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View Full Version : Report: detention of BetOnSports exec unrelated to pending legislation

Nate tha\\\' Great
07-17-2006, 04:09 PM
http://www.theonlinewire.com/articleView.aspx?ID=1095
Wynton
07-17-2006, 04:14 PM
That article is interesting, but there was no reason for anyone to suspect that his detention was related to the pending legislation. Obviously, the pending legislation is not yet a law.
Nate tha\\\' Great
07-17-2006, 04:24 PM
[ QUOTE ]
That article is interesting, but there was no reason for anyone to suspect that his detention was related to the pending legislation. Obviously, the pending legislation is not yet a law.

[/ QUOTE ]

Agreed, but it's also somewhat reassuring that this detention relates to an existing investigation, rather than a new DoJ crackdown that might be politically motivated.
Wynton
07-17-2006, 04:28 PM
And I agree with that too.

I've always suspected that any initial prosecution relating to gambling would kind of piggyback on top of other charges, and it sounds like something like that might be occurring here.
Nate tha\\\' Great
07-17-2006, 04:42 PM
Dude is going to be charged under RICO, apparently.

http://www.gambling911.com/BetonSports-CEO-David-Carruthers-Arrest-071706.html

We'll see how stocks react tomorrow. This may be pretty bad news after all, if it's used to support the point that online gambling sites are havens for money laundering.
Wynton
07-17-2006, 04:55 PM
And it's happening in Texas, of all places. At least that's where he's being detained initially.
otctrader
07-17-2006, 05:01 PM
[ QUOTE ]
Dude is going to be charged under RICO, apparently.

http://www.gambling911.com/BetonSports-CEO-David-Carruthers-Arrest-071706.html

We'll see how stocks react tomorrow. This may be pretty bad news after all, if it's used to support the point that online gambling sites are havens for money laundering.

[/ QUOTE ]

Scary stuff, even if it doesn't stick and just amounts to harrasment/sabre rattling.

Hell, why don't we just annex Gibraltar and Costa Rica to the axis of evil and declare war on gambling corporations.
Uglyowl
07-17-2006, 05:34 PM
[ QUOTE ]
Carruthers has been among the largest supporters of the lobbying efforts in Washington to ensure online gambling remains legal.

[/ QUOTE ]

Don't f with Goodlatte and Leach.
Kevmath
07-18-2006, 12:47 AM
I thought Calvin Ayre was going to be in Vegas soon, as Bodog is having some sort of convention soon. Will he be next?
LinusKS
07-18-2006, 01:09 AM
I'm guessing the conference isn't going to be as well-attended as they'd hoped.

Btw: that article is crap.
Knockwurst
07-18-2006, 09:33 AM
[ QUOTE ]
And I agree with that too.

I've always suspected that any initial prosecution relating to gambling would kind of piggyback on top of other charges, and it sounds like something like that might be occurring here.

[/ QUOTE ]

I have to disagree with both you and Nate here. While the article Nate linked to suggests that their may be other aspects to the investigation and indictment, it is clear from the charges and the article in today's NYT that this is a reprise of the prosecution of USA v. Jay Cohen. Make no mistake about it, this is directed at online gaming.

This is a shot across the bow and they are coming after the online gaming community if this prosecution is successful. I think that is part of the strategy of bringing the prosecution in a conservative jurisdiction.

I also believe this had to be given the green light at the highest levels of DOJ, based on the extremely high profile of the matter, and the amount of money at stake. DOJ is seeking the forfeiture of 4.5 billion, yes billion, dollars.

This is indeed a dark day.