U.S. Cracking down on Banks ?

HSBC, Dresdner Kleinwort, Credit Suisse and Deutsche Bank are among the banks which have been issued with subpoenas in a shock and owe crackdown on online gambling investors by the US DoJ.

THE US Department of Justice has ordered the world’s biggest investment banks, accountants and law firms to hand over all e-mails, telephone records and papers connected with internet gaming firms as part of an investigation into illegal online gambling in America, the Sunday Times reports.

According to Jenny Davie of the Sunday Times the subpoenas do not reveal whom the Department of Justice is targeting. But some believe the ultimate goal is to find information incriminating the founders of the online gambling firms.
This investigation is likely to ignite a confrontation of unparalleled magnitude between the United States and the United Kingdom governments.
"The Department of Justice has taken a shotgun, not a rifle approach in relation to lots of gaming companies and has just asked everyone to hand over all the information they have.” A source of the Sunday Times said.
All investors in publicly traded online gaming companies may be affected by this investigation, described as one of the biggest “fishing expeditions” ever undertaken by the Department of Justice.
The United Kingdom government is unlikely to seat by the sidelines and watch the Americans chase and arrest investors in the attempt to seize their assets.
The Unlawful Internet Gambling Enforcement Act, which seemingly sparked this investigation, contains exceptions which make it void and null in any international Court of Justice outside the U.S.
Exceptions such as interstate horse racing online betting and intrastate online gambling among others will contribute to repeal future money laundering charges, the U.S. DoJ preferred legal shortcut to obtain extradition of non U.S. citizens from other sovereign countries.
Interestingly enough the IRS allows illegal bookmakers to file their tax return imposing a 2% flat tax on the bookmaker’s handle (business volume) and guarantees that no information will be disclosed to other government agencies, making the U.S. government beneficiary of illegal proceeds and direct accomplice of the laundering of monetary instruments upon acceptance of taxes.
“The U.S. Department of Justice recent determination to catch up after 15 years of inaction should draw everyone’s attention.” A well known bookmaker who wishes not to be named told TheOnlineWire.com. “What they are doing is directly linked to the exceptions contained in HR 4411 [The Unlawful Internet Gambling Enforcement Act]. They [U.S. Department of Justice] are probably preparing the grounds for an onshore online gambling monopoly, making sure that no one other than the ones who originally lobbied for the exceptions will benefit from it.”
“Think about it, the DoJ resources aren’t unlimited.” Our source continued. “It takes someone very powerful to sponsor, promote and ensure that such wide range investigation gets off the ground.”
Needless to say current and former investors in publicly traded online gambling companies should not travel to the United States at any time and for no reason whatsoever to avoid possible legal consequences that may range from questioning to arrest.
Current and former investors should also be warned that the United States government may seek seizure of their assets in the United States.