Click Now!

Online Casino Ex-Executive Still Unreleased

David Carruthers, the ex-CEO of one of the leading online casino sites, is currently still in jail as his family struggles to raise the million dollar bail set by the authorities. Carruthers was arrested three weeks ago in the United States while traveling in the country. The United Kingdom citizen is charged with racketeering and fraud that links to his online casino business. US authorities have set a high bail figure of $1 million that will make it hard for this family and lawyers to release the online casino ex-executive.

Carruthers is one of 22 online casino figures that were indictment last month by the U.S department of Justice. The online casino sites that Carruthers and the others were running were taking bets from United States residents via the internet or by phone. Although online casino legislation is currently under debate in the US, online gambling is not the reason for these arrests. Carruthers and the rest of the gambling operators are suspected of avoiding paying taxes.

Many believe that the objective of the United States Justice Department is to get their hands on Gary Kaplan, who founded the online casino in question, but moved offshore following a clash with law enforcement agencies back in 1993. The online casino industry has reacted unfavorably to these arrests a few weeks ago with sharp drops in shares. The economic situation has stabilizes since, but further legal actions against members of the online casino community will surly damage the industry.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments