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Canada Man Faces Fraud Charges Related To Internet Gambling
Canada Man Faces Fraud Charges Related To Internet Gambling
Published: August 16, 2009
Federal prosecuters indicted a Canadian resident on charges of bank fraud, money laundering and illegal gambling offenses related to his alleged role in processing more than $350 million for Internet gambling companies.
Douglas Rennick allegedly opened numerous bank accounts in the U.S. under corporate names from at least 2007 through June and falsely represented that the accounts would be used for purposes such as issuing rebate checks, refund checks and other payroll processing.
Rennick, 34 years old, and his co-defendants allegedly instead used the accounts to receive funds from offshore Internet gambling companies and distributed those funds via checks to U.S. residents seeking to cash out their gambling winnings. Rennick currently lives in Canada.
Prosecutors said the defendants allegedly provided false information about the accounts' purposes because the banks wouldn't have processed the transactions if they had known they were gambling-related.
The indictment seeks the forfeit of about $565.9 million, which the prosecutors said was the amount of proceeds allegedly obtained as a result of the actions. If convicted, Rennick would also face fines and prison time.
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