Poker Sites Charged with Gambling Offenses

The three largest online poker sites (PokerStars, Full Tilt Poker, and Absolute Poker) were charged Friday with bank fraud, illegal gambling offenses, and money laundering. This is a huge blow to the world of poker, and especially to the owners of these three companies.

All three of the companies are based overseas are being indicted for $3 billion in money laundering penalties and forfeiture from the parties. The 11 people being brought to court, five of which were only involved in the payment processes.

According to U.S. Attorney Preet Bharara, "As charged, these defendants concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits.

Because these companies are based over seas, attorney' say that they cheated banks and U.S. customers by having the illegal gambling payments go through hundreds of non-existent online merchants that were suppose to be 'selling' things like jewelry and golf balls.

It's amazing to see what people get away with doing for a long period of time. This is happening in so many aspects of business, with the amount of money laundering and illegal businesses. How did such public businesses, like the three largest poker sites, get away with illegally doing all of these things? Shocks me.

Man this is huge. They have been targeted before by the government so it does not surprise me though that the government will just not leave them alone.