» Australian Arrested on US Offshore Gambling Payment Charges
Australian Arrested on US Offshore Gambling Payment Charges
Thursday 22 April, 2010 18:11
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
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.
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