Man Arrested For Illegal Money Transfers
Posted on March 2, 2010
Filed Under General
A German man, named Michael Olaf Schuett has recently been arrested for allegedly transferring over $70 million in online poker winnings to 23,000 people. Schuett started processing these online transactions to over 23,000 people from his own home.
Authorities were alerted when large checks started coming in from an unknown company. MCM Capital Management, owned by Schuett, was the company issuing the checks. As checks continued to surface, banks began to question the origin.
FedEx employees also began to question Schuett as a high number of packages were being delivered from his home. According to a federal complaint, “Federal Express employees became suspicious of Schuett’s activity when Schuett began mailing over 150 parcels per week. FedEx employees opened several of the parcels and determined that each contained a check.”
It has been determined that Schuett had over 40 bank accounts that he was using to send and accept wire transfers for the purpose of facilitating his money transfer business. Some of the banks that he used were Bank of America, Wachovia, and Shamrock.
Schuett had multiple businesses which he used as fronts to carry out his money transferring operations. Some of the business names he used was MCM Capital Management Corp., MI Global Inc., South Naples Escrow Co., and Payment Services Group Inc. When asked what he did for a living, Schuett would say he was a real estate investor.
Schuett is now being held at Lee County jail without bond for money laundering, failing to register as a money transfer business, and other violations. Agents are executing search warrants to seize his computers, documents, and assets acquired through illegal online gambling activities.
Comments
-
Featured Room
Cake Poker -
About
WSOP Info is your source to online poker news and information regarding the WSOP 2008. The World Series Of Poker is the largest Poker event in the world.
-
Blogroll