Kevin O'Leary, one of the co-hosts of Shark Tank (and Dragon's Den), and serial investor is being sued by the federal government for using his political influence to make an illegal investment, the CBC reports. The federal government has said that he somehow got access to confidential information that online casinos would be legalized, and then used that information to make millions.
"He knew online casinos would become legal, so he made an investment in a casino with information he shouldn’t have had. He got in early, and is now sitting on millions of dollars in profit for doing nothing, and taking no risk," Attorney General Jody Wilson-Raybould stated.
Both the legalization of online casinos, and the lawsuit were announced at a press conference this morning by the Attorney General. The legalization comes as the government tries to generate money to support retired citizens without raising taxes, as the influx of refugees has placed a strain on social and welfare spending.
The Government of Canada claims that tax revenues will be huge, and will benefit all citizens, with the majority of it going towards Canada Pension Plan and Old Age Security.
The name of the casino O'Leary invested in is not known, but the Attorney General added that a different one, called Cash Cabin, is the only one allowed to operate in Canada right now. (CBC web page)
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