Justice Department Seeks $3 Billion from Online Gambling Companies that Used Complicit Banks

By Brian Monroe

The U.S. Justice Department is seeking $3 billion in forfeitures and fines from three of the largest online gambling businesses and the financial institutions and individuals that helped to process bets. The department's Southern District of New York disclosed indictments Friday against 11 individuals who allegedly operated or helped the three largest online gambling sites: PokerStars, Full Tilt Poker and Absolute Poker. Prosecutors, who successfully sought restraining orders against over 75 bank accounts, have charged the defendants with money laundering, bank fraud and illegal gambling. Because many U.S. financial institutions would not process bets or payouts for the offshore companies,...