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Explain casino money laundering to me like I'm a retarded toddler...
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Date: October 15th, 2017 12:38 PM Author: carnelian coffee pot box office i assume most money isn't marked by serial number. so you go into a casino, get chips, play a little then cash out with new bills. how's that different from just keeping the cash? you still have cash with no explanation as to how it was earned and the casino has video so it's not like they gave you $500 in chips and you cash out winnings of $400K. right? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447567) |
Date: October 15th, 2017 1:26 PM Author: 180 ebony tanning salon personal credit line I always assumed it was like take both sides of a few football games at a few different casinos. Throw away the slips that lose. Keep the ones that win. Now you’ve just doubled your money. Never mind that money you lost because no one will ever know about it. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447825) |
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Date: October 15th, 2017 1:30 PM Author: carnelian coffee pot box office but why go through that charade unless the bills are marked and recorded somewhere that people are actively checking with treasury and bank deposits? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447843) |
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Date: October 15th, 2017 1:34 PM Author: massive property national security agency The whole point of money laundering is to give you a story of where the money came from. If you just deposit your million dollars of meth money in the bank, then if the feds come asking questions wtf are you going to tell them?
If, on the other hand, you retain evidence of your gambling operations and a "log" of your winning bets (but not the losing ones), you can "show" how you started with $50,000 (or whatever seed money you can plausibly claim) but had a hot year betting. So long as you learn enough to talk about what you supposedly did in an intelligent way, you'll be fine.
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Date: October 15th, 2017 2:01 PM Author: Zombie-like menage ladyboy still seems like starting some business that involves a lot of cash transactions is an easier way to launder money, imo (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448017) |
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Date: October 15th, 2017 2:02 PM Author: emerald flirting lodge these businesses all require more substantial initial capital (which you’ll have to account for) than does gambling. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448022) |
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Date: October 15th, 2017 2:05 PM Author: Zombie-like menage ladyboy with pretty much any of these schemes, if the FBI starts to sniff around then you're pretty much fucked anyway. Ultimately the IRS only cares if you're paying your taxes--are they ever going to look at how you acquired the business? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448040) |
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Date: October 15th, 2017 2:30 PM Author: emerald flirting lodge yes, immediately. you can’t just out of no where put down 100k to start up a subway or a cleaners or whatever. you have to have a trail for that intial investment. with gambling, you don’t. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448160) |
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Date: October 15th, 2017 9:48 PM Author: Floppy kitchen jew This seems not true. No way there are resources for this. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34451082) |
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Date: October 15th, 2017 1:32 PM Author: beta fragrant brunch Assuming this isn't flame, it's not about changing specific bills for other bills; it's about coming up with a legitimate explanation for why you have the money that you have. You do that by taking proceeds from illegal activity into a casino, buying in for a certain amount, playing a little bit, and then cashing out. You then report that amount as winnings to the IRS, and, if you've done it correctly, the IRS thinks you made that money from gambling instead of illegal activity. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447858) |
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Date: October 15th, 2017 1:35 PM Author: carnelian coffee pot box office but the casino would have evidence of what you cashed in originally and what you played and won. if someone is watching you that closely the ruse won't work. and if your bills aren't marked why not just spend the cash over however long a period you need? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447879) |
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Date: October 15th, 2017 1:36 PM Author: emerald flirting lodge casinos don’t keep track of what you buy in unless its huge amounts. you can buy 2000 chips at a time at the cage without ever creating a papertrail. you can buy more than that in some poker rooms. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447887) |
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Date: October 15th, 2017 1:40 PM Author: beta fragrant brunch Casinos don't necessarily ask for ID when you buy in. It is possible for casinos to notice this if you're too obvious; if they do, they'll report you to Treasury. You can just spend the cash, but that gets difficult if you want to do it for a long period of time in large amounts without being noticed. Many kinds of institutions (car dealerships, for example) are required to file something called a Form 8300 whenever anyone spends more than $10,000 in cash on something. And maintaining cash is just risky for obvious reasons. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447906) |
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Date: October 15th, 2017 1:48 PM Author: emerald flirting lodge TITCR. you have a nice life being all cash. no cars. no house. no oversees vacations. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447954) |
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Date: October 15th, 2017 1:35 PM Author: emerald flirting lodge (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447882) |
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Date: October 15th, 2017 1:37 PM Author: massive property national security agency CR.
But that's also why I'm somewhat skeptical Paddock was money laundering, because all the reporting says that he was playing video poker. That would be a rather foolish way to launder the money, because of course there's a record of exactly how you did. Table games or taking both sides of sportsbook bets (as described above) is much more clean. |
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Date: October 15th, 2017 1:42 PM Author: emerald flirting lodge only a record for the instances you had your card in. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447920) |
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Date: October 15th, 2017 1:44 PM Author: beta fragrant brunch Totally agree. Especially if he were using a player's card to obtain comps (and I seem to remember that he was). (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447930) |
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Date: October 15th, 2017 1:47 PM Author: carnelian coffee pot box office yeah it seems like paddock was just a lucky real estate boomer with a gambling addiction. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447946) |
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Date: October 15th, 2017 1:47 PM Author: emerald flirting lodge play without your card until you hit a big win. cash that big win in and there is your paper trial of winning without any record of loss. then play with your card to rack up the comps. rinse and repeat each trip. if you have unlimited buyins for the amount you’re betting (say millions to bet 100 at a time like Paddock allegedly did), this is an easy scheme. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447949) |
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Date: October 15th, 2017 1:36 PM Author: carnelian coffee pot box office just seems odd, i'd put the money in a fireproof floor space and just spend cash at stores and shit. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447886) |
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Date: October 15th, 2017 1:37 PM Author: emerald flirting lodge a criminals goal should be to make enough money to become legit. you do that by taking illegal money, washing it to legit money, than having passive investments that eventually are enough for you to not do illegal or legal shit. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447892) |
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Date: October 15th, 2017 1:38 PM Author: massive property national security agency (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447895) |
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Date: October 15th, 2017 1:39 PM Author: carnelian coffee pot box office it just seems like asking for trouble to take your dirty money and go on video spending it and cashing it into chips and back. why not just get a shit job for direct deposits and rent and then use cash for everything else? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447901) |
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Date: October 15th, 2017 1:44 PM Author: emerald flirting lodge the irs is not requesting videos from casino for some guy paying taxes on his gambling winnings. only if you catch the eye of say the FBI for something else would it ever get that far.
i know plenty of guys who run illegal poker rooms in Texas who wash money in this very way. |
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Date: October 15th, 2017 1:44 PM Author: carnelian coffee pot box office ok, fair. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447929) |
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Date: October 15th, 2017 1:50 PM Author: Abusive clown OP is correct. Over a large sample, your odds of winning go to 0. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447961) |
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Date: October 15th, 2017 1:52 PM Author: emerald flirting lodge this is the opposite of a CR. over a large sample at video poker, your loses should only be 3-5% of your buyin. if you have unlimited buyins (and you do if you have millions and are betting 100 a hand like paddock allegedly did), you can play forever and get real close to those small loss number. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447972) |
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Date: October 15th, 2017 1:53 PM Author: Abusive clown The point of money laundering is to convince the government you do not have unlimited buyins. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447974) |
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Date: October 15th, 2017 1:54 PM Author: emerald flirting lodge the government has no idea how many buyins you have if your buyins are all in untracked cash. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447980) |
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Date: October 15th, 2017 1:55 PM Author: Abusive clown Bro, they have your bank records, investment records, and your tax statements. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447987) |
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Date: October 15th, 2017 1:56 PM Author: emerald flirting lodge lol. the illegal cash is not in a bank or investment. its in cash in a storage room. only the legal cash from your winnings are put into a bank. you can’t be this dense. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447993) |
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Date: October 15th, 2017 1:59 PM Author: emerald flirting lodge let me give you a real life example.
1) run illegal poker room that makes 5-10k per night. 2) take that illegal poker money and turn it into 5-10k per week in legal money by buying in 2k at a time at casino but cashing in 3500. the casino reports the 3500 win but not the 2k buyin. 3) invest the 3500. 4) pay taxes on the poker winnings and investments. 5) rinse and repeat until the investments are enough to live off of. 6) sell the illegal business to someone else interested in this scheme. |
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Date: October 15th, 2017 1:59 PM Author: Abusive clown Date: October 15th, 2017 1:50 PM Author: :D (5000 mcg B12/wk, 150 mcg iodine/day, 250 mg algal DHA-EPA/day)
OP is correct. Over a large sample, your odds of winning go to 0.
(http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34447961) |
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Date: October 15th, 2017 2:02 PM Author: emerald flirting lodge you have no idea about gambling, odds, or washing money. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448020) |
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Date: October 15th, 2017 2:11 PM Author: Abusive clown I am a professional gambler. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448070) |
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Date: October 15th, 2017 2:13 PM Author: carnelian coffee pot box office what's your avg weekly take? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448077) |
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Date: October 15th, 2017 2:17 PM Author: Abusive clown quite volatile (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448097) |
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Date: October 15th, 2017 2:18 PM Author: carnelian coffee pot box office are your parents proud of your decision? (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448106) |
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Date: October 15th, 2017 2:19 PM Author: emerald flirting lodge claiming to be a professional gambler and claiming the expected win rate in gambling over time is 0% are rationally mutually exclusive.
*edit* i think we’re arguing two different points. your point that the win rate at vidoe poker is 0% is correct. but if you’re laundering money, you don’t care. you’re happy to get 90% on the dollar if the 90% out is now legal money. |
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Date: October 15th, 2017 2:21 PM Author: Abusive clown on table games/slots (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448114) |
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Date: October 15th, 2017 2:24 PM Author: emerald flirting lodge agreed, but see above. if you’re washing money, you don’t care about winning. you just want a decent illegal to legal money ratio. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448131) |
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Date: October 15th, 2017 2:39 PM Author: White Coiffed Business Firm Some of you guys are missing the point. Money laundering is about a front of legitimacy, and turning largely useless piles of criminal cash into liquid funds that can be used in the checking system. The point is to keep things low-key enough such that the government never asks, or if they do, there is an initial "innocent" explanation for things. But if you get audited hardcore, there is a high chance you are going down. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448210) |
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Date: October 15th, 2017 2:40 PM Author: Zombie-like menage ladyboy (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448215) |
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Date: October 15th, 2017 2:43 PM Author: carnelian coffee pot box office is there a rule you have to keep receipts? just say you're bad at money and don't record the $2-5k gifts you get. (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448227) |
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Date: October 15th, 2017 2:47 PM Author: White Coiffed Business Firm Damn, sounds foolproof.
Paddock was an idiot. |
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Date: October 15th, 2017 2:48 PM Author: carnelian coffee pot box office (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448269) |
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Date: October 15th, 2017 2:54 PM Author: Claret Degenerate 180 (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34448326) |
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Date: October 15th, 2017 8:29 PM Author: Aromatic deranged hominid Watch Hell or High Water (http://www.autoadmit.com/thread.php?thread_id=3764787&forum_id=2#34450457) |
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Date: October 15th, 2017 8:30 PM Author: carnelian coffee pot box office link?
i saw cold river or whatever his new movie is with renner and it was fucking great. |