BetonSports Goes The Negotiation Route
Published: Wednesday, September 20, 2006 Online-Casinos.com
BETONSPORTS GOES THE NEGOTIATION ROUTE
Lawyers on both sides seeking a court settlement of civil and criminal charges against the company
The St Louis Despatch reported this week that BetOnSports, the billion-dollar London listed Internet gambling company targeted by federal prosecutors in St. Louis and Washington, is negotiating a settlement of civil and criminal charges against the company, according to lawyers on both sides in court.
"What we are interested in doing is resolving this matter," BetOnSports lawyer Jeffrey Demerath told U.S. District Judge Carol Jackson. Demerath told Jackson that discussions were aimed at resolving both the civil and criminal charges.
Assistant U.S. Attorney Michael Fagan agreed, telling Jackson, "I think we can resolve matters."
Jackson agreed to extend a temporary restraining order until October 16 to allow the parties to negotiate.
Neither lawyer would comment after the hearing.
Tuesday marked the first time a lawyer for the company has appeared in federal court in St. Louis. Federal prosecutors initially had difficulty serving the company with legal paperwork. Although they supplied then-CEO David Carruthers with details of the charges against the company after his July 16 arrest in a Texas airport, the company fired him while he was still behind bars.
"This is good news," Jackson said, holding up what appeared to be a notice that Demerath had entered the case on behalf of the company.
BetOnSports, its employees and associated companies and individuals were indicted in June on mail fraud, wire fraud and racketeering charges. Prosecutors say that they knowingly violated the law by allowing U.S. customers to gamble and place bets over the phone and online.
The charges surfaced when CEO David Carruthers was arrested in the Dallas-Fort Worth airport July 16 on his way to his home in Costa Rica.
Carruthers has been freed on $1 million bond and is under home detention in a St. Louis hotel.
Prosecutors also won a temporary restraining order that barred the company from accepting bets from U.S. customers. The order also seeks to force the company to give up $4.5 billion and other property and hand over business records.
About $4.6 billion was bet with the company from 2001 to 2005, according to court documents and the company's annual report. Most of the 9.9 million bets placed in 2005 came from U.S. bettors.
Company executives announced August 11 that BetOnSports would no longer accept bets from U.S. customers, and that it would refund customer money when it became available.
The only remaining issue may be refunds, a fine and the handover of company documents.
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