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Online Casino News - October, 2008

Money Laundering Activities Tied to Bodog Online



  Seed Newsvine

by Margaret Oliveira, News Staff Writer

October 31, 2008

Online gambling site, Bodog, just can't seem to get a break. I suppose if you consider how big Bodog became in just a few short years, not to mention the extravagant management by founder, Calvin Ayre, it was bound to get some attention - both good and bad. Following the seizure of the Bodog domain name in a $46 million lawsuit with 1st Technologies, charges have been filed by federal authorities in Maryland against two associates of Bodog.

The two men, Edward Courdy and Michael Garone, apparently helped launder millions of dollars in the interest of Bodog, including money that has already been seized by the State of Maryland. This money, which amounts to nearly $10 million in banks tied to Courdy and over $14 million to Garone has been officially forfeited according to a Maryland District Court Judge, despite attempts by Courdy and his lawyers to obtain the money back.

The charges imposed on the men specifically relate to a $2,380,000 transfer from Dublin, Ireland to a Nevada account held by Zatfig Instantly Processed Payments Corporation (ZIP Payments), and a $1.5 million transfer from Frankfurt Germany to a Georgia bank account in the name of JBL Services Inc. Not surprisingly, the charges were made about the same time Courdy and his lawyers made their claim. As for Garone, he has yet contested anything. As of yet, no arrests have been made.

Although this appears to be a State matter, in reality, it is anything but. According to the City Paper, IRS investigator, Randall S. Carrow, has been on the trail of Bodog since the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA). The only reason the case has gotten into the hands of Maryland officials is because an undercover agent working in Maryland was able to successfully gamble online at Bodog. There is certainly more to come awaiting the fate of Bodog.



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