Possible plea arrangement for BetonSports

BetonSports Plc. is looking to end the criminal charges against it in the United States with a plea agreement with the U.S. Department of Justice, reported the U.K. Telegraph Saturday.

Clive Parritt, BetonSports chairman, told the newspaper the company's American lawyers had advised them that a settlement would prevent any more cases being brought against the board of directors that haven't already been indicted.

BetonSports hasn't yet received the final settlement document from the DoJ, but Parritt has indicated the company is ready to sign.

"We are close to an agreement with the DoJ under which the case against BetonSports will be close," Parritt says in the Telegraph.

"We will agree the company has been associated with being part of an 'illegal gambling enterprise' between 1992 and 2006, but essentially we are being penalized for buying the company from [Gary] Kaplan."

Gary Kaplan, founder of BetonSports, was arrested by U.S. authorities in March in the Dominican Republic. He was the latest person to be arrested in connection with the company.

The first arrest was that of David Carruthers, who at the time was a BetonSports chief executive.

The BetonSports management team has been in negotiations with U.S. authorities since Carruthers' arrest. The company has already reached agreements to settle civil suits against it.

On May 16, creditors and shareholders in the gambling company will be updated on the situation and BetonSports will also go into liquidation.

According to Parritt, liquidators will have to deal with the creditors and manage the continuing case in the U.S. in order to deal with the customers in the U.S. who are still owed money by the Antigua subsidiary of the company.

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