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Another Online Poker Payment Processor Jailed

Written by:
C Costigan
Published on:
Sep/28/2010
online poker

The head of an online poker payment processor based out of Naples, Florida, has been thrown back in jail as authorities fear he might flee the country.  Olaf Schütt has cooperated with authorities up to this point but his wife, Jennifer Sherman, indicated he might be ready to flee. 

A local Naples newspaper quoted authorities as documenting Ms. Sherman’s statement that “indicated she was in fear, was afraid her husband was going to flee, and wished to be removed from the defendant’s bond,”

Schütt, 28, was free on $100,000 unsecured bond, which Sherman was responsible for paying if he fled, according to the Marco News.

Sherman married Schütt back in January after knowing him for less than a year. 

A native of Germany, Schütt had traveled there and U.S. Magistrate Judge Sheri Polster Chappell ordered him to return back to a Lee County jail noting that “The defendant has no employment ties, no familiar ties, is not a U.S. citizen and sought information to obtain a pilot’s license”.

Schütt faces up to 5 year in prison for money laundering, however, another individual charged with a similar crime of aiding online poker firms through money transactions, Douglas Rennick from Alberta, Canada, had been facing up to 55 years in prison and was recently sentenced to 6 months probation. 

Feds seized $2.47 million from his numerous bank accounts, $10,000 cash found in his home, cars and jewelry. Schütt was arrested back in February after bank employees across the state became suspicious of his account activities.

Jagajeet Chiba, Gambling911.com

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