More Payment Processing Worries for US-facing Online Poker Rooms

07/08/2009 20:08
Type Online Alert
Theme poker

Douglas Rennick, a resident of Canada, has been indicted by a grand jury in the U.S.A. for his involvement in the processing of approximately $350 million for online gaming firms. According to allegations Rennick used company accounts set up at banks within the U.S.A. to pay players of industry giants Absolute Poker, Ultimate Bet, Full Tilt, and Poker Stars.

The indictment seeks forfeiture of $565 million to the government.

That's the pinnacle of logic for you: $350 million of allegedly illegal payments were processed, so seek forfeiture of $565 million -- far more money that was even processed in the first place. Where does the government think they are going to seize the additional $215 million? It is doubtful that the accused received that much in the way of compensation for payment processing services. But once again, your friendly neighborhood government, in its efforts to protect you from yourself, will attempt to devour anything and everything, AND THEN SOME.

"Q"
Wheretobet.com

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