Feds Officially Shake $17 Million from Rennick

Forfeiture order for guilty payment processor’s ill-gotten gains

by , May 15, 2010 | 6:21 am

Online gambling+poker payment processor Douglas Rennick had to sign over his property on Tuesday, in accordance with his recent guilty plea in US Federal Court. That, of course, has the Southern District of New York now batting 1.000 when it comes to getting convictions or guilty pleas in online gambling cases.

The amount Rennick admitted was involved in the illegal “gambling conspiracy” he was part of totaled $583 million. But as part of his plea agreement — reducing his threatened sentence from 30 years to 6-to-12 months — the amount he actually signed over (thereby contributing to national debt reduction, obv) was about $17 million. I think that was just about everything he had on him. The Feds are still seeking that extra half-billion, and expect Rennick to help them find it before he gets officially sentenced in September.

Check it out … here’s the actual forfeiture order
.
The crime the Canadian payment processor pled to (one count) was a Wire Act violation. Generally we poker people have thought of the Wire Act as being more about sports betting. But in Rennick’s case, court documents made it clear — specifically in an sworn affidavit from an FBI agent — that this money came from Full Tilt and/or PokerStars.

By law, the Feds have 30 days to post the details of his seized accounts at www.forfeiture.gov. Then, you’ll have 60 days to file a claim if you think any of that money might belong to you. Any takers?

Big ups to @GamingCounsel for helping me understand the difference between “forfeiture allegation” and “subject property” in 140 characters or less. [thx!]


3 Comments to “Feds Officially Shake $17 Million from Rennick ”


  1. Chaz
    says:

    The Feds’ strategy seems to be “target the guys who won’t put up a fight”. We’ve seen this before with Dikshit and the guys from BetonSports.com. That Rennick plead guilt only to the Wire Act suggests that all the other charges, such as bank fraud, money laundring, RICO, are really just used to ‘run up the score’ and scare these guys into entering guilty pleas. You really gotta wonder what would happen if they were to indite someone who was willing to fight the case. The Feds would make their life a living hell, but like you alluded to, I have a hard time believing that the Supreme Court would interpret the Wire Act as broadly as the Justice Department does.


  2. buckmouth
    says:

    sisure and fo forfeiture laws are very interesting and unusual but i can tell all of yous how to have a chance to lower feds batting avarage contact rick wright the best lawyer on planet earth when it comes to governments overstepping there reach formere clients include fred ferris billy walters jack binon jimmd sheady mike cox and a host of other clients of whos who 702 382 4004 anybody he repesents has got a chance


  3. Brian G.
    says:

    This is just the beginning. If I were Lederer and Ferguson, I’d make sure I had a great lawyer or two standing by. The government needs money, and every night of the week, you can see poker being played for tons of cash. Sooner or later, a big name will get busted for tax evasion. It is only a matter of time. And, Full Tilt is gonna get hit hard soon.