Australian Man Arrested In Online Gambling Scheme

Daniel Tzvetkoff was arrested in Las Vegas on charges that he helped gamblers and illegal Internet gambling companies launder more than $500 million through Automated Clearing House (ACH).

According to prosecutors, the 27 year old Australian disguised gaming transactions so that they would not appear to be related to gambling.

The Feds say, in a four-count indictment, Tzvetkoff conspired with others to transfer and launder over half a billion dollars from February 2008 to March 2009.

Authorities allege Tzvetkoff helped created shell companies unrelated to gambling with phony Web sites that made them appear to be legitimate.

Then he represented to banks that ACH transactions were on behalf of the companies.

It has been reported by Australian newspapers that Tzvetkoff has also been sued before. According to the Courier-Mail newspaper (Brisbane, Australia) a former business partner filed suit agianst him for failing to keep accurate financial records.

If convicted, Tzvetkoff could be looking at up to 75 years in federal prison.