It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by tooo many pills
tricked banks into processing billions of dollars
Pretty sure they didn't need to trick the banks into accepting billions of dollars into their accounts and onto their books. How about going after the banks as well as they made the money laundering and gambling websites possible? Or would that hurt the economy too much? Too big to fail, and we are all too small to stand up.
A 2006 law made it a federal crime to “knowingly accept” most forms of payment from illegal Internet gambling.
I guess the banks just played stupid for cash then?
Just like Roger Clemens and Barry Bonds... "Durr, I didn't know what was in dem 24oz syringes. How was I suppose-ta know them needles had steroids in them? I'm a baseball player, not a scientist with a doctorates damnit!"
edit on 15-4-2011 by tooo many pills because: (no reason given)
According to the indictment, the payment processors originally lied to the banks about the nature of the financial transactions. Soon enough, however, the companies moved on.
Instead, law enforcement agencies believe, the payment processors and poker companies swapped processing payments for investments in the banks themselves.
"For example, in September 2009, Elie and others approached defendant John Campos, the vice chairman of the board and part-owner of SunFirst Bank, a small, private bank based in Saint George, Utah, about processing Internet poker transactions," the Manhattan U.S. Attorney's Office said in a statement. "While expressing 'trepidations,' Campos allegedly agreed to process gambling transactions in return for a $10 million investment in SunFirst by ELIE and an associate, which would give them a more than 30 percent ownership stake in the bank. Campos also requested and received a $20,000 'bonus' for his assistance. In an e-mail, one of Elie's associates boasted that they had 'purchased' SunFirst and that they 'were looking to purchase' 'a grand total of 3 or 4 banks' to process payments."
One bank targeted in September 2009 was SunFirst Bank, a small, private lender based in Saint George, Utah. John Campos, vice chairman of the board and part-owner of SunFirst, allegedly agreed to process transactions in return for a $10 million investment in the bank by Elie and an associate, the government claimed. Campos and Elie were arrested Friday in Saint George and Las Vegas respectively, the government said.
Originally posted by intrepid
Somewhat on topic but did you know that ATS has more traffic than Pokerstars according to Quantcast? Thanks to the great contribution of our members.