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***GambLux EDITOR NEWS*** |
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U.S. probe hits UK online gaming shares
[Sunday, January 28, 2007]
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US Justice Department trying to nix online gambling. Aggressive activity by the U.S. Department of Justice is pushing down the price of shares in British online gaming firms by as much as 9%. Prosecutors in the Department are employing their full arsenal of scare tactics in their mission to rid the USA of online gambling.
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They are demanding information about connection with Internet gaming firms from the Wall Street branches of some of the worlds largest investment banks such as HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort. However none of the large US investment banks such as Goldman Sachs and Citigroup underwrote the initial public offering of Internet gaming firms on the London Stock Exchange.
They are also pursuing founders and senior executives of Internet gambling companies. Recently they arrested the Canadian founders of NETeller, Stephen Lawrence and John Lefebvre and charged them with handling billions of dollars in illegal gambling proceeds. The strategy is that since action is not possible against Internet casinos, which are offshore, the US Department of Justice will focus instead on the casinos American partners, marketing arms and investors.
I.Nelson Rose, an expert on Internet gambling law and professor of law at Whittier Law School in Costa Mesa, California, says that this is part of a US war of intimidation against Internet gambling. The question is who has the staying power for the many ensuing battles: the US Government or the Online Gambling public at large.
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