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#1
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Re: 7 People Arrested for Online Credit Processing
You guys may be missing one important point.
Under the new pending legislation, any company that has been convicted of a crime cannot apply for a (much sought after) license. The current US serving sites may choose to pull out now to avoid any chance of prosecution, so that they can serve us in the long run. Makes perfect business sense. |
#2
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Re: 7 People Arrested for Online Credit Processing
[ QUOTE ]
You guys may be missing one important point. Under the new pending legislation, any company that has been convicted of a crime cannot apply for a (much sought after) license. The current US serving sites may choose to pull out now to avoid any chance of prosecution, so that they can serve us in the long run. Makes perfect business sense. [/ QUOTE ] Haven't they already broken the law? The day Bush signed the UIGEA into law, they were breaking the law. Leaving the U.S. market now isn't going to help them. |
#3
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Re: 7 People Arrested for Online Credit Processing
[ QUOTE ]
Haven't they already broken the law? The day Bush signed the UIGEA into law, they were breaking the law. Leaving the U.S. market now isn't going to help them. [/ QUOTE ] That's questionable. The fact is though, the bill bans convicted criminals. If the sites were to pull out now, it's doubtful they would be prosecuted. |
#4
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Re: 7 People Arrested for Online Credit Processing
[ QUOTE ]
[ QUOTE ] You guys may be missing one important point. Under the new pending legislation, any company that has been convicted of a crime cannot apply for a (much sought after) license. The current US serving sites may choose to pull out now to avoid any chance of prosecution, so that they can serve us in the long run. Makes perfect business sense. [/ QUOTE ] Haven't they already broken the law? The day Bush signed the UIGEA into law, they were breaking the law. Leaving the U.S. market now isn't going to help them. [/ QUOTE ] No. The UIGEA didn't make any new laws about gambling. It made new laws about financial transactions to gambling websites that were already illegal. |
#5
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Re: 7 People Arrested for Online Credit Processing
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Stopping online-gambling is roughly as difficult as stopping all office football pools or underground poker-rooms imo. [/ QUOTE ] I think it's WAY harder...there's just too much money in U.S. online poker...no way will it ever be stopped (unless they come out with new technology or something that can monitor/stop it) |
#6
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Re: 7 People Arrested for Online Credit Processing
Forbes magazine did a feature story a few months back about a similar non-gaming prosecution.
Many of you may have seen a TV ad campaign involving a dork named "Bob" who has a permanent ridiculous smile because he used a bogus "male enhancement" product called Enzyte produced by Berkeley Premium Nutraceuticals. The Feds went after BPN and its owner and the Governemnt didn't bother trying to prove the product was a crock. Seems the chargeback rates on their credit card sales were very high and their banks tried to terminate their merchant accounts for business reasons. BPN resorted to a variety of schemes to keep credit card sales flowing by deceiving the banks about who they were and what they were selling. That's fraud and now they are in big trouble even though no one is claiming in court that their product or advertising is illegal. If the underlying product or service is illegal that would just make things worse. Banks have a right to say they don't want to extend credit to fund online poker. Poker players should be free to play but equally bankers should have the freedom to not risk their money on it. The guys running these fraudulent credit card processing schemes are simply criminals who are inflicting real losses on the financial industry. I don't have any problem with the Government prosecuting them and I would hope that the online poker industry wouldn't be involved. |
#7
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You made my day, Stellar ... Thanks.
Thank GOD someone prosecuted the source of those f**king Enzyte ads.
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#8
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Re: 7 People Arrested for Online Credit Processing
Most online poker sites still use the correct merchant code for online gaming transactions, and most US banks still process these transactions without any problem.
No real idea why anyone would bother miscoding their transactions. |
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