Poker News: Pappas Pays Barney Frank $75K
"House Financial Services Chairman Barney Frank (D-Mass.) (also) made out handsomely this summer, bringing in nearly $70,000 from the Managed Funds Association and John Pappas of the Poker Players Alliance." (Roll Call, 10.19.2009)
Barney Frank of course is backing legislation that would legalize online poker.
But word around much of the industry these days is that operators appear somewhat content with news appearing on the Gambling911.com website last week regarding the UIGEA policy reqs.
"They (the Treasury Department) is not applying the UIGEA to bank wires," said one industry analyst who wished not to be named. "I find that pretty amazing."
Your bank is not required to block ACH, wire, or check payments related to unlawful Internet gambling to be in compliance with the Final Rule.
Essentially, the industry seems poised to operate in an atmosphere similar to that of pre-UIGEA law passage in October 2006. The Unlawful Internet Gaming Enforcement Act (UIGEA) forced many of the European-based online gambling operators out of the US market, including online poker's largest company at the time, PartyGaming.
Ironically, two of the PPA's biggest member organizations - Full Tilt Poker and PokerStars - have found themselves front and center of an active investigation out of the US Attorney's Office in the Southern District of New York. Seizure warrants unsealed as a result of an action filed by Costigan Media, parent company of Gambling911.com, reveal that the New York office is going after payment processors that have worked with both companies. Over the summer, approximately $50 million in funds from these companies were froze by the US Attorney's office.
Christopher Costigan, Gambling911.com Publisher
