HeadCoach posted on April 20, 2011 16:03
PokerStars and Full Tilt Poker, two of the largest online poker sites have been shutdown by the FBI due to the alleged charges of money laundering and bank fraud. To the online poker world, it like a huge shake to the industry. Both companys are located in Britain’s Isle of Man, and have been estimated to make up to $500 million yearly from its American customers; it is against the law for US businesses to take payment for unlawful online gambling but this site tried to evade the eyes of the American authorites by operating from outside the US.
According to an Attorney in Manhattan, this poker sites have been involved in some shady dealings. This has resulted to a civil complaint against this site, their payment processors, internet domains and all the bank accounts used by site and its payment processors.
So far, two arrest have been made, A payment processor Chad Ellie, who has been accused of setting up dummy companies, to carry out fradulent transaction for the poker company and the Vice Chairman of Board/Part Owner of Sun First Bank who was acccused of procesing payments for this poker site illegally for a personal pay off fee and investment in the Bank.
Due to this recent happenings, all registered US players in this site have been restricted from accessing their account fully due to the fact that the FBI have frozen the accounts for each site. The most concern of the majority of US poker players has been what will happen to their money, some have spent their valuable time in these online poker and has invested serious money in it, it would really be a shame to see it go down the drain.
Now The FBI has shutdown Full Tilt Poker and PokerStars, What Happens Next?
For now there has been no major conclusion and the site have not given out any statements, Although the founder of PokerStars and Full Tilt Poker stand to face up to 25 years in jail if found gulity on the accounts of breaching the US anti-gambling and money laundering laws. Click here for a list of USA poker rooms still accepting United States players.