More Than 3000 Place Bets on Fate of Conrad Black
Controversial online gambling site, BetUS.com, has placed odds on the fate of Conrad Black.
The prominent British biographer, financier and former newspaper magnate has been charged with racketeering, obstruction of justice, money laundering and wire fraud.
Betting on a guilty verdict does not seem the way to go, however. Oddsmakers at
BetUS.com (see website here) have made Black a -5000 favorite to serve some jail time. You would have to bet $5000 just to see a $100 profit.
Any chance of him not serving any jail time, you could walk off with $2500 for every $100 bet. Don't count on it though.
The better wager: Odds that Black will be found guilty on all charges were listed as 2-1, that he will be found guilty on some charges were 1-3, that he will be found not guilty on all charges were 10-1 and predictions of a mistrial stand at 30-1.
A mistrial would pay out $30 for every $1 bet or $3000 for every $100 bet.
"The bets so far are heavily leaning towards a guilty verdict," said Christopher Bennett, director of media relations for the gaming site. "I think people are hoping he'll be found guilty and wagering based on those sentiments." The company enlisted the aid of legal experts in order to set the odds, and doesn't expect them to change during the trial.
"That's part of the fun of it," Bennett said. "Who knows what could happen depending on what star witnesses come along?" Bennett said the average bet has been $20 thus far. A $20 bet would, for example, garner a $60 return for someone who wagers that Black will be found guilty on all charges, which include money laundering and obstruction of justice.
According to the Star Phoenix, 40 per cent of the bets are coming in from Canada. Another 35 per cent American and 18 per cent from the United Kingdom.
Black is a very colorful figure to be sure, especially where Canadians are concerned. He once suggested that Canada should join the United States and abandon its universal health care system, Medicare.
When the then-French ambassador to the UK, Daniel Bernard, called Israel a "shitty little country" in a conversation he had with Black at a private dinner party, the conversation was promptly reported by Black's wife, Barbara Amiel, in her newspaper column. The resulting scandal led to Bernard's being reassigned to Algeria the following year.
Problems
In the 1980s, Black reclaimed $62,000,000 from the surplus of the Dominion workers' pension fund, claiming the surplus was the property of the employer. The Union challenged Black in court and he was ordered to return the money to the workers. Black appealed the case all the way to the Supreme Court of Canada which upheld the lower court's decision.
On 17 November 2003, after an internal inquiry alleged that Black had received more than $7 million in unauthorized payments of company funds, it was announced that he would resign as chief executive of Hollinger. The SEC also launched an investigation of his company's affairs.
On 17 January 2004, Hollinger International reported that the executive committee of the board of directors had obtained Black's resignation as chairman. At the same time the special committee in Hollinger already investigating the unauthorised payments filed a lawsuit in New York for the recovery of the money. Hollinger International also filed a $200 million (USD) lawsuit against Lord Black and his former top lieutenant, David Radler, as well as the companies Black has used to control the publishing it.
On 15 November 2004, the SEC filed civil fraud lawsuits against Lord Black and several others.
On 17 November 2005, eleven criminal fraud charges were brought by U. S. Attorney Patrick Fitzgerald against Black and three former Hollinger executives. Eight of the criminal fraud charges are against Black, and a warrant has been issued for his arrest. After a hearing in late 2006, his bail was raised to $21 million (USD). His American trial was to begin in early 2007.
On 15 December 2005, four new federal charges were laid against Black by Fitzgerald in Chicago. The new counts include racketeering, obstruction of justice, money laundering and wire fraud. Under the racketeering count, Fitzgerald is seeking forfeiture of more than $92,000,000 (USD). The obstruction count against Black relates to a video that appears to show Black illegally removing more than a dozen boxes from the Toronto office of Hollinger Inc. After the video became public, Black returned boxes of documents about a week later.
An agency of the American government has seized the proceeds of the sale of Black's and Amiel's New York apartment. Hollinger International Inc. sued Black for $200 million (USD) in January 2006.
You Can Bet on Conrad Black's Fate Here
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Alejandro Botticelli, Gambling911.com
Originally published March 27, 2007 7:39 am ET
