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Banks subpoenaed about online gambling transfers

As it has been widely reported over the weekend, quite a few international banks, among which,  HSBC, Credit Suisse and Deutsche Bank, have been subpoenaed for emails, telephone records, and documents related to online gambling companies, by the US Department of Justice, Southern District of New York. Many politicians have raised voice in outrage of the USDOJ to pursue companies outside of its jurisdictions, however, and official statements to whether any evidence has been handed over, has not been issued yet by any of the banks.

Deutsche Banks and Credit Suisse were the banks advising Party Gaming PLC on their initial IPO and HSBC was advising 888 Holdings.

The subpoenas are following the arrests of two of the former founders of Neteller, which were brought up on charges for money laundering. Political resistance is expected from the foreign countries, however, it is still unclear if the banks will comply with the subpoenas and hand over the evidence sought by the DoJ.

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Related news:

 Neteller suspends stock trading
 Banks to add online betting fee




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