Online Gambling Intabill Sued for $52 million

Published Saturday, June 13, 2009 -

"At the moment we are on hold," said internet tycoon Daniel Tzvetkoff yesterday.

The twenty five year old, Mr. Tzvetkoff created an online billing, payment and fraud-detection system which helped him and partner Sam Sciacca, who is 38, build a business empire worth an estimated $120 million. The resulting fallout from deals gone bad recently has resulted in a $52 million legal action by online gambling company Kolyma Corporation AVV. Kolyma Corporation claims are for funds received by Tzvetkoff's firm, Intabill Inc. that were not transferred to Kolyma.

Kolyma Corporation which is based in Aruba in the Caribbean, operates Full Tilt Poker, one of the largest and most frequented online gambling sites. Kolyma was one of Intabill's, largest clients.

Lodged in the Supreme Court in Brisbane on May 25, the suit names as defendants Intabill, which is registered in the British Virgin Islands, and the Australian-registered holding company BT Projects. It also targets Mr.Tzvetkoff and Mr. Sciacca individually, saying they gave a guarantee to pay Kolyma money.

Intabill had more than 5000 customers in 70 countries. About half its revenue came from business linked to online gambling operations, with fees from just one operator topping more than $150,000 per day.

Salvatore "Sam" Sciacca is a lawyer with a background in commercial and corporate work, including e-commerce is very quiet about all of this perhaps because he is a cousin of former federal minister for veterans' affairs in Australia Con Sciacca.

The young Tzvetkoff has sold off most of his cars and boats and now his 27 million dollar unfinished palace on the water. Sometimes fortunes can turn on an dime, in this case it may turn on $52 million. About the current state of his businesses, Mr. Tzvetkoff recently said, "We are continuing to work to rebuild during these tough times."

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