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Youbet.com Served with Search Warrant

Discussion in 'Casino Industry Discussion' started by Mousey, Oct 13, 2007.

    Oct 13, 2007
  1. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    If this has already been posted here somewhere, forgive me.

    You must register/login in order to see the link.Served with Search Warrant
    By Kirsi Bertolini
    Published Oct 11, 2007
    According to the Bloodhorse.com California-based online horse gambling website, Youbet.com was served with a federal search warrant recently. The SEC filed a document October 9, stating that officials from an affiliate agency of the U.S. Department of Homeland Security performed the search warrant at the Youbet.com wagering company's Woodland Hills headquarters.

    According to the filing search warrant involved different types of records, including IRG records related to the wagering activities of certain customers, Youbet.com is a sole owner of the off-shore wagering entity IRG. Not all details from the Las Vegas investigation by the U.S. Attorney's Office have been disclosed as of now but it is believed that this investigation also includes at least one other off-shore gambling company not related to Youbet.com and maybe others.

    Immigration and Customs Enforcement is "responsible for eliminating vulnerabilities in the nation's border, and with economic, transportation and infrastructure security" stated in its own website. There is four law enforcement divisions in ICE and other support divisions according to their website.

    Youbet.com clarifies in the SEC filing that it does not believe to be a "target" of this investigation and is "cooperating with U.S. government in investigation".

    On October 10m, Youbet.com gave a following statement: "Youbet.com is assisting the U.S. Immigration and Customs Enforcement agency, the Department of Homeland Security and the U.S. Attorney's Office in an investigation involving several individuals. To that end, Youbet.com provided documents to officials as part of a search warrant that was served at company headquarters last week." ... if you follow the link there's a second page...
     
    3 people like this.
  2. Oct 14, 2007
  3. mrracetrack

    mrracetrack Dormant account

    Occupation:
    Retired
    Location:
    North of Pluto
    Here is a bit more on this:

    It is important to note that federal authorities indicated that no Youbet.com employees or subsidiaries are the focus of this inquiry. Further, Youbet.com has not been accused of any wrongdoing whatsoever. Youbet.com is making all of the required disclosures and notifications to the U.S. Securities and Exchange Commission and the Youbet.com Board of Directors regarding this issue. Going forward, Youbet.com will continue to assist authorities as it has done since last week.

    The SEC filing also contained the first public comments by the company regarding a federal lawsuit filed Sept. 19 against Youbet by Colonial Downs and the Virginia Horsemens Benevolent and Protective Association. Youbet said it disagrees with the complaints allegations, including its claim that the company is operating without
    a required ADW license in Virginia and hasnt paid source market fees.

    Youbet said it will vigorously defend itself against the lawsuit and continues to accept wagers from Virginia residents.

    In Oct. 10 trading on the Nasdaq market, Youbet shares closed at $1.48, a drop of 26%
     
    2 people like this.

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