German National Held for Processing Online Poker Transactions

Published Monday, March 01, 2010 - Online-Casinos.com

In America the ban on online gambling is enforced by making it a federal offence to process the financial transactions of online gambling activities. Recent announcements by Visa and Mastercard that they will no longer be processing online gambling receipts or deposits comes as no surprise to anyone watching how things are working in the USA. Now it has been reported that a German national Mr.Michael Olaf Schuett who is twenty nine has allegedly transferred over $70 million in online poker winnings to 23,000 mostly American citizens, within the last few years. Authorities were alerted by banking staff that became suspicious after customers cashed large cheques issued by Schuett’s firm MCM Capital Management. When questioned by bank staff as to the origin of the money customers proudly said the payments were from their online poker winnings. Employees at the FedEx delivery company became suspicious after noticing an abnormally high number of packages being shipped from Schuett’s home address. It was noted by a federal agent that, “Federal Express employees became suspicious of Schuett’s activity when Schuett began mailing over 150 parcels per week. FedEx employees opened several of the parcels and determined that each contained a check.” The ensuing investigation revealed that Schuett had been using at least 40 accounts he had opened at the Bank of America, as well as numerous other accounts with Wachovia, Shamrock, CNL, Fifth Third and Northern Trust Bank of Miami to receive wire transfers and transfer funds. Schuett was also the registered agent of a network of 424 businesses throughout Naples, Tampa and Bradenton State, including MCM Capital Management Corp, MI Global Inc, South Naples Escrow Co, Southwest Florida Payroll Co, Woodhouse Systems, Mathew’s Trade Corp and Internet Payment Services Group Inc. all within Florida. Schuett tried to pass himself off as a real estate investor when questioned by banking officials. Schuett is now in a Lee County jail being held without bond while federal agents search for more evidence and seize his assets allegedly purchased by his alledged illegal money processing activities.

 

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