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Payment Processor Allegedly Laundered $380 million in Gambling Payouts Through U.S. Banks
By Brian Monroe
printA Canadian national laundered nearly $380 million and illegally processed payouts from online gambling companies to their U.S.-based customers, according to a federal indictment released Thursday. The indictment seeks more than half-billion dollars in forfeitures, a prison sentence of up to 55 years and fines of $1.75 million. Companies run by Douglas Rennick received funds from unnamed offshore gambling sites and deposited the funds into U.S. banks, including Washington Mutual (WaMu) and Union Bank of California, according to the 14-page indictment filed by the U.S. Attorney for the Southern District of New York. Rennick's companies then drew on the funds...
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