Daniel Tzvetkoff Answers Money Laundering Charges

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Published on:
May/13/2010
Daniel Tzvetkoff

Australian online gambling payment processor Daniel Tzvetkoff is scheduled to appear in court for the first time Friday where he will answer money laundering charges according to the Gold Coast News.  Tzvetkoff is facing a maximum sentence of 75 years.

Another payment processor in the sector, Canadian Douglas Rennick, faced similar charges and learned this week he may only have to serve less than a year behind bars.  Rennick will also be required to pay a $US17 million fine.

Tzvetkoff's charges also include bank fraud and gambling conspiracy.  He too will likely have to pay a fine.  He is believed to have money stashed in Caribbean tax havens as well as Switzerland.  A number of online gambling companies accused the 27-year old of scamming them out of millions. 

The Australian entrepreneur was denied bail.  A New York District Judge cited him as a potential flight risk.

Gambling911.com Staff

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