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***GambLux EDITOR NEWS*** |
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Payment Processor Escaped Bank Fraud Charges
[Sunday, May 16, 2010]
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To avoid conspiracy and bank fraud charges, Douglas Rennick pleaded guilty today to a charge of dealing out betting payments at online casinos for players in US residents. By accepting the plea, the US prosecutors' cases against the Internet gambling industry may have strengthened.
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Rennick confessed his company transfer funds from a Cyprus bank to US accounts for two years to induce gaming losses. As stated by Federal authorities, Rennick had provided false allegation to US banks about the nature of the business being administered.
According to his lawyers, the sentence that will be served to Rennick will become 6 to 12 months for taking the deal. If he had stood trial and found guilty, he might spend 40 years or more in prison.
US authorities were delighted that Rennick accepted the charge of processing payment for Internet poker rooms and online casinos, they gladly prolonged the offer. Prosecutors persuaded Rennick to plea to a lesser crime of uncertain nature by bargaining the drastic penalties for bank fraud, establishing a way for further developments of sorts to affix their argument that poker and Internet casino gambling are illegal.
US courts argued with the Justice Department that the Wire Act only affect sports betting and leaving the federal law with unaddressed question of online casinos.
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