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POKER SHARK 2.0
Online Gambling Processor Douglas Rennick Pleads Guilty to Money Laundering
Submitted by Full House B on Thu, 2010-05-13 15:15
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Douglas Rennick, the Canadian payment processor indicted last August on charges of money laundering, bank fraud, and illegal Internet gambling, entered his guilty plea.
35-year-old Douglas Rennick pleaded guilty to one count of money laundering in a New York federal court on Tuesday.
Rennick was indicted last August for allegedly processing nearly $350 million for online poker giants PokerStars and Full Tilt Poker over as two year span. He was also accused of providing false and misleading information to US banks in order to conceal the gambling related nature of the transactions, which the banks would not have authorized otherwise.
Rennick allegedly operated companies like My ATM Online, Alenis Limited, KJB Financial Corporation, Account Services Corporation, and Check Payment Financial Co.
When asked by U.S. District Judge Sidney Stein to explain his crime, Rennick said, "I had a business that transferred money from offshore gaming sites to American players within the Southern District of New York."
Rennick was originally facing a potential 55-year prison term, $1.75 million in fines, as well as a hefty forfeiture of $566 million. However, his attorneys and the US Department of Justice were able to reach a plea bargain agreement which guarantees Rennick a much lighter sentence. The Canadian native has now agreed to forfeit $17.1 million and faces anywhere from of six months to one year in prison.
Full House B says: Sources within the US Department of Justice have noted that the Department now holds a much tougher stance towards violators of the UIGEA than previously. It has been said that the DOJ may actually begin targeting Internet gambling companies that choose to violate the law. What do you all make of this?
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