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Canadian charged in U.S. online gambling case
The U.S. Attorney for the Southern District of New York has charged a Canadian man with bank fraud in relation to his work in online gaming.
Authorities allege Douglas Rennick, 34, opened a number of U.S. bank accounts claiming they would be used for issuing rebates, refunds and payroll cheques when, in fact, the accounts were used to process payouts for offshore Internet gambling companies that offered poker and casino games.
The U.S. Attorney claims more than $350 million was funneled through the accounts from a Cyprus bank account.
Rennick was charged with conspiracy to commit bank fraud, conspiracy to engage in money laundering, and conspiracy to operate an illegal gambling business.
If convicted he could face up to 30 years in prison and a $1 million fine on the bank fraud charge, 20 years in prison and a $500,000 fine on the money laundering charge, and 5 years in prison and a $250,000 fine on the gambling charge.
The indictment is also looking to seize $565,908,288 in proceeds it claims Rennick obtained as a result of the alleged activities.
Rennick currently lives in Canada and there has been no word on whether the U.S. Attorney's office will seek extradition.
The FBI, the Department of Homeland Security's U.S. Immigration and Customs Enforcement and the Internal Revenue Service all played a role in the investigation, which authorites claim is still ongoing.