• Time Served for Michael Olaf Schütt

    09 November 2010

    Newspaper

    The 29 year old Naples man, Michael Olaf Schütt was staring down 30 years in a federal prison for money laundering. Schütt has been accused of funneling millions of internet poker money through multiple bank accounts.

    Instead he is now looking at a plane ride back to Germany, all though not with his American wife, after cooperating with the feds and negotiating a “substantial assistance agreement” in his case. The agreement remains confidential but a US District Judge sentenced him to 80 days in the Lee County jail and that time has already been served.

    Federal prosecutors has already seized $2.47 million from bank accounts, $10,000 from Schütt’s home, a wedding and engagement ring, an Audi Quattro 7, a Porsche 911 Carrera, and four Rolex watches. Monday it was all forfeited to the feds.

    In a statement to the judge made through an interpreter, Michael Olaf Schütt said,

    “I would like to apologize to the court, to the community, to my family and to my wife. I’m very sorry that I broke the law.”

    According to his lawyer, Schütt is expected to leave the country but if he does decide to stay, he will serve three years supervised release and cannot make any major purchases, use credit cards or open credit accounts without the approval of his probation officer.

    In hopes of getting a lighter sentence, his defense team pointed out there was no victims in this crime and nothing was taken that wasn’t his, he didn’t own any of the gambling operations and they pointed out that others facing the same charge from federal prosecutors were sentenced to less than Schütt was facing.

    One point that was brought up in the defense sentencing memorandum was that,

    Moreover, the underlying activity, online poker, occupies a gray area of the law. There are many (outside of law enforcement) who contend that it is legal and, more significantly, there is pending federal legislation that would make it unquestionably legal.

    Read how Michael Olaf Schütt legal problems got started.

    Related News

    • 02 May 2017

      Kindred Group Partners on Money Laundering Project

      One of the biggest criminal issues that gambling outfits have to deal with is the potential for money laundering through playing games. It's something that's impossible to completely avoid due to the nature of it, but it's something that can be cracked down on more and more with intelligent usage of data. The Kindred Group has entered a partnership that will be using artificial intelligence to help spot money laundering more efficiently. How This Project Works

      Read full article
    • 15 February 2011

      Payment Processing Inc. Facing Federal Charges

      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.

      Read full article
    • 04 February 2011

      Florida Senator Portilla's: Internet Poker Consumer Protection and Revenue Generation Act

      It looks like Florida is becoming more serious about passing an online gambling law within its borders through the use of pari-mutuels. Senator Diaz de la Portilla has filed a bill (SB 812) entitled the Internet Poker Consumer Protection and Revenue Generation Act that would create “intrastate Internet poker to be provided to the public by cardroom operators through a state Internet poker network operated by licensed Internet poker hub operators.”The whole 47 page filing can be viewed in its .

      Read full article