Online Casino Transfer: News - German Immigrant in Custody

03/13/2010		Online Casino Style: News German Immigrant in Custody - 1
Home History Games News Dictionary		Since its passage in 2006, the Unlawful Internet Gambling Enforcement Act has been the fodder for nearly too much discussion in regards to the effective prohibition of online gambling in the United States. That being said, the meddlesome law differs from most others in that it holds neither players nor the internet casinos themselves responsible for adhering to the ban, placing the liability completely on the shoulders of the struggling financial industry. While some banks are waiting until the last minute before enforcing the law, others have instructed their employees to be on the lookout for suspicious activities, a call made by Bank of America that has resulted in the seizure of millions of online gambling funds as well as property. The case wholly revolves around one Michael Olaf Schuett, aged 29, a German immigrant who has been building his life in Naples, Florida. Schuett has been arrested for his owner and operatorship of hundreds of companies, most of which were doing payment processing work between bettors and offshore online gambling companies, all of which were lacking the licensing to do so in the US. Though Schuett has proclaimed his innocence, the amount of evidence that has been found against him stacks very high, giving authorities little doubt as to the true nature of his businesses. Summarized, Schuett has managed to distribute a minimum of more than $70 million to 23,000 online gamblers throughout the US. The investigation has since been turned over to Federal authorities, as he acted in direct violation of the UIGEA in acting as a processor for internet poker players. Local bank employees were the first to break the pattern, noticing the large checks being issued out of his 40 business accounts on a regular basis. As customers would come in to cash said checks, the clerks questioned what the funds were for, and discovered that nearly all of Schuett’s business involved the payment of internet casino poker winnings. to be continued in German Immigrant in Custody - 2

03/13/2010

Online Casino Style: News
German Immigrant in Custody - 1

Since its passage in 2006, the Unlawful Internet Gambling Enforcement Act has been the fodder for nearly too much discussion in regards to the effective prohibition of online gambling in the United States. That being said, the meddlesome law differs from most others in that it holds neither players nor the internet casinos themselves responsible for adhering to the ban, placing the liability completely on the shoulders of the struggling financial industry. While some banks are waiting until the last minute before enforcing the law, others have instructed their employees to be on the lookout for suspicious activities, a call made by Bank of America that has resulted in the seizure of millions of online gambling funds as well as property.

The case wholly revolves around one Michael Olaf Schuett, aged 29, a German immigrant who has been building his life in Naples, Florida. Schuett has been arrested for his owner and operatorship of hundreds of companies, most of which were doing payment processing work between bettors and offshore online gambling companies, all of which were lacking the licensing to do so in the US. Though Schuett has proclaimed his innocence, the amount of evidence that has been found against him stacks very high, giving authorities little doubt as to the true nature of his businesses.

Summarized, Schuett has managed to distribute a minimum of more than $70 million to 23,000 online gamblers throughout the US. The investigation has since been turned over to Federal authorities, as he acted in direct violation of the UIGEA in acting as a processor for internet poker players. Local bank employees were the first to break the pattern, noticing the large checks being issued out of his 40 business accounts on a regular basis. As customers would come in to cash said checks, the clerks questioned what the funds were for, and discovered that nearly all of Schuett’s business involved the payment of internet casino poker winnings.

to be continued in German Immigrant in Custody - 2