From the Sydney Morning Herald over here:
Fallen Australian IT entrepreneur Daniel Tzvetkoff, who filed for bankruptcy early this year, has been arrested in Las Vegas on charges that he helped gamblers and illegal internet gambling companies launder $US500 million ($540 million).
In a case unsealed in New York, prosecutors accused Mr Tzvetkoff, 27, of processing gambling proceeds and making them appear legal to banks, starting in early 2008.
He created dozens of so-called shell companies in a scheme that he once wrote was "perfect," prosecutors said.
Mr Tzvetkoff was charged on four counts, including bank fraud, money laundering, and conspiracy to operate and finance an illegal gambling business.
If convicted, he could face up to 75 years in prison.
Prosectors said Mr Tzvetkoff stopped processing transactions in March 2009 after leading gambling websites accused him of stealing $US100 million.
Mr Tzvetkoff, who had a penchant for exotic cars and mansions, has also been sued by a former business partner for failing to keep accurate financial records.
He was forced to sell his share of Brisbane nightclub Zuri Lounge after his financial collapse in 2009.
His former lavish lifestyle included the aquisition of Queensland's most expensive home, on the Gold Coast; a 98-foot super yacht and a 2008 spot on the BRW Young Rich List.
Fallen Australian IT entrepreneur Daniel Tzvetkoff, who filed for bankruptcy early this year, has been arrested in Las Vegas on charges that he helped gamblers and illegal internet gambling companies launder $US500 million ($540 million).
In a case unsealed in New York, prosecutors accused Mr Tzvetkoff, 27, of processing gambling proceeds and making them appear legal to banks, starting in early 2008.
He created dozens of so-called shell companies in a scheme that he once wrote was "perfect," prosecutors said.
Mr Tzvetkoff was charged on four counts, including bank fraud, money laundering, and conspiracy to operate and finance an illegal gambling business.
If convicted, he could face up to 75 years in prison.
Prosectors said Mr Tzvetkoff stopped processing transactions in March 2009 after leading gambling websites accused him of stealing $US100 million.
Mr Tzvetkoff, who had a penchant for exotic cars and mansions, has also been sued by a former business partner for failing to keep accurate financial records.
He was forced to sell his share of Brisbane nightclub Zuri Lounge after his financial collapse in 2009.
His former lavish lifestyle included the aquisition of Queensland's most expensive home, on the Gold Coast; a 98-foot super yacht and a 2008 spot on the BRW Young Rich List.
