Online Casino Transfer: News - Rennick Seizure ruled Legal

02/12/2010		Online Casino Style: News Rennick Seizure ruled Legal
Home History Games News Dictionary		According to a recent report by the Dow Jones news, a Canadian man accused of illegally processing more than $350 million in payments on behalf of online gambling companies seems to be having a hard time getting out of his own bind. Douglas Rennick, the sole owner, shareholder, officer and employee of the Account Services Corporation and the KJB Financial Corporation has appealed the government’s rights to seize funds and paperwork from the firms in relation to their developing case against Rennick. The US Second Court of Appeals disagreed with his claims, upholding that Rennick must comply with the court order and surrender the demands issued there within. A major piece of the subpoena in question would mean the surrender of documents proving the processing of funds linked to illegal online gambling. Though Rennick lives in Canada, his companies are based in the US and therefore subject to US law, including the Unlawful Internet Gambling Enforcement Act. He argued the subpoena, claiming that allowing authority access to his companies’ records would violate his fifth amendment right, the courts upheld it, saying that while corporations’ owners cannot be held liable in full for the entities’ acts, one-person proprietorships are not similarly excepted. The news has resulted in a number of theories in the online gambling community, as to how similar cases might be affected in the future, but for now, Rennick alone seems to be in the boiling pot. He was indicted on three counts of conspiracy to commit bank fraud, money laundering and conspiracy to operate an illegal online gambling operation. Should he be convicted, he could potentially face up to 30 years in prison for his role.

02/12/2010

Online Casino Style: News
Rennick Seizure ruled Legal

According to a recent report by the Dow Jones news, a Canadian man accused of illegally processing more than $350 million in payments on behalf of online gambling companies seems to be having a hard time getting out of his own bind. Douglas Rennick, the sole owner, shareholder, officer and employee of the Account Services Corporation and the KJB Financial Corporation has appealed the government’s rights to seize funds and paperwork from the firms in relation to their developing case against Rennick. The US Second Court of Appeals disagreed with his claims, upholding that Rennick must comply with the court order and surrender the demands issued there within.

A major piece of the subpoena in question would mean the surrender of documents proving the processing of funds linked to illegal online gambling. Though Rennick lives in Canada, his companies are based in the US and therefore subject to US law, including the Unlawful Internet Gambling Enforcement Act. He argued the subpoena, claiming that allowing authority access to his companies’ records would violate his fifth amendment right, the courts upheld it, saying that while corporations’ owners cannot be held liable in full for the entities’ acts, one-person proprietorships are not similarly excepted.

The news has resulted in a number of theories in the online gambling community, as to how similar cases might be affected in the future, but for now, Rennick alone seems to be in the boiling pot. He was indicted on three counts of conspiracy to commit bank fraud, money laundering and conspiracy to operate an illegal online gambling operation. Should he be convicted, he could potentially face up to 30 years in prison for his role.