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Interesting amounts

PokerNewsDaily reported on the ICE run payment processor that they established  to entrap process funds for several sites.  The local fuzz got a cut of player’s money for being nice guys and not like those evil poker players involved in money laundering.

Here is a quote from the article:

From late 2009 through mid-2011, ICE HSI ran an undercover operation in which it operated a fake online payment processing company in order to catch online gambling companies transmitting money to and from the United States.  The ICE-run payment processor, named Linwood Payment Solutions, processed over 300,000 transactions totaling over $33 million between December 2009 and January 2011, all for the two companies named in the indictment.

Don’t most site require a minimum withdrawal of $100?  If we go with that and do the math, the withdrawals were $110 per transaction.  Deduct the minimum and that 3-mil distributed among the 300,000.  That won’t account for that many “click your mouse and lose your house” players.  Looks like player’s like you and me were the norm.

And, I always thought money laundering involved big drug dealers or assorted guys with bent noses and funny nicknames.  Silly me!


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  1. June 9th, 2011 at 09:44 | #1

    Would you say Full Tilt is corrupt or just mismanaged?

  2. June 9th, 2011 at 09:50 | #2

    It really is hard to try to get around. Mismanagement seems a given at this point. None of the big 3 would have even thought there was a way to sign off on their books.

    Corrupt is a hard one. In the broad sense you could probably call that a given too. Let me use a poker analogy. Guy goes on a huge heater. Results are far beyond his skill level. So, being human he thinks it is all about him and goes overboard in every other way. Corrupt or just stupid?

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