Australian Tzvetkoff Arrested On Money Laundering Charges

The US government has continued to go after members of the online gambling community in recent years. The latest attempt to scare off the industry came Friday when authorities indicted Daniel Tzvetkoff for helping to process over $500 million in online gambling funds.

Tzvetkoff once bragged about how his plan was "perfect" and how he had everything figured out in relation to US law. On Friday, however, Tzvetkoff learned just how little he actually knew about the US justice system.

Intabill Inc. was the company that Tzvetkoff used to disguise the online gambling payments. The payments were made to and from Internet gambling sites, and customers never had to worry about the sites popping up on their bank statements.

Authorities charged Tzvetkoff with gaming conspiracy, money laundering conspiracy, bank fraud conspiracy, and one count of money laundering. The Australian national now faces the possibility of up to seventy-five years in prison if found guilty.

Tzvetkoff's plan appeared to be working brilliantly until some of the sites he was dealing with started to complain that he had stolen money from them. The online gambling companies claim that Tzvetkoff stole over $100 million, only a small fraction of the funds that his processing company was allegedly disguising.

The Australian's operation began, according to police, in 2008. The operation ran smoothly for almost a year, but in March of 2009, Tzvetkoff stopped processing the online gambling payments after he was accused of stealing money from the sites.

April 17, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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