Written by :
Published on :
Disgraced online gambling payment processor, Daniel Tzvetkoff, also processed for the adult entertainment industry.
"This could be why they are coming down so hard on him, forgive the pun," remarks Greg Tingle of Gambling911.com.
Tzvetkoff is facing up to 75 years in prison after being denied bail Wednesday morning.
Federal prosecutors said that Intabill utilized the automated clearinghouse system to transfer funds between U.S. checking accounts and various Internet gambling businesses, including online gambling and porn. They charge that Tzvetkoff and others disguised those gambling transactions as repayment of payday loans that consumers had taken out online, as well as transferred funds applied to pre-paid debit cards. He was indicted for money laundering.
"Tzvetkoff and his co-conspirators obtained unique websites and toll-free numbers for these shell companies and developed phony websites to make the companies appear to have a valid, non-gambling purpose," the indictment said.
Tzvetkoff moved over to online gambling processing after spending several years helming Merchant Solutions, an online adult payment company headquartered in Brisbane, Australia, with another office in Los Angeles. Tzvetkoff is accused by many of the industry of scamming them out of millions.
U.S. District Judge Lewis A. Kaplan sided with prosecutors declaring Tzvetkoff "a serious risk" of fleeing if granted bail, overturning a Las Vegas magistrate judge's ruling that he could be released on "conditional" bail.
"No condition or combination of conditions will reasonably assure the presence of the defendant as required," Kaplan said.
---
Jagajeet Chiba, Gambling911.com
