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17 mins ago
NEW YORK (Reuters) – A Canadian man pleaded guilty to illegally using the wires to transmit bets and wagering information in connection with an alleged $350 million Internet gambling scheme, federal prosecutors in Manhattan said.
Douglas Rennick, 34, entered the plea on Tuesday before U.S. District Judge Sidney Stein, the office of U.S. Attorney Preet Bharara said.
Rennick agreed to forfeit $17.1 million, and could face six to 12 months in prison under federal sentencing guidelines, which are advisory. Sentencing is scheduled for September 15.
Prosecutors accused Rennick and various accomplices from 2007 through June 2009 of transferring more than $350 million to U.S. accounts from a Cyprus bank account to pay U.S. residents who wanted to cash out gambling winnings. .....