Former processing whiz kid arrested in USA

Our readers will remember the online gambling industry uproar caused when Aussie e-processing whiz kid Daniel Tzvetkoff’s Intabill companies went to the wall back in early 2009, owing online gambling operators up to A$100 million.
The failure spawned a number of legal actions and cost the 27-year-old much of his high-living luxuries according to media reports at the time.
The young entrepreneur’s name surfaced again as the week closed with the news that Tzvekoff has been arrested in Las Vegas by US authorities, who unsealed a warrant for his detention on charges of bank fraud, money laundering, conspiracy and other charges that carry a potential penalty of 75 years in prison.
Over $500 million is said to be involved.
Prosecutors said the accused in 2008 began disguising transactions to banks on behalf of online gamblers so they would appear unrelated to gambling. They said he bragged in an e-mail that his system was “all perfect!”.
Tzvetkoff ceased processing online gambling transactions in March 2009, after he was accused by several Internet gambling Web sites of stealing about A$100 million in gambling pay-ins from U.S. bank accounts, prosecutors said.
The obvious question industry observers are asking is what possessed the young entrepreneur to go to the United States at a time when enforcement actions against online gambling cash processing companies have been so prevalent?

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