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Online Gambling Fugitive Haden Ware Spared Prison

Online Gambling Fugitive Haden Ware Spared Prison A young Haden Ware at the WSEX offices in Antigua. He received a lenient sentence from a federal judge this week after 13 years on the run. Haden Ware, a co-founder of sports betting site World Sports Exchange (WSEX) who spent 13 years as a fugitive from the US government, has been spared a prison sentence by a federal judge. Ware was a pioneer of online gambling through his establishment of Antigua-based WSEX, one of very first sports betting sites, and for some time one of the most successful. But in 2002, he was indicted by US authorities for violation of the Federal Wire Act, for taking bets from Americans illegally over the internet. Ware, 41 and originally from Boston, returned to the US to face the music in January. It was the first time he had set foot on US soil since he quit his job at the Pacific Stock Exchange in San Francisco to found WSEX 20 years ago. Prodigal Son Ware told U.S. District Judge William Pauley of the US District Court of Manhattan that he was ‘extremely grateful to cast that weight behind me and move forward past it.’ ‘Why you waited so long to come back to the United States, only you know,’ said Pauley, who sentenced him to six months’ probation. ‘But I sympathize with the fact that this hung around your neck all these years.’ Another WSEX founder, Jay Cohen, was indicted by the government in 1999 and returned to the US a year later, believing that he could argue his case and prove that...

Caesars Entertainment Corp. Offers $4 Billion to CEOC Creditors, as Bankruptcy Drama Continues in Chicago

Caesars Entertainment Corp. Offers $4 Billion to CEOC Creditors, as Bankruptcy Drama Continues in Chicago A new Caesars Entertainment Corp. (CEC) reoranization plan from the attorneys for the gaming conglomerate was presented in a Chicago bankruptcy court this week, and this one promises that CEC will offer disgruntled creditors $4 billion to accept the new vision for its stricken main operating unit, Caesars Entertainment Operating Corp (CEOC), thus pulling it out of Chapter 11 bankruptcy. Caesars Entertainment Corp. sweetens the pot for its junior creditors, but is it enough to get CEOC out of bankruptcy? It’s $3.5 billion more than CEC originally offered to contribute, and coincidently the same amount that has reportedly been offered, in a completely unrelated deal, for CEC’s digital unit, Caesars Interactive Entertainment (CIE). If this sounds confusing to you, that’s probably because we are witnessing the ‘largest and most complex bankruptcy in a generation,’ in the words of one Caesars’ own attorneys. But let’s try to explain. Stripping CEOC Bare Caesars was acquired in 2006 by venture capitalist companies Apollo Global and TPG in a highly leveraged $27.8 billion takeover. But the economic downturn that ravaged the casino industry from 2008 to 2010 hit Caesars hard, and it has consistently struggled to make a profit in the face of the industry-high debt created by the takeover. Caesars is now some $20 billion in debt and is attempting to reorganize the $18.4 billion currently held by CEOC. But CEOC’s junior creditors have rebelled, claiming that CEC fraudulently transferred many of CEOC’s best assets to itself and a tangled web of subsidiaries. They assert that this...

Gambling Lawsuit Dismissed Against American Pharoah Owner

Gambling Lawsuit Dismissed Against American Pharoah Owner American Pharoah owner Ahmed Zayat had been relieved to own a lawsuit over gambling debts dismissed in federal court. American Pharoah will run for horse racing’s first Triple Crown in 37 years on Saturday, and their owner will have the ability to enjoy it with no fear of a major lawsuit hanging over the proceedings. A federal judge dismissed a $1.65 million gambling lawsuit against Ahmed Zayat, the one that accused him of having run up those debts by betting on activities through an overseas casino. Zayat said that the lawsuit, brought by Howard Rubinsky, ended up being ‘a fraudulence.’ ‘It’s total fiction,’ Zayat said. ‘It’s a total lie. It is a full instance of blackmail with a unlawful.’ Statute of Limitations Exceeded Those comments landed Zayat with a libel suit at the top regarding the gambling claim. But this indicates as if Zayat was ultimately vindicated. According to US District Judge William J. Martini, Rubinsky’s claim dated back to 2005, when he first hired an attorney and investigator in an effort to recover the financial obligation. That designed that the lawsuit dropped not in the six-year statute of limitations for the instance in nj. Rubinsky had hoped that Martini would rule that the full case had started in 2008, when Rubinsky said he had received texting from Zayat promising to repay the money he owed. Nonetheless, Martini ruled that it was clear in those text messages that Zayat was saying that he didn’t owe hardly any money to Rubinsky or any other party. ‘Justice always prevails,’ Zayat told The Associated Press....