Son of New York mob boss 'Vinny Gorgeous' among 25 busted

[Imperator]

This is very interesting.

Vincent Basciano Jr charged in connection with 'mob-linked enterprise'
The three owners of gambling website Pinnacle Sports also arrested


Read more: http://www.dailymail.co.uk/news/arti...#ixzz2AQpJuwlD

[Anthony]

I sure wouldn't be in the states if I owned an online sports book. That is just crazy.
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NYPD claims members of the group 'made threats' to collect money

well, yeah mob...who is really shocked by that.

[TheGooner]

Thanks for the article link Imperator - some of that story reads like a bad plot script for a B-grade TV series

[FictionNet]

Anyone working with Pinnacle? I last talked to them in February but I don't do much sports stuff.

[Imperator]

It is interesting that Pinnacle isn't indicted itself as a company, even though they were apparently taking bets from US players. Nor domains were seized.

[TheGooner]

I think it's because Pinnacle have clearly banned US accounts and funds movement - and another dozen countries as well. It's impossible to register a US based account at PinnacleSports these days - they are taking due care and following global gamblnig laws.

So PinnacleSports are NOT taking bets from US IP addresses or anyone with US identity details.

See my blog http://goonersguideblog.blogspot.co....-arrested.html

It appears that people / agents are using the PinnacleSports agent system to accept bets from US players under the table. They may be associated with owners of the company - although the word is that of the four "owners" initially indicted only one of them (is possibly) a part-owner - the rest definitely are NOT.

Also given the working of the current UIGEA legislation about the moving of money across state lines - it might be tough to prove that UIGEA was breached as it appears that the bets were on "credit" and stakes were paid for manually by cash and casino chips - and didn't move anywhere.

So PinnacleSports are not moving funds to and from the US.

Sure - these people in Nevada and New York taking the bets are not licensed, a clear breach of US domestic bookmaking laws which are designed to provide a monopoly for rich casino and racetrack owners, but at the moment it does not appear that the money was going offshore.

So at the moment all we have is a domestic bookmaking ring - although I'm not naive enough not to understand that this money was going to end up somewhere else ... possibly couriered overseas? But to where? PinnacleSports? PinnacleSports Owners? Agent accounts?

EDIT :
They've found a total of $7.5m in case - and I've read numbers talking about a $50m operation. That's a drop in the bucket compared to the legitimate bookmaking numbers that PinnacleSports currently do legally online with over 100 different countries and territories.

I don't see the PinnacleSports company strategically doing this. There is not enough money in it - and it's a complete contrast to their public stance.

But someone within the organisation might have got greedy.

I'm sure more will be revealed.

[RyanH]

My apologies for the late entry into this thread. Our official statement on the subject follows:

"Regarding the recent allegations surrounding the individuals allegedly affiliated with Pinnacle Sports, please be reassured that no Pinnacle Sports employees have been arrested or charged, and Pinnacle Sports itself was not charged in the indictment.

We expect no interruptions to our day to day business activities and will continue to provide our clients the excellent value and service Pinnacle Sports is known for."

While I am sure you will have follow up questions, unfortunately I'm unable to go into any more detail at this time. I will, however, add that we have spent over 5 years building up a very solid and transparent non-US business after withdrawing from that market in January 2007. It is very much business as usual in the office.

If any affiliates have specific concerns relating to their account I am happy to help and am available via the usual channels.

Thanks,

Ryan.