Brisbane businessman Daniel Tzvetkoff, former CEO of gambling funds processor Intabill Inc., has been indicted by a federal grand jury. He now faces up to 75 years in prison and over $500 million in fines if convicted. The grand jury indicted him on charges of illegal gambling, money laundering and bank fraud.
Federal prosecutors allege that he used Intabill to launder gambling money, using the automated clearinghouse system to transfer incoming money from various online gambling businesses to many phony offshore shell businesses he had set up. The transactions would be disguised as payday loan payments or other innocent payments.
The indictment states, in part: “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”.
Tzvetkoff was arrested earlier this month in Las Vegas, when he was seen by people to whom he owed large amounts of money.
He has remained in jail for several weeks and has a hearing today for prosecutors and his lawyers fight over bail and to see if he will be released with a home monitored detention.
You can read the whole story as it happened: