"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Monday, July 17, 2006

BetOnSports CEO in the slammer

The U.S. Justice Department has indicted 11 people and four companies, including BetOnSports (UK:B) for racketeering, conspiracy and fraud. (UK:BSS122.50, -25.90, -17.5% ) BetOnSports is based in Costa Rica and is listed on the London Stock Exchange and their CEO David Carruthers (not a US citizen) was arrested in Dallas on Sunday on the charges. Carruthers was detained by members of the FBI and the Inland Revenue Service (IRS) at around 4pm local time with a warrant for his arrest.

He is believed to have spent a night in Tarrant county jail and is not expected to get bail.

Some reports claim Carruthers will be charged under the federal racketeering statutes or RICO (Racketeer Influenced and Corrupt Organisations Act).

"Illegal commercial gambling across state and international borders is a crime," said U.S Attorney Catherine L. Hanaway.

The indictment seeks forfeiture of $4.5 billion.

There is considerable speculation about BetonSports founder, Gary Kaplan, who also goes by the name of Greg Champion and "G". Kaplan is believed not to have entered the United States for well over three years following the indictment of another company executive for charges unrelated to online gambling.

Online gambling is a US$12bn worldwide industry and well over 50% of the revenues are made in the US, but none of the world's estimated 2,500 gambling sites are based there. The 1961 Interstate Wire Act bans gambling over the telephone (Remember "The Sting") and, according to the Department of Justice, over the internet as well, although this has not yet been tested in court.

BREAKING NEWS

New York Times covers the story without adding much factually today - 888 are down another 6/7 p in London. BSS has issued a statement and asked for share trading to be stopped awaiting further information (the Company have not been able to contact their CEO directly). Partygaming are down 8% at 94 pence. Mid day prices.

BREAKING NEWS 2 on 18th Juky

Remember you got the news here first and now Partygaming were down to 82p (76 / 84 spread) at the close.

at 7/17/2006 11:40:00 pm

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