Levo Chan: Macau Casino Junket Boss Gets 14 Years for Illegal Gambling
Macau junket bigwig Levo Chan was sentenced to 14 years in prison house on Friday for wrongful gambling, running felon syndicates, fraud, and money laundering.
Earlier, in a last financial statement to the court, a tearful Chan apologized to workers at the now-defunct Tak Chun Group and denied the companion was a “triad” organization.
Until his arrest in January 2022, Chan was the lead of Tak Chun, the second-biggest player inwards Macau’s multibillion-dollar junket sector. That made him I of the most powerful people inward the gambling enclave.
In January 2023, Alvin Chau, lead of Macau’s biggest junket, Suncity, was sentenced to 18 years inward prison house on similar charges.
Their arrests signified that the politburo in Peking had running game finally out of patience with Macau’s junket industry, which it blames for facilitating cross-border gambling, majuscule flight, and money laundering,
Secret Betting Industry
Both men were accused of defrauding Macau’s government activity of millions of dollars by offering illegal, under-the-table gaming to their high-rolling clients.
These were “multiplier bets,” common soldier wagers that mired Tak Chun multiplying the stakes on “official” bets placed at Macau’s casinos. They were settled later, tax-free, according to prosecutors.
Chan was estimated to hold earned US$200 jillion from these bets on a add up hold of US$4.5 billion, piece denying the administration US$62 gazillion in task revenue.
Chan denied the charges against him. But during the trial, the homage heard tap grounds from 2018 and 2019 that prosecutors claimed recorded Chan approving multiplier factor betting to an employee.
Meanwhile, investigators from Macau’s judiciary police testified Tak Chun produced intragroup preparation manuals advising stave on how the bets could be arranged.
Planned to Flee
When Chan’s discovered prosecutors were building a instance against him, he made plans to bulge a young life inwards Taiwan, which does non make an extradition treaty with Macau or the People’s Republic of China.
Documents that showed he had applied for Taiwanese residence were found among his personal effects at the clip of his arrest. Investigators also determined he had wired a large sum of money to Nationalist China inward the years leading up to his arrest.
As intimately as Tak Chun, Chan was the chairman and CEO of Macau Legend Development Ltd., which owns the Fisherman’s Wharf amusement coordination compound on Macau’s entertain and operates casinos below the SJM Holdings license.
Chan remains the company’s absolute majority shareholder, with 33%. The charges against Chan were unconnected to Macau Legend’s operations.
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