• Payment Processing Inc. Facing Federal Charges

    15 February 2011

    Newspaper

    There is another payment processor being charged by the federal government for allegedly sending $44 million in winnings to bettors all across the United States. Company officials of Payment Processing Inc. are now facing charges of operating an illegal gambling business, transmission of wagers and international money laundering.

    There are six people named as defendants in the case that was investigated by the IRS’s Criminal Investigations Division and the U.S. Postal Inspection Service. Assistant U.S. Attorney Joel Sweet is prosecuting the case and if found guilty the defendants will face up to 91 years in jail and a $4.25 million fine.

    According to court documents filed in the case, gambling funds would go into the company’s bank accounts from overseas and then Payment Processing Inc. would receive emails with the names and addresses of the people who are supposed to receive money. They would then cut a check (less than $5,000) and send them out using fictitious company names.

    Most of the betting evolved around sports betting which is unlawful in the United States and according to records involved online sites such as Bodog and MySportsBet. Due to the fact that most of the funds sent involved sports, most experts believe the feds have a strong case against this payment processing company.

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