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Online Gambling: Man pleads guilty re gambling payments

Online Gambling: Man pleads guilty re gambling payments A Canadian man pleaded guilty in a Manhattan court in connection to processing payments from online gambling websites to players in the United States. Douglas Rennick, inducted last August, pleaded guilty in a federal court in New York to a single count of transmission of wagering information. The guilty plea could net the former online gambling payment processor a negotiated sentence of up to 12 months, following his cooperation with authorities. In addition to jail term, Rennick has agreed to forfeit $17.1 million.

 "I had a business that transferred money from offshore gaming sites to American players within the Southern District of New York," Rennick told the judge, when asked about the nature of his business. He was charged with conspiracy to commit bank fraud, conspiracy to engage in money laundering and conspiracy to operate an illegal gambling business. In addition Rennick was accused of providing false information to U.S. banks. According to prosecutors, Rennick had set up a few companies to process payments from gambling websites to customers of those online gambling companies from a bank account in Cyprus. He had told the U.S. banks that his business was to process rebate checks, refund checks and payroll checks. According to some reports, Rennick was processing the online gambling payments for Poker Stars and Full Tilt Poker between 2007 and 2009.

 Meanwhile another man accused of illegally processing online gambling transactions, Australian Daniel Tzvetkoff, remains held without bail in New York. Tzvetkoff stands accused of processing  transactions between players and online gambling companies worth more than $500 million through the ACH system. Tzvetkoff has pleaded not guilty to the online gambling charge.

 Published on 05/12/2010

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