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Millions of dollars confiscated from accounts allegedly linked to the Bodog online gambling group will be retained by the federal authorities in the US following a confirmatory order issued by a Baltimore judge this week.
The order allows the federal government to hold on to $9.67 million of the $9.87 million originally confiscated in July 2008 from Nevada bank accounts linked to Bodog and is the second such ruling by a US judge. The remaining $200,000 will be returned to a credit card payment company, the judge ruled.
Reporting the decision, Forbes recalls its own 2006 coverage of the high profile founder of Bodog, Calvin Ayre, who famously taunted the federal government with calls of "Catch me if you can." Ayre was riding high at the time, having entered the Forbes billionaires list, but the UIGEA, passed shortly after, and a $48 million patents action brought against Bodog by 1st Technologies LLC brought about serious changes to his company and ambitions.
Alwyn Morris, the Kahnawake-based CEO of the company that now handles Bodog's North American affairs, says that the real victim of federal government seizures of this type is the US gambler, because the monies confiscated by US authorities comprised payments on the way to them.
Forbes reports that the owner of the accounts, Edward Coudry, and associate Michael Garone are in legal limbo after being formally charged with money-laundering in September, and may be assisting investigators. Another forfeiture, of $14.2 million, was finalised last year.
Source: InfoPowa News