HOPE AT LAST FOR BETONSPORTS PLAYERS
19 October 2007
Crippled company gains access to Antigua-Barbuda
funds
Bloomberg business news reports that Betonsports plc,
the British Internet sportsbook that pleaded guilty to a
US racketeering conspiracy charge, may be able to pay
off some creditors after a court in Antigua and Barbuda
unfroze the company's assets in that country this week.
The court lifted an order barring the removal of any
Betonsports' funds from the Caribbean nation, according
to court papers filed in St Louis federal court in the
United States. The London-based company pleaded guilty
May 24 and agreed to furnish evidence against its
founder, Gary Kaplan, and 11 co-defendants.
Betonsports took in wagers in 2004 totaling $1.25
billion, 98 percent of which were allegedly sports bets
placed by US gamblers using Betonsports' websites and US
phone lines, prosecutors claimed. The company agreed to
repay money owed to bettors as part of its plea
agreement.
"The Antiguan court order creates the possibility that
funds may be collected from the debtors of Betonsports
which then could be used to repay some or all of the
United States customers at least a portion of their
claims," Betonsports attorney Jeffrey Demerath said in
court papers.
Sentencing of the company was postponed to June 23 after
Demerath petitioned for a delay. He argued for the
continuance because it will take months to contact the
creditors and verify their claims, he said. The Antiguan
court ruling was included in an October 5 US court
filing.
US District Judge Carol Jackson on Wednesday ordered
Betonsports to file court reports on the status of the
collection process starting December 20 and continuing
every 60 days.
Online Casino News courtesy of
InfoPowa
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