Bill Jordanou, a one-time professional Poker player who lined his coffers more recently with the money he made from scamming people, is set to spend a minimum of 9 years behind bars after receiving a 12-year sentence. This is thanks to the role he played in a scheme, which saw many people defrauded of more than US$50 million.
Jordanou and his cohort, Robert Zaia, came up with a plan that allowed them to get hold of this money by means of an involved setup that used the Commonwealth Bank of Australia, or CBA.
Some reports are also stating that the fraud could only have been accomplished with the help of someone on the inside, and that the CBA caught wind of it as far back as 2007, but did nothing to put a stop to it.
Jordanou Pleads Guilty
Jordanou pleaded Guilty to 2 charges of Conspiracy to Commit Fraud in February this year. He went on to make an admission in court that he had used forged documents to receive loans, and some of this money was used to develop property. US$20 million of it, however, apparently ended up in a private account that Zaia maintained. Above and beyond faked loan documents, extra money was withdrawn from clients’ accounts, without their consent or even knowledge.
The shyster additionally managed to swindle another US$13 million out of several other companies, including Mercedes-Benz Financial Services, Westpac, Rhino Money, and the Bank of Queensland. Alongside the development of property, it has been determined the racket also financed gambling trips to Macau and Las Vegas, jewellery, motorcycles, and luxury vehicles.
Jordanou Wasted the Court’s Time
The 60-year old would-be major player got chided during the trial for his courtroom behaviour. The judge overseeing the proceedings, County Court of Victoria Judge Paul Lacava, made his displeasure known by lashing out at Jordanou after his attempts at a cross-examination, with Judge Lacava labelling it as embarrassing and a waste of time.
Lacava added that the conspiracy was a prolonged deception of astonishing proportions, and called the scamsters audacious before slapping Jordanou with a sentence of 12 years in prison, of which 9 are mandatory. 198 days have already been spent in pre-sentence detention, and will be deducted. Zaia’s fate has yet to be determined.