Online gambling guru and '14K triad member' Paul Phua snared in Las Vegas arrest
Paul Phua was arrested in Las Vegas for running illegal soccer betting ring
A private jet sits on the runway at McCarran International Airport in Las Vegas. For its owner, Paul Phua Wei-seng, the US$48 million plane with the registration number N888XS, may not be as lucky as its number sounds.
The 50-year old Malaysian is one of eight people, three from Hong Kong, who are accused of operating an illegal soccer gambling ring in Las Vegas hotel suites that United States prosecutors allege netted billions of Hong Kong dollars during the World Cup.
Legal documents seen by the Sunday Morning Post show Phua played a central role in what is probably the world's largest sports gambling agency - IBCBet.
"IBC is probably the biggest sports gambling operation in the world. It's of interest to all legal, licensed operations when a guy who is claimed to be the owner is arrested in Las Vegas by FBI agents," said Patrick Jay, director of trading at the Hong Kong Jockey Club.
Raising the stakes even further, legal documents filed in US courts allege that Phua is a high-ranking member of the 14K triad society, one of Hong Kong's oldest and largest.
Phua "adamantly denies the allegations and will … not dignify gossip and rumour with comment," his lawyers David Chesnoff and Richard Schonfeld told the Post via email.
Online gambling has taken on unprecedented proportions in recent years.