Founders of Internet gambling companies PokerStars, Full Tilt Poker and Absolute Poker were among 11 people charged by the U.S. in a case that seeks at least $3 billion in forfeitures and penalties.
A revised indictment issued yesterday includes charges of bank fraud, money laundering and illegal gambling. It is the latest in a series of criminal cases against Internet gambling companies brought by U.S. Attorney Preet Bharara in Manhattan.
PokerStars, based on the Isle of Mann, Ireland’s Full Tilt Poker and Absolute Poker of Costa Rica are the leading online poker sites doing business with U.S. customers, according to the indictment. The charging documents name two principals from each company and others who allegedly worked with them to illegally process payments.
“These defendants concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits,” Bharara said today in a statement. “To circumvent the gambling laws, the defendants also engaged in massive money laundering and bank fraud.”
Prosecutors allege that after the U.S. enacted a law in 2006 barring banks from processing payments to offshore gambling websites, PokerStars, Full Tilt and Absolute Poker worked around the ban to continue operating in the U.S.
Read more: http://www.bloomberg.com/news/2011-04-15/internet-poker-entrepreneurs-charged-with-fraud-money-laundering-by-u-s-.html
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