Douglas Rennick said in federal court yesterday, “I had business that transferred money from offshore gaming sites to American players within the Southern District of New York,” as he pleaded guilty towards a single count of dealing offshore bets.
Rennick is a Canadian who is alleged to be behind quite a few online poker payment processing companies. He will be sentenced on September 15. Rennick’s lawyer said that his client’s plea will mean the forfeiture of $17.1 million as well as 6 to 12 months incarceration.
This is far less from what he could have faced if he had not pled guilty and then found to be guilty of all charges he is facing in federal court.
Aside from being charged of processing offshore bets, Rennick was also indicted last August for bank fraud conspiracy, gambling conspiracy, and money laundering conspiracy. Should he be convicted of all the charges, he would be facing up to 55 years of imprisonment.Read more » Poker Processor Pleads Guilty in New York
Unfortunately for online poker fans, the New York State Assembly will not be passing a bill seeking to legalize online poker before the chamber adjourns on June 21, Wednesday.
