Australian Charged with $500 Million Money-Laundering Scheme

An Australian man, arrested in Las Vegas on money laundering charges, is suspected of processing more than $500 million in proceeds for U.S. gamblers and Internet gambling websites. Daniel Tzvetkoff, 27, was taken into custody by FBI and Homeland Security officials on April 16 for processing $500 million in disguised transactions. According to law enforcement officials, banks performing the transactions were duped into thinking they were unrelated to gambling. The indictment against Tzvetkoff alleges he began in early 2008, by processing gambling transactions in the United States through the Automated Clearing House system (ACH). Tzvetkoff and his co-conspirators processed more than $543 million in ACH transactions between February 2008 and March 2009. The majority of the transactions were done for Internet gambling companies. Posted in: Collusive Networks