..

Feds Race to Seize Funds From Daniel Tzvetkoff Ahead of Full Tilt Poker Claim

Written by:
C Costigan
Published on:
Nov/05/2010
Daniel Tzvetkoff

The Australian online poker payment processor, who was indicted and arrested last spring for money laundering, is now rolling over for the Feds. Daniel Tzvetkoff has admitted to US authorities he has $50 million buried in the company accounts of a Las Vegas payday lender.  But online poker’s second biggest company, Full Tilt Poker, is now looking to get their fair share of those funds, we are learning this evening. 

Tzvetkoff, who was arrested while attending a trade conference in Las Vegas, had been facing up to 75 years for his roll as an intermediary between some of the world’s largest online poker rooms and individuals living within the United States and elsewhere who play on those websites.  The one time uber rich Australian had agreed to cooperate with US law enforcement and was released on bail.  

The Courier Mail reported late Friday (early Saturday morning Australia time):Sources said that after five months in jail he finally coughed up about the buried millions.

He admitted that Vegas pay-day lender Hugo Services was set up in June 2008 by way of a $27m loan from his company, BT Projects.

End of sidebar. Return to start of sidebar.

Named after his son, Hugo was so successful that within nine months the investment had nearly doubled in value.

By March 2009, Hugo was shut down, with the accounts laying dormant ever since.

Sources say the FBI is desperate to seize the money ahead of a legal claim by online gambling firms including Full Tilt Poker, who claim Mr Tzvetkoff owes them more than $60 million.

It can also be revealed that part of the proceeds from the controversial sale of a Gold Coast unit owned by Ms Crisp – a key part of a liquidator's inquiry into BT Projects – was used to fund legal representation for Mr Tzvetkoff.

During a liquidator's hearing, it was revealed Ms Crisp sold her Hedges Avenue apartment within weeks of his arrest for just $1m – less than half the $2.3m paid by a trust she controlled three years earlier.

Sources said the sale was rushed through because Mr Tzvetkoff's lawyer was asking for a "significant" up-front fee to represent him.

Gambling911.com has previously reported on how Tzvetkoff was loathed in the online poker world after he allegedly “absconded with millions of dollars” from various companies.  Full Tilt Poker is the first company to come forward to make a claim against the Australian.

Former business partner Sam Sciacca, who was last week cleared by ASIC of any wrongdoing in the collapse, is continuing his $110 million Supreme Court action against Mr Tzvetkoff, The Courier Mail noted.

Tzvetkoff offered to aid US authorities after another online payment processor, Douglas Rennick, had just settled with the Government and received a sentence of 6 months probation.  Like Tzvetkoff, Rennick was facing a few dozen years behind bars. 

- Christopher Costigan, Gambling911.com Publisher

Gambling News

Can I Bet on MyBookie From Oklahoma

Can I Bet on MyBookie From Oklahoma

While MyBookie is currently acessible to Oklahloma residents, Gambling911-endorsed BetUS offers more generous cash bonuses (max bonus $2500) with fast payouts. 

How Do Sports Betting Odds Work?

How Do Sports Betting Odds Work?

Sportsbooks offer punters odds on every Sportsbet. Odds indicate the likelihood of a booked game occurrence. As a newbie or regular punter, it is essential to have an understanding of how these betting odds are calculated and how they work.

SBR Suspends Rating on 5Dimes, No Likelihood of Remaining in Business

SBR Suspends Rating on 5Dimes, No Likelihood of Remaining in Business

From an A+ to an Incomplete in just a matter of days, Sportsbook Review last week suspended its rating for 5Dimes as complaints mount that the company will not be honoring pending future wagers upon shutting off to the US market on Monday September 21, 2020.

New Sportsbook in USA Gets Cozy With Established Players

New Sportsbook in USA Gets Cozy With Established Players

A new US-licensed sportsbook plans to focus heavily on value.  Vigtory announced its new partnership with data and digital content provider Sportradar.

Can I Bet With MyBookie.ag From Connecticut

Can I Bet With MyBookie.ag From Connecticut

You can bet on MyBookies.ag from Connecticut courtesy of BetOnline, which offers a generous welcome bonus ($1000 max bonus).

Syndicate