The recent U.S. government seizure of PokerStars, Full Tilt, Absolute Poker and UltimateBet has shaken up the online gambling world. Federal authorities in New York raised indictments against the founders and bigwigs of these top poker sites.
The problem here was the transaction processing. Casino deposits disguised to appear as another type of merchant. Whether the transaction is a direct bank transfer or credit card transaction, there is a merchant description included. It's this data that's altered to appear as a jewelry store or anything under the sun. A large part of the recent indictment has to do with bank fraud. Conspiracy to Commit Bank Fraud and Wire Fraud and Money Laundering Conspiracy carry the heftiest fines and jail time. Heads are gonna roll.
You can read the charges brought against them here.
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