Posts Tagged ‘Wells Fargo’

Macau Sees Record Gaming Revenues in March

by , Apr 10, 2013 | 10:00 am

Macau CasinoAny predictions of a slowdown in Macau’s gaming market are long forgotten.

The Chinese gaming enclave shattered the region’s monthly gaming revenue record in March, with casinos collecting more than $3.92 billion from gamblers during the month.

The figure eclipsed the previous one-month record of $3.5 billion in gaming revenues, which was set in December. The March total accounted for a 25.4 percent increase over the amount casinos collected in March 2012.

The monthly results were released Tuesday by the Macau Gaming Inspection and Coordination Bureau. The March total is the best year-over-year growth rate since January 2012, when gaming revenues increased by 35 percent.

Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. are the three American casino companies operating in Macau.


RE: Banks Prepping for Kibosh

by , Nov 5, 2009 | 4:29 pm

Another example suggesting that change is afoot unless Barney Frank & Friends can save American-friendly online poker sites in 25 days or fewer when you count Thanksgiving:

Click above to see the full letter, and click below for my Google translation from corporate bank-speak to poker English:


Bank Freezes Raising Non-Poker Eyebrows

RE: Fed Crackdown on Online Poker Money Transfers (5)

by , Jun 10, 2009 | 2:07 pm

First Gambling 911 and Pokerati … then the Associated Press, and now MSNBC, the Wall Street Journal, and the New York Times are following aware of the $33 million of online poker winnings that has been frozen at the behest of an Assistant US Attorney in New York’s Southern District, the court that has historically created the most headaches for all things online poker.

ALT HED: Neteller 2?

The banks are deflecting blame and criticism, saying they’re simply complying with a federal court’s direction. Not surprising, of course, considering they aren’t really in a position to defy their new dot-gov overseers. The non-poker media probably doesn’t even give a shit about poker players — they just care right now about the relationship between government and banks … but hey, good to know … because just like government officials found a villain in the form of online gamblers to justify fingering its way into the bigger world of cross-border internet commerce, now online poker has a potential villain in bad, old-school governmenting (relying on nearly 50-year-old laws) to justify its immediate need to revise the laws that affect our multimillion-UScitizen industry.

To understand the brass tacks of what just happened and is happening, be sure to read the NYT story here:

Web’s Poker Winners Face Delay in Collecting
(Thanks, Lana, for the link!)

In it we learn:

  • Four American banks were hit with court papers — Wells Fargo, Citibank, Alliance Bank of Arizona, and one other — telling them to freeze the funds.
  • In part because of the secretive nature of grand juries, it’s not yet clear whether all are court orders or just friendly requests. (Ha.) Wells Fargo’s was an order.
  • Four online sites affected — Full Tilt, PokerStars, and two others.
  • Southern District prosecutors told at least one bank the funds in question “constitute property involved in money laundering transactions and illegal gambling offenses.”
  • The accounts frozen belong to Allied Systems and Account Services, two payment processors (at least one of which seems to be based in Canada).


RE: Fed Crackdown on Online Poker Money Transfers (4)

by , Jun 9, 2009 | 5:03 pm

The Associated Press is at least paying attention to the developments reported here on Pokerati in what is sure to be a complex legal situation — one that already is bringing up not just legally questionable issues of non-brick-and-mortar gambling, but also money laundering. They also clear up some of the details about who got tagged and how:

Documents obtained by the AP show that a judge in the district issued a seizure warrant last week for an account at a Wells Fargo bank in San Francisco, and that a federal prosecutor told a bank in Arizona to freeze an account.

In a letter dated Friday and faxed to Alliance Bank of Arizona, the prosecutor said that accounts held by payment processor Allied Systems Inc. are subject to seizure and forfeiture “because they constitute property involved in money laundering transactions and illegal gambling offenses.” The letter was signed by Arlo Devlin-Brown, the assistant U.S. attorney for the Southern District of New York.

In another letter faxed the same day, Devlin-Brown asks that the bank treat the funds “as legally seized” by the FBI, saying that the government has probable cause that the gambling payments of U.S. residents had been directed to offshore illegal Internet gambling businesses.

Meanwhile, the British press is reporting:

America might be about to loosen its gambling corsets

These two stories aren’t as mutually exclusive as they might seem. Often, when times are changing, old holdovers from a previous philosophical era will turn uber-aggressive with their means and methods trying to give their way one last shot, and at a minimum hoping to take a few folks down with them as their kind are pushed out.

That’s certainly plausible considering how emphatic bureaucrats in the DOJ have been about the illegality of online poker/gambling even when the people and courts have repeatedly disagreed.

RE: Fed Crackdown on Online Poker Money Transfers (2)

PokerStars refunds, bank account seizures, grand jury subpoenas

by , | 12:24 pm

The latest on Federal online poker funds crackdown and legally questionable anti-poker court actions …

Pokerstars has confirmed with its players that indeed, some payout funds have been frozen in American banks — but they’ve credited back affected monies with a 10 percent inconvenience bonus and an invitation to try again, Gambling911 reports.

If you wish to resubmit your cashout request, you can do so from our Cashier by selecting the check option (your new check will be issued on a different account and can be deposited as normal) or wire transfer (only available for amounts greater than [$2,500]).

But while Stars’ “take care of the player first” approach may be admirable, wiring money through a new financier may just be a temporary solution to eCheck problems affecting thousands of players — a little game of financial cat and mouse (+ good-will PR) while a bigger, costlier legal battle takes shape.

Under advisement from the DOJ agent, a federal prosecutor in New York’s Southern District apparently got a magistrate to sign off on seizure orders last week for multiple American bank accounts connected to PokerStars payouts. The court also issued subpoenas (warrants?) for two individuals to appear before a grand jury on June 18.