Online Poker

German Man Launders $70 Million in Online Poker Winnings

by Poker Team

The Federal Bureau of Investigation recently arrested a German man by the name of Michael Olaf Schuett under claims that he has laundered over $70 million in online poker money. The FBI stated that Schuett has been laundering money for over 3 years, and that he has dealt with money from over 23,000 different online poker players. And most of the players he served were American players.

Schuett’s main function in the money laundering operation was to be a middleman between poker sites and US players. Schuett would get money from the poker sites and then pay winnings out to American players when they withdrew the cash from their accounts.

His activities caused over 23,000 poker accounts to be frozen in the New York area several months ago when authorities were alerted to Schuett’s activities. Some of the banks where accounts were frozen included Bank of America, Royal Bank of Canada, and Sun Trust.

The trail to Michael Schuett began when FedEx notified authorities that he was receiving 50 packages from different addresses every day. One of the packages was opened and it was found to contain numerous checks. Other suspicious activities included Schuett mailing over 150 parcels a week (which were found to contain more checks), and bank customers trying to cash huge checks from his company MCM Capital Management.

Until the investigation is completely over, judges have ordered that many of the aforementioned bank accounts remain frozen. Judges have also ordered all of Schuett’s assets to be froze including his computers and bank accounts. Schuett obtained a visa to live in the United States and was hoping to have that visa renewed in April.

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