The real story is fascinating. A Cliff's Notes version is that Salim Damji, a compulsive gambler, tried to get rich by claiming that he had a toothwhitening product that he was selling to Colgate. When he was able to get millions of dollars from investors in his religious community, he started gambling hundreds of thousands of dollar at a time offshore at sportsbooks like Olympic and Joey C's sportsbook, BC Bets. When this guy lost something like $50 million+ Canadian and was arrested, Joey C moved all of his money out of Costa Rica. When investigators hired by the victims came to Costa Rica, all they were able to get was the $365,000 Canadian left in Damji's wagering account and a $1.1 million Canadian bank wire that was sent to Joey C without explicit instructions to be deposited in Damji's account.
Investigators, victims and Canadian authorities have tried to pin their hopes on money laundering, but it really doesn't add up. What appears to have happened is that Joey C developed a relationship with a compulsive gambler who had access to a tremendous amount of other people's money, and when that person went broke, Joey C was the chief beneficiary.
I am a bit unclear on how CRIS and its former owner, RS fits into this, but I believe that Joey C needed CRIS' backing to book these large wagers initially, and RS helped Joey do that. Now RS is in prison. I'm not sure if Joey C supposedly owes RS money.
Where all of this fits on the message board is that Joey C never willingly divulged that he was the owner of BC Bets. He did shady stuff like posting SBR ratings when BC Bets had their rating raised and posting negative things about Panamanian banking because he was operating in another country.