Online Gambling Payment Processor Tzvetkoff Taken Down in Vegas

Charges alleging that Daniel Tzvetkoff, an Australian national, assisted illegal online gambling companies by processing an estimated $500 million in transactions between gamblers in the U.S.A. and international web gambling sites by disguising the banking transactions so they would appear to be other than those from internet gambling. Arrested and detained in Las Vegas Nevada the young twenty seven year old and now broken entrepreneur faces years in prison if convicted on the four counts, including bank fraud, money laundering, and conspiracy to operate and finance an illegal gambling business and to process electronic funds transfers in violation of the Unlawful Internet Gambling Enforcement Act of 2006. The case has been assigned to United States District Judge, Lewis A. Kaplan. Tzvetkoff is no stranger to court action against him as his company payment processor, Intabill, was recently sued in Australia by the Kolyma Corporation for $52 million. Intabill allegedly handled online poker transactions for the most part with the company at one point reaching more than 5,000 customers across 70 countries making as much as $1 million per day. The U.S. Attorney’s Office has instigated the legal action, which focuses on “hundreds of millions of dollars in transactions with U.S. gamblers between February 2008 and March 2009.” After a devaluing of his vast asset base and leaving millions in outstanding balances to some of the industries biggest poker rooms Tzvetkoff filed for bankruptcy in the midst of addressing a $100 million lawsuit by his former business partner Sam Sciacca. It seems like a foolish move on Tzvetkoff's part to be in the U.S.A. after many other high profile online gambling executives have been detained and jailed in that country. An anonymous source told Poker News Daily, “He was going to get caught somewhere by someone. I’m just surprised it was in the U.S. by the Feds. Given the level and scale of the crimes he committed not only in the U.S., but also stealing from the online poker rooms, it would be the last place in the world he should be.” Tzvetkoff will apply for bail as soon as possible.