Canadian Indicted for $350 Million in US Gambling & Fraud Charges

Canadian resident, Douglas Rennick, has been indicted in the USA on fraud charges relating to processing $350 million for Internet gambling firms.

The New York indictment charges Rennick, 34, with bank fraud and other offenses stemming from his role in a scheme to disguise the transactions to distribute gambling winnings to US residents.

It’s alleged that Rennick opened bank accounts in the United States under various corporate names between 2007 and June 2009. The US Justice Department claims Rennick; “falsely represented that the accounts would be used for such purposes as issuing rebate checks, refund checks, sponsorship checks, affiliate checks and minor payroll processing.”

Authorities claim Rennick and several un-named co-conspirators used the accounts to receive funds from off shore Internet gambling firms that offered poker, blackjack and various offer casino games. Rennick is then said to have distributed those funds to American players who were looking to cash out their winnings.

It’s believed Rennick has processed in excess of $350 million from a bank account in Cyprus and distributed the funds to various US accounts.

The Canadian resident is now facing a possible 30 year jail sentence if found guilty of all charges against him. He is faces fines of $1 million for bank fraud, money laundering and other charges. The indictment also seeks the forfeiture of at least $565 million.