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After Florida Crackdown, Banks Turn Attention to Cashless Gambling Halls
By Brian Monroe
printIn the wake of a Florida crackdown on cashless gambling operations, some large banks have begun reviewing their relationships with Internet sweepstakes parlors, say compliance officers. In March, state and federal prosecutors accused the founders of St. Augustine, FL-based charity Allied Veterans of the World of funneling $300 million in proceeds from illegal sweepstakes gambling operations through a complex network of for-profit businesses that ultimately returned the money to the group's management, software provider and Kelly Mathis, an attorney who helped set up the scheme. Between January 2008 and January 2012, the group spent less than $6 million on charitable...
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