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U.s. Cracks Down On Online Gambling

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http://www.nytimes.com/2011/04/16/technology/16poker.html?_r=1&ref=business

In an aggressive attack on Internet gambling, federal prosecutors on Friday unsealed fraud and money laundering charges against operators of three of the most popular online poker sites. The government also seized the Internet addresses of the sites, a new enforcement tactic that effectively shuttered their doors.

Prosecutors charged that the operators of Full Tilt Poker, PokerStars and Absolute Poker tricked banks into processing billions of dollars in payments from customers in the United States. They said the actions violated a federal law passed in 2006 that prohibits illegal Internet gambling operations from accepting payments.

The sites have their headquarters in places where online gambling is legal — Antigua and the Isle of Man — a hurdle that has made it difficult for authorities in the United States to crack down on the industry. The indictment shows the intensifying game of cat-and-mouse between prosecutors and gambling sites that generate billions of dollars in transactions.

I wonder if this complaint came from the bankers who've been tricked into handling billions of dollars in payments that they skim off the top? I bet many a bank executive lost sleep over this.

I mean the banks never trick anyone.

Not shocking really that the US is prepared to crack down on "illegal" gambling but yet Wall Street gambling apparently is fine especially when Wall Street loses and the taxpayers of the world pick up the losses.

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http://www.nytimes.com/2011/04/16/technology/16poker.html?_r=1&ref=business

I wonder if this complaint came from the bankers who've been tricked into handling billions of dollars in payments that they skim off the top? I bet many a bank executive lost sleep over this.

I mean the banks never trick anyone.

http://www.theregister.co.uk/2011/04/16/feds_online_poker/

The companies deceived banks into processing the money by creating fake corporations and web sites. When the banks detected and shut them down, they worked with the principles of smaller banks offering them investment in return for handling payments.

The indictment names one bank, SunFirst Bank in St George, Utah, whose vice chairman of the board and part owner John Campos allegedly agreed to process gambling transactions in return for a $10m investment in SunFirst, which would give them a more than 30 per cent ownership stake in the bank. Campos also requested and received a $20,000 "bonus" for his assistance, according to US law enforcement.

One of the associates of the individual who approached Campos said in an email they had "purchased" SunFirst and "were looking to purchase" "a grand total of 3 or 4 banks" to process payments.

There's one bank executive who doesn't look like he lost much sleep over it.

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In what way is online gambling different from investment banking anyway?

Has this crackdown come because the plebs have begun to realise there is very little difference?

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Goldman Sachs will make a lot of money out of this. Don't ask me how but they will. They always do.

Ladbrokes and W Hill shares shot up yesterday because the US are supposed to be relaxing online gambling laws!

http://news.sky.com/skynews/Home/Business/William-Hill-And-Ladbrokes-Set-To-Win-Big-In-US-As-Online-Gambling-Laws-Are-Relaxed-in-Washington-DC/Article/201104315972947?lpos=Business_Second_Home_Page_Article_Teaser_Region_3&lid=ARTICLE_15972947_William_Hill_And_Ladbrokes_Set_To_Win_Big_In_US_As_Online_Gambling_Laws_Are_Relaxed_in_Washington_DC

Current firms now being charged. Shift them out of the way or sell them on the cheap?

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Why dont they just let people make their own minds up if they want to gamble or not ?

There's always some idiot(s) trying to decide whats best for people, probably some bible basher who sees no harm in waging war on another bunch of bible/quoran bahser's but lets ban gambling as its destroying lives.

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Why dont they just let people make their own minds up if they want to gamble or not ?

There's always some idiot(s) trying to decide whats best for people, probably some bible basher who sees no harm in waging war on another bunch of bible/quoran bahser's but lets ban gambling as its destroying lives.

it has nothing to do with morals, it was implemented for tax reasons with no doubt a fair bit of brown enveloping, err i mean lobbying from us based companies, the US was and clearly is still losing tax to offshore gambling companies

Edited by Tamara De Lempicka

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it has nothing to do with morals, it was implemented for tax reasons with no doubt a fair bit of brown enveloping, err i mean lobbying from us based companies, the US was and clearly is still losing tax to offshore gambling companies

So if anyone is going to get away with paying no tax to the US govt it has to be US based companies. I see there mistake.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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