The New York Daily News today reported that three of the largest Internet gambling websites, Full Tilt Poker, PokerStars, and Absolute Poker, have been charged with bank fraud, money laundering, and illegal gambling, with all three facing over $3 billion in penalties and forfeitures.
According to federal prosecutors, the three companies found ways to circumvent federal gambling laws, including one passed in 2006 that banned U.S. banks and credit car companies from helping to transfer money between gamblers and international gaming operators.
Others attempted to bribe their way around the laws by offering "multi-million dollar investments" to cash-strapped banks.
U.S. Attorney Preet Bharara, speaking with the Daily News, said:
"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. In their zeal to circumvent the gambling laws, the defendants also engaged in massive money laundering and bank fraud."
The 11 people brought up on charges in connection with the case are expected to be arraigned today.
[via NY Daily News]
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Glen Pearson April 17th, 2011 at 04:30 AM
Poker is not gambling.If poker is gambling then so is online stock trading or trading in general.Why do the same people keep ending up at final tables,time and time again?What are they the luckiest people in the world?NO!In the game of poker you measure the equity involved in any given situation based on all of the available information you have at your disposal and act accordingly.Just as investments in the stock market do not always yield the returns expected or not at all in many cases, poker to has this trait.Now, you may say, what about the people who do not know how to play and are blowing their money gambling.Well to you I say, ANYONE who invest in anything in life without calculating the risk to reward ratio properly and accounting for all the variables at their disposal is GAMBLING.In that sense poker is gambling and so is everything else you do.What about children who dream of becoming pro football players?Should we tell them that they are not aloud to gamble with their physical well being or for that matter what about the cost of playing football that is spent and more times then not wasted because of an injury down the line or lack of discipline and fading interest.Adults should be able to measure risk by themselves and they do not need the help of the government.Now if you are talking about slot machines then yes I agree get rid of them as they are BUILT to make the player lose or how about state lotteries?Poker is a game of 100% skill.If you invest in the correct situation you WILL make money playing against weaker opponents.This is no different than any other sport!I did not see any of you stepping in to save Buster Douglas from Mike Tyson when the odds were 50 to 1.NO!You didn't because you believed it was the mans right to wager his body against the will of another man.I hope this has opened the eyes of some.Thank you for taking the time to read this, regardless of what your opinion is.Remember it is your duty to protect the freedoms of others as one day your number may be called and will I be there to stand for you if you will not for me?
Tyler Ross April 18th, 2011 at 10:49 AM
so Glen... what does any of that have to do with bank fraud?
Headshots April 18th, 2011 at 12:29 PM
The Major poker sites have many charges against them. Bank Fraud, Money laundering, theses charges have nothing to do with poker. They will be shut down in the US forever. Time to brush on your live play boys. Local casino's look for a boom. Who knows, maybe it's a good thing for poker in Las Vegas.