Money Laundering and Bank Fraud

05/23/2011
By Pamela PattersonGoogle

 

Today, major online gaming companies that offer real-money gambling have been indicted with money laundering and bank fraud, and other illegal charges related to gambling.

 

PokerStars, one of the largest and most successful online gaming companies in the world has taken the forefront of the charges.  New York federal authorities have indicted eleven executives of PokerStars, Full Tilt Poker, and Absolute Poker. 

 

The indictments have not only charged the personnel of the companies but also the companies themselves in order to seize real-money online gaming in the United States.  The U.S. Department of Justice has filed suit against the gaming companies and have filed suit over the companies' assets, payment processors, bank accounts, and website domains.

 

Manhattan U.S. State Attorney, Preet Bhara issued the following statement in response to the indictments:

 

"As charged, these defendants concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks & effectively bribing others to assure the continued flow of billions in illegal gambling profits. Moreover, as we allege, in their zeal to circumvent the gambling laws, the defendants also engaged in massive money laundering & bank fraud".

 

It is safe to say that the upcoming months will be extremely intense time for the defendants, the online gaming companies indicted, the players involves, and the online gaming industry as a whole.
 

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