No they do not. The truth is plain to see.
I took my response to this question from my post on MW answering the reality of the sitiuation as to why BoS is not answering to the charges or keeping the doors closed. The first one is from 7/30 and the second 7/31. The second one is direct challenge breakdown. Someone please restore my faith.
To summarize first. The BoS lawyers can in no way defend any charge from 2001-2004. The firgures were made up from credit shop and other dubious financial instruments. The gov has asked for 5 years worth of bank records.
They have two the know about. 3 they dont and whomever verified the numbers has a ton of explaining to do. Please note to date those in the real know have not refuted this and the damage is done no matter what becomes of BoS.
The money is not there I believe all-in. Its that simple. The case being investigated took place between 2001-2003 and the company prospectus was built from a time they were not public and I would like to know where the numbers came from as well as how they were verified. Please tell me most of those numbers aren't derived from credit shop figures among other dubious things. Please tell me that they weren't first in line with this a may vey well have duped the LSE, AIM and when the Feds find out the Gov. Its built on a house of cards and they know it. There is no foundation and thats what the Feds are investigating. Given the background of Kaplan, the money is not there. All these charges will be ghost charges from an accounting standpoint. Most of the numbers have to be made up and someone(s) may well be on the floor laughing there asses off because they know it.
The Gov wants bank records going back 5 years. I say they have two now that are legit and the rest mostly made up and moved around cleverly to become a public company. When you add there are non disclousre issues already.........
BoS is doing the best thing it can do and thats nothing seemingly. Sure we'll do what you say within reason. Make it look like we are working behind the scenes is the psycholgy. These puppets know nothing of what will be asked and fear for there lives. They have to be.
The Feds being arrogant as always and thinking everyone fears them is falling for it because they believe there reasearch and numbers to be true. After all they are a publicly traded company and the LSE/AIM would not let such a company in if it were not up to snuff would it? Oh man are they ever in for a shock. This is not good at all.
The Feds like Vegas before it has bought the marketing spiel everybody. Privatly they think BoS is legit and just like me for my first 4.5 months here could not even remotly concieve of theieves and scammers you have. Its inconceivable for us to open a book and do things that way and its inconcievable to the Feds that someone could get by the LSE and onto AIM no less they would think someone would get by the Stock Exchange and onto Nasdaq. Would not occur to them and as far as they are concerned Gary did everything by the book. They are attacking this case that way thats for sure.
Its going to get really, really ugly I am afraid and I am very sorry for all. I would play right along too. Sure, sure whatever you say. Well be good boys and girls an do what we are told. Its amazing what kids can get away with when they behave. The parents dont keep as close an eye on them. Makes for all kinds of mischief.
The money is not there. Its simply not there.
From 7/31. Someone tell me what they think BoS took in per year in 01-03.
The federal government claims in court filings that BetOnSports took in more than $3.5 billion just from 2001 to 2004, by using more than 700 Web addresses and dozens of toll-free numbers to take bets.
Federal investigators have reviewed company files, placed undercover bets and tracked the bets of 18 gamblers who used Western Union to send money, including two in the St. Louis area who sent a total of $40,000.
The company's most recent annual report adds almost $1.1 billion to that total from the 9.9 million bets placed online and over the phone in 2005. The 2.9 million phone bets averaged about $201 apiece, compared with the average bet of $72 for the 7 million bets placed online.
I will challenge here. So from a review of the records we can deduce in the first blush that BoS took in an average of 900 millon a year in 2001,2002,2003 and 2004. On exactlys whos numbers are they basing this on? You all were there. Did BoS in your opinion take in 900 million in each of those years? 04 is like a half year at that. Tell me the review of the records on file do not contain numbers made up from credit shop figures and other dubious instruments and can in no real way be accounted for. I find it very, very hard to believe that there was that kind of income that could really be tracked. The US wants 5 years worth of bank records to see where the money went and is. What records and what money?
The 2005 numbers only show 1.1 billion. Lets assume thats up from 900 million in 04. Where does that leave 03,2 and 1? Mind you this was before the poker explosion. Bet on Shit is a little light in the shorts if you ask me. Not that matters now. But still my god. Like I said the Feds like Vegas before it fell for the marketing spiel. Its inconcievable that things were not done on the up and up. No way they got by the LSE and onto AIM. Would never occur to them. It took me a long time to accept how things are out there and the mindset operated from.
Being a publicly traded company carries weight and carries a lot of given assumptions. Not for much longer I am afraid. JC has asked several times, "what is that supposed to mean?"
It means you dont need a house of cards to get by the naive and unsuspecting. You just need shuffle a deck of one to make it look like you do. Three card Monty staright from Brooklyn, New York at its very best. Gets them more often than not.
It truly is tremendously tragic and tremendously hilarious at the same time.
Strictly a numbers thing folks. BoS has no real way to defend against the charges at hand and the Feds will never prove that kind of money was bet in that time period. The figures are mostly made up.
