Australian Arrested on US Offshore Gambling Payment Charges

Thursday 22 April, 2010 18:11

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A young Australian could face decades in a US prison on charges of money laundering, fraud and illegal gambling after he was arrested last week.

27 year old Daniel Tzvetkoff was picked up by authorities after attending conference in Las Vegas pertaining to payment processing over the internet.

Tzvetkoff is the founder of Intabill, which processed payments for top online poker rooms and casinos, including Full Tilt Poker.

The company did incredibly well for a while, filling a niche in a market which was affected by the Unlawful Internet Gambling Enforcement Act introduced to the United States in 2006.

At its peak, Intabill was turning over $120 million a year, boasting over 50,000 customers and distributing online gambling payouts to over seventy countries around the globe.

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However, whether it was due to the inexperience of the young founder or the economic recession, Intabill hit bad times and Tzvetkoff was eventually forced to declare bankruptcy last year.

Nevertheless, despite the many personal lawsuits brought against him, Tzvetkoff continued to offer online gambling payment services on a smaller scale, leading him to attend a conference in Las Vegas.

Since his arrest, Tzvetkoff has been held in the North Las Vegas Detention Center and he could find himself behind bars for as much as 75 years.

Tzvetkoff, whose personal fortune was once estimated at $80 million, is accused of laundering $500 million of internet gambling revenue by disguising transactions.

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