMLC actions should they be in a position to prove that the laundered cash ended up being presented by clean sources and junket operators that have long operated at the gambling enterprises.

Incorrect Wong

The $81 million heist dates back to February that is early more than two months later detectives are still wanting to patch together precisely how the theft took place.

Casino junket operator Kim Wong, thought to be one of the orchestrators of the heist, has adamantly denied those allegations. Instead, Wong claims he received notification from the Rizal Commercial Banking Corporation (RCBC) on February 5 saying that the massive amount cash was being deposited into his accounts connected to his junket operations.

Wong testified before the Philippine Senate that his accounts received some $21.5 million from two international consumers, who in turn laundered the money by gambling along with a system of at the least 19 people. Wong claims he don’t understand the cash was dirty and thought the high rollers had been simply millionaire investors.

Wong came back the staying $5.46 million still in his possession to the AMLC last week. Detectives believe $63 million for the total $81 million ended up being channeled through the Solaire and Midas casinos via junket operators while an outstanding $17 million remains unaccounted.

AMLC officials suspect payment remittance processor Philrem Service Corp. might be in charge of the $17 million, but the company denies claims that are such.

Philippine officials will also be urging the 2 casinos to return monies they’re keeping for the thieves that are suspected return any earnings stemming from the heist.

Bangladesh Waiting

Though Wong handed over significantly more than $5 million week that is last Bangladesh still hasn’t received a cent, or should we say taka.
‘The turnover will need a little time, but we are working together with AMLC for expediting the procedure,’ Bangladesh Ambassador to the Philippines John Gomes told Filipino news source Rappler this week.

Wong claims he’ll hand over another $9.75 million nevertheless in his control within the next 15 to 30 says. The Philippine junket operator is seemingly trying to clean his arms for the dirty money, but it stays to be observed if he was in cahoots with the criminal hackers if he was simply caught in the middle of a multimillion-dollar illegal operation, or.

Untangling the complicated international crime is progressing slowly, and it will be many others months before the complete revelation into how the scheme operated is fully known.

Panama Papers Asia Connection Reflects Double Standard on Macau Anti-Corruption Measures

The Panama Papers continue to show that the fish rots from the relative head down. Asia’s alleged drive that is anti-corruption delivered the revenues of Macau tumbling for 22 consecutive months, but now the newest revelations could send China’s ruling Communist elite as a tailspin.

Panama Papers outs Chinese Communist leaders: President Xi Jinping’s brother-in-law was known as within the papers that are controversial. In most, eight top Chinese politicians have been implicated, causing blackout attempts by officials on Western news coverage. (Image: davidComurren.co.uk)

The scandal can be so threatening to its ‘do when I do’ stance that Beijing moved this week to block Western news outlets’ coverage of the leaked Mossack Fonseca Panama law firm database as I say, not.

In particular, any references to companies owned in offshore tax havens by the leaders that are chinese being censored.

Politburo Hides Wealth

The Panama Papers unveil that relatives of eight of China’s top politicians have used offshore companies to conceal wide range, including three regarding the seven-member Politburo Standing Committee, the country’s most powerful body.

The list includes President Xi’s brother-in-law, the daughter-in-law of propaganda chief Liu Yunshan, and also the son-in-law of vice-premier Zhang Gaoli.

Xi’s much-publicized anti-corruption crackdown was launched amid warnings that the theft of public funds by corrupt Communist Party officials, a nagging problem that had become endemic, could destroy the Party through the inside out.

Censorship in Overdrive

Most VIP high rollers through the mainland had been actually crooked Communist Party officials playing with stolen monies that are public. These VIPs once accounted for 60 per cent of Macau’s revenues, and Beijing’s squeeze on the junket industry, which brought in these players en masse, hit the gaming region’s important thing badly.

Now the Panama Papers threaten to undermine Xi’s anti-corruption crackdown, and the united states’s censors have actually gone into overdrive, blocking access to web sites that might carry the news that is damaging.

‘we think there exists a fear and a sensitiveness among Communist celebration leaders that this reveals the degree to that your political and elite that is economic therefore closely intertwined and to date above your average citizen in terms of wealth,’ Sarah Cook, a China specialist from the Freedom home advocacy team, told the UK’s Guardian this week.

‘This kind of blows a big hole in that effort because it exposes how a top political leaders and their families are, at the least, super, super rich; even though this cash was indeed obtained lawfully, which of program is a big question mark also,’ she said.