If you put 150k in your bank in dribs and drabs from the methods available from most offshore books- your bank is likely to file a SAR on you (suspicious activity report). It might sit in someones drawer forever. Nothing might ever come of it. Most have nothing done.
But if you are one of the unlucky few - they might just take an interest in you - and then you will have to answer questions.
In these situations where 99% of the time you get away with it - people are all experts like you apparently are. The 1% don't write on covers about their audit and subsequent financial difficulties. If you want to know if stealing for a living pays off, talking to only people on the street wouldn't give you the full picture- you would also need to visit the jail to see if stealing is really for you.
But I have to say - actually buying losing tickets from the track has to be the alltime dumbest thing I have ever heard. Congrats for that.
thats where cashing the checks at the bank instead of depositing comes into play.
Im thinking this would avoid a sar report being filed. As long as the checks cashed each month are under $1000
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Quote Originally Posted by vanzack:
If you put 150k in your bank in dribs and drabs from the methods available from most offshore books- your bank is likely to file a SAR on you (suspicious activity report). It might sit in someones drawer forever. Nothing might ever come of it. Most have nothing done.
But if you are one of the unlucky few - they might just take an interest in you - and then you will have to answer questions.
In these situations where 99% of the time you get away with it - people are all experts like you apparently are. The 1% don't write on covers about their audit and subsequent financial difficulties. If you want to know if stealing for a living pays off, talking to only people on the street wouldn't give you the full picture- you would also need to visit the jail to see if stealing is really for you.
But I have to say - actually buying losing tickets from the track has to be the alltime dumbest thing I have ever heard. Congrats for that.
thats where cashing the checks at the bank instead of depositing comes into play.
Im thinking this would avoid a sar report being filed. As long as the checks cashed each month are under $1000
To answer the OP... you are taxed only on the proceeds that are brought to US soil
An offshore account is the best answer for such a large amount, and it is legal.
As for picking up the tickets off the floor at the track, I totally agree. Yes the IRS guy that may audit will know what you did, but documentation is just that. If you have the receipts, there is nothing to be said about it. You would be foolish to try to not offset it. If you feel morally wrong about it, think about all the years of losing at gambling and you don't get to write it off... It takes a very talented are rare gambler to be up net over a lifetime.
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To answer the OP... you are taxed only on the proceeds that are brought to US soil
An offshore account is the best answer for such a large amount, and it is legal.
As for picking up the tickets off the floor at the track, I totally agree. Yes the IRS guy that may audit will know what you did, but documentation is just that. If you have the receipts, there is nothing to be said about it. You would be foolish to try to not offset it. If you feel morally wrong about it, think about all the years of losing at gambling and you don't get to write it off... It takes a very talented are rare gambler to be up net over a lifetime.
With pardons to vanczak,a Legend in his own posts, you can buy actual losing tickets in denom. greater then $10 exacta box but even if you were to scoop up tickets with some coffee stains if you were to be auditted all that would be asked was "Show the ticket that was purchased on xx date that you claim". If you are holding a ticket for $20,000 or $2, thank-you next question.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
The Legend of Covers.com sometimes speaks of things He knows not.
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With pardons to vanczak,a Legend in his own posts, you can buy actual losing tickets in denom. greater then $10 exacta box but even if you were to scoop up tickets with some coffee stains if you were to be auditted all that would be asked was "Show the ticket that was purchased on xx date that you claim". If you are holding a ticket for $20,000 or $2, thank-you next question.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
The Legend of Covers.com sometimes speaks of things He knows not.
[Quote: Originally Posted by SportsFan9698] To answer the OP... you are taxed only on the proceeds that are brought to US soil
An offshore account is the best answer for such a large amount, and it is legal.
As for picking up the tickets off the floor at the track, I totally agree. Yes the IRS guy that may audit will know what you did, but documentation is just that. If you have the receipts, there is nothing to be said about it. You would be foolish to try to not offset it. If you feel morally wrong about it, think about all the years of losing at gambling and you don't get to write it off... It takes a very talented are rare gambler to be up net over a lifetime.
[/Quote
More covers ridiculousness.
You are only taxed on what is brought on to US soil? Do you morons make this stuff up as you go along? A simple google search will tell you that as a US citizen, it doesn't matter where in the world you make your money, where you keep your money - it is all taxable. If you make money in France and keep it in a bank in China, it is taxable. Jeesh.
I wont even comment on the foolishness of your track ticket post. It speaks for itself.
Support your local animal shelter. I am on twitter.
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[Quote: Originally Posted by SportsFan9698] To answer the OP... you are taxed only on the proceeds that are brought to US soil
An offshore account is the best answer for such a large amount, and it is legal.
As for picking up the tickets off the floor at the track, I totally agree. Yes the IRS guy that may audit will know what you did, but documentation is just that. If you have the receipts, there is nothing to be said about it. You would be foolish to try to not offset it. If you feel morally wrong about it, think about all the years of losing at gambling and you don't get to write it off... It takes a very talented are rare gambler to be up net over a lifetime.
[/Quote
More covers ridiculousness.
You are only taxed on what is brought on to US soil? Do you morons make this stuff up as you go along? A simple google search will tell you that as a US citizen, it doesn't matter where in the world you make your money, where you keep your money - it is all taxable. If you make money in France and keep it in a bank in China, it is taxable. Jeesh.
I wont even comment on the foolishness of your track ticket post. It speaks for itself.
With pardons to vanczak,a Legend in his own posts, you can buy actual losing tickets in denom. greater then $10 exacta box but even if you were to scoop up tickets with some coffee stains if you were to be auditted all that would be asked was "Show the ticket that was purchased on xx date that you claim". If you are holding a ticket for $20,000 or $2, thank-you next question.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
The Legend of Covers.com sometimes speaks of things He knows not.
Yeah ok.
If you got audited they wouldn't want to see the cash flow. They would just be OK with you showing tickets, with zero cash flow to back it up, and they wouldn't investigate your activities on those dates, or your car mileage, or any other proof. Just show the tickets!!
So funny.
I would say that I am an expert in these things. Because I have to be. I win at gambling, and it is my business. I pay people that are the best of the best to tell me these things. So keep collecting your tickets - because for losers like you - it wont matter. That is the one thing you are correct about - the likelihood of you or most posters at covers getting audited for gambling losses is less likely than you actually winning at gambling - but for the original poster who has actually won already - he should consider the facts and not moronic urban legend to make his decisions.
Im not giving advice here. I am just talking in facts. Not guesses - not urban legend - and not like a caveman looking up at the stars.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by 666LES:
With pardons to vanczak,a Legend in his own posts, you can buy actual losing tickets in denom. greater then $10 exacta box but even if you were to scoop up tickets with some coffee stains if you were to be auditted all that would be asked was "Show the ticket that was purchased on xx date that you claim". If you are holding a ticket for $20,000 or $2, thank-you next question.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
The Legend of Covers.com sometimes speaks of things He knows not.
Yeah ok.
If you got audited they wouldn't want to see the cash flow. They would just be OK with you showing tickets, with zero cash flow to back it up, and they wouldn't investigate your activities on those dates, or your car mileage, or any other proof. Just show the tickets!!
So funny.
I would say that I am an expert in these things. Because I have to be. I win at gambling, and it is my business. I pay people that are the best of the best to tell me these things. So keep collecting your tickets - because for losers like you - it wont matter. That is the one thing you are correct about - the likelihood of you or most posters at covers getting audited for gambling losses is less likely than you actually winning at gambling - but for the original poster who has actually won already - he should consider the facts and not moronic urban legend to make his decisions.
Im not giving advice here. I am just talking in facts. Not guesses - not urban legend - and not like a caveman looking up at the stars.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
I didn't even comment on this incredible statement, but I probably should since the idiocy is at an all time high here.
Fly down to his book, and get 150k in cash - and then come back the US with it?
That might be the dumbest of all of your dumb statements.
Go through US customs with cash over 10k, and don't declare it?
Oh dear.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by 666LES:
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
I didn't even comment on this incredible statement, but I probably should since the idiocy is at an all time high here.
Fly down to his book, and get 150k in cash - and then come back the US with it?
That might be the dumbest of all of your dumb statements.
Go through US customs with cash over 10k, and don't declare it?
With pardons to vanczak,a Legend in his own posts, you can buy actual losing tickets in denom. greater then $10 exacta box but even if you were to scoop up tickets with some coffee stains if you were to be auditted all that would be asked was "Show the ticket that was purchased on xx date that you claim". If you are holding a ticket for $20,000 or $2, thank-you next question.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
The Legend of Covers.com sometimes speaks of things He knows not.
Not one sentence you said in this thread is accurate, but I'll focus on this gem.
Since you think books would be willing to do this, try it out with 5dimes. Go on live chat, and ask Tony if you can set up a face to face in an attempt to pick up your account balance.
Good luck.
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Quote Originally Posted by 666LES:
With pardons to vanczak,a Legend in his own posts, you can buy actual losing tickets in denom. greater then $10 exacta box but even if you were to scoop up tickets with some coffee stains if you were to be auditted all that would be asked was "Show the ticket that was purchased on xx date that you claim". If you are holding a ticket for $20,000 or $2, thank-you next question.
If your book doesn't have an actual casino that still doesn't mean you can't spend 300-500 and fly down to the VirginIslands and pick up YOUR money. They cut you a check on a local bank probablly and you have cash.
The Legend of Covers.com sometimes speaks of things He knows not.
Not one sentence you said in this thread is accurate, but I'll focus on this gem.
Since you think books would be willing to do this, try it out with 5dimes. Go on live chat, and ask Tony if you can set up a face to face in an attempt to pick up your account balance.
I didn't even comment on this incredible statement, but I probably should since the idiocy is at an all time high here.
Fly down to his book, and get 150k in cash - and then come back the US with it?
That might be the dumbest of all of your dumb statements.
Go through US customs with cash over 10k, and don't declare it?
Oh dear.
Been thinking the same since I saw the advice. Lol, "um...I WON this fair and square...now let me back in the country" Like you'd ever make it out of THEIR country in the first place.
Guys, we're all arguing over a "mythological" win. Why do we do this to one another? Who else do you know has hit a PARLAY for this kind of jack???
What's next: "I just won a Bugatti on a $1 scratch-off ticket...how do I write-off the value?"
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Quote Originally Posted by vanzack:
I didn't even comment on this incredible statement, but I probably should since the idiocy is at an all time high here.
Fly down to his book, and get 150k in cash - and then come back the US with it?
That might be the dumbest of all of your dumb statements.
Go through US customs with cash over 10k, and don't declare it?
Oh dear.
Been thinking the same since I saw the advice. Lol, "um...I WON this fair and square...now let me back in the country" Like you'd ever make it out of THEIR country in the first place.
Guys, we're all arguing over a "mythological" win. Why do we do this to one another? Who else do you know has hit a PARLAY for this kind of jack???
What's next: "I just won a Bugatti on a $1 scratch-off ticket...how do I write-off the value?"
I don't think I would face jail time if caught. Probably a stiff penalty however on top of what is owed in taxes. Going to a check cashing place each week and paying 2% fee each time seems to be the best option. They are not reporting jack shit to the irs. Cashing checks at the bank I am unsure of however. Even though there is no fee at the bank, I feel check cashing places are the safer route
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I don't think I would face jail time if caught. Probably a stiff penalty however on top of what is owed in taxes. Going to a check cashing place each week and paying 2% fee each time seems to be the best option. They are not reporting jack shit to the irs. Cashing checks at the bank I am unsure of however. Even though there is no fee at the bank, I feel check cashing places are the safer route
If you got audited they wouldn't want to see the cash flow. They would just be OK with you showing tickets, with zero cash flow to back it up, and they wouldn't investigate your activities on those dates, or your car mileage, or any other proof. Just show the tickets!!
So funny.
I would say that I am an expert in these things. Because I have to be. I win at gambling, and it is my business. I pay people that are the best of the best to tell me these things. So keep collecting your tickets - because for losers like you - it wont matter. That is the one thing you are correct about - the likelihood of you or most posters at covers getting audited for gambling losses is less likely than you actually winning at gambling - but for the original poster who has actually won already - he should consider the facts and not moronic urban legend to make his decisions.
Im not giving advice here. I am just talking in facts. Not guesses - not urban legend - and not like a caveman looking up at the stars.
Have you paid somebody to tellu what goes on with an IRS audit of WG-2 withholding counterclaim? A person I sold legit losing racetrack tickets used them to refund his withholding in an amount greater then 3k and the interview went in a matter of 10minutes and the guist was several questions along lines"You claim a losing ticket of $500 on the date of xx,show this ticket" etc.They didn't give a sh*t about cashflow,milage,betting history, or GPS.Whoever you're paying to school you in gambling matters is selling a line of bull if there is such a person.There are people who are doing and there are people who are talking.You seem to talk alot but you don't know what goes on at a racetrack or a casino or the real world of give/take.A legend in # of posts = a lot of talking.
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Quote Originally Posted by vanzack:
Yeah ok.
If you got audited they wouldn't want to see the cash flow. They would just be OK with you showing tickets, with zero cash flow to back it up, and they wouldn't investigate your activities on those dates, or your car mileage, or any other proof. Just show the tickets!!
So funny.
I would say that I am an expert in these things. Because I have to be. I win at gambling, and it is my business. I pay people that are the best of the best to tell me these things. So keep collecting your tickets - because for losers like you - it wont matter. That is the one thing you are correct about - the likelihood of you or most posters at covers getting audited for gambling losses is less likely than you actually winning at gambling - but for the original poster who has actually won already - he should consider the facts and not moronic urban legend to make his decisions.
Im not giving advice here. I am just talking in facts. Not guesses - not urban legend - and not like a caveman looking up at the stars.
Have you paid somebody to tellu what goes on with an IRS audit of WG-2 withholding counterclaim? A person I sold legit losing racetrack tickets used them to refund his withholding in an amount greater then 3k and the interview went in a matter of 10minutes and the guist was several questions along lines"You claim a losing ticket of $500 on the date of xx,show this ticket" etc.They didn't give a sh*t about cashflow,milage,betting history, or GPS.Whoever you're paying to school you in gambling matters is selling a line of bull if there is such a person.There are people who are doing and there are people who are talking.You seem to talk alot but you don't know what goes on at a racetrack or a casino or the real world of give/take.A legend in # of posts = a lot of talking.
I don't think I would face jail time if caught. Probably a stiff penalty however on top of what is owed in taxes. Going to a check cashing place each week and paying 2% fee each time seems to be the best option. They are not reporting jack garbage to the irs. Cashing checks at the bank I am unsure of however. Even though there is no fee at the bank, I feel check cashing places are the safer route
What makes you think a check-cashing place is going to cash your foreign check? Not going to happen.
Vanzack if you were my accountant, you'd be unemployed in a big hurry.
~~~~~ZOSO~~~~~
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Quote Originally Posted by smartapple123:
I don't think I would face jail time if caught. Probably a stiff penalty however on top of what is owed in taxes. Going to a check cashing place each week and paying 2% fee each time seems to be the best option. They are not reporting jack garbage to the irs. Cashing checks at the bank I am unsure of however. Even though there is no fee at the bank, I feel check cashing places are the safer route
What makes you think a check-cashing place is going to cash your foreign check? Not going to happen.
Vanzack if you were my accountant, you'd be unemployed in a big hurry.
As someone with a degree in Finance and experience in banking let me see if I can clear up the air here. So let me first off say if you did win $150,000 at an offshore book, the main problem you are going to have here is not figuring out how and if you need to pay taxes on it. It is going to be how you are going to get the book to pay you out your winningsThey know you have no idea where they are located or who they are and therefore you have NO RECOURSE on your money. i recommend attempting to get it moved by checks immediately.
Now onto the banking issue. Cash out at intervals less than 10k would be preferable as has been discussed the bank is required to report any check cashing of greater than 10k. Here is where the problem arises though. You are going to have to do this is a very smart way. The bank I use to work at was one of the top 3 banks in the US and they would only cash foreign checks in amounts around the 9k range if two things occurred at a minimum: 1)you have a long term relationship established with that bank AND 2) you have more than enough money in the accounts at that insitution to offset any losses the bank would incur given the check could not be cleared through the FED. (truthfully though I do not know for absolute certainty that banks do not report more risky asset practices such as foreign check cashing in a more stringent manner but to my knowledge I havent heard of it happening). As stated before a check cashing place most likely is not going to cash a foreign that is $9k plus and they may not even do so at all. Im not sure.
The accounting aspect i am more sure of. When it comes to reporting income from gambling the government is only going to ask that you are able to offset your losses with winning wagers. They will not dig deep and seek "profit/loss statements" from gambling books unless you give them reason to do so. Simply report your winnings and losses on your 1040 and be prepared with receipts to show losing tickets and winning tickets that equate to the figures you claimed. I am not saying this is lawful by any means because it doesnt report the true winnings but if you report it right the govt is not going to give you any chit about it. Most gamlbers roll over there actual yearly bankroll more than 50 times per year anyway so it all looks the same to them. Only records at US books would be "auditable" anyway even if they did which brings me to my next point........INTERNET GAMBLING IS NOT LEGAL. If you report these winnings from gambling sites in costa rica you are likely going to be referred to the FBI's office. This is the major hurdle. You must find ways to produce thousands in tickets at legitimate books to offset the checks you are cashing from foreign banks. No easy task IF (and thats a big IF) they audit you for gambling winnings.
I dont have an easy answer to the correct method to completely get this done but its something you will just have to maneuver around in a smart manner.
Unfortunately, these are the kind of road blocks you encounter when you engage in illegal activities in the first place
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As someone with a degree in Finance and experience in banking let me see if I can clear up the air here. So let me first off say if you did win $150,000 at an offshore book, the main problem you are going to have here is not figuring out how and if you need to pay taxes on it. It is going to be how you are going to get the book to pay you out your winningsThey know you have no idea where they are located or who they are and therefore you have NO RECOURSE on your money. i recommend attempting to get it moved by checks immediately.
Now onto the banking issue. Cash out at intervals less than 10k would be preferable as has been discussed the bank is required to report any check cashing of greater than 10k. Here is where the problem arises though. You are going to have to do this is a very smart way. The bank I use to work at was one of the top 3 banks in the US and they would only cash foreign checks in amounts around the 9k range if two things occurred at a minimum: 1)you have a long term relationship established with that bank AND 2) you have more than enough money in the accounts at that insitution to offset any losses the bank would incur given the check could not be cleared through the FED. (truthfully though I do not know for absolute certainty that banks do not report more risky asset practices such as foreign check cashing in a more stringent manner but to my knowledge I havent heard of it happening). As stated before a check cashing place most likely is not going to cash a foreign that is $9k plus and they may not even do so at all. Im not sure.
The accounting aspect i am more sure of. When it comes to reporting income from gambling the government is only going to ask that you are able to offset your losses with winning wagers. They will not dig deep and seek "profit/loss statements" from gambling books unless you give them reason to do so. Simply report your winnings and losses on your 1040 and be prepared with receipts to show losing tickets and winning tickets that equate to the figures you claimed. I am not saying this is lawful by any means because it doesnt report the true winnings but if you report it right the govt is not going to give you any chit about it. Most gamlbers roll over there actual yearly bankroll more than 50 times per year anyway so it all looks the same to them. Only records at US books would be "auditable" anyway even if they did which brings me to my next point........INTERNET GAMBLING IS NOT LEGAL. If you report these winnings from gambling sites in costa rica you are likely going to be referred to the FBI's office. This is the major hurdle. You must find ways to produce thousands in tickets at legitimate books to offset the checks you are cashing from foreign banks. No easy task IF (and thats a big IF) they audit you for gambling winnings.
I dont have an easy answer to the correct method to completely get this done but its something you will just have to maneuver around in a smart manner.
Unfortunately, these are the kind of road blocks you encounter when you engage in illegal activities in the first place
INTERNET GAMBLING IS NOT LEGAL. If you report these winnings from gambling sites in costa rica you are likely going to be referred to the FBI's office. This is the major hurdle. You must find ways to produce thousands in tickets at legitimate books to offset the checks you are cashing from foreign banks. No easy task IF (and thats a big IF) they audit you for gambling winnings.
I dont have an easy answer to the correct method to completely get this done but its something you will just have to maneuver around in a smart manner.
Unfortunately, these are the kind of road blocks you encounter when you engage in illegal activities in the first place
Usually, the above would incite me to write a long post about gambling legalities - how it is TOTALLY LEGAL to place a bet - how ludicrous it is to think the FBI would be interested at all about someone who bets offshore - but today I am going to try a different approach.
How about you tell us of a single case where the FBI was interested in this "illegal" activity of placing wagers? Surely, there are people rotting away in jail, or court cases you could point to where someone who placed bets offshore was pursued.
I will wait for that. You might want to look at the case of Phil Mickelson. Look at all of the FBI interest he has garnered by admitting he bets millions on sports.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by VegasVandal:
INTERNET GAMBLING IS NOT LEGAL. If you report these winnings from gambling sites in costa rica you are likely going to be referred to the FBI's office. This is the major hurdle. You must find ways to produce thousands in tickets at legitimate books to offset the checks you are cashing from foreign banks. No easy task IF (and thats a big IF) they audit you for gambling winnings.
I dont have an easy answer to the correct method to completely get this done but its something you will just have to maneuver around in a smart manner.
Unfortunately, these are the kind of road blocks you encounter when you engage in illegal activities in the first place
Usually, the above would incite me to write a long post about gambling legalities - how it is TOTALLY LEGAL to place a bet - how ludicrous it is to think the FBI would be interested at all about someone who bets offshore - but today I am going to try a different approach.
How about you tell us of a single case where the FBI was interested in this "illegal" activity of placing wagers? Surely, there are people rotting away in jail, or court cases you could point to where someone who placed bets offshore was pursued.
I will wait for that. You might want to look at the case of Phil Mickelson. Look at all of the FBI interest he has garnered by admitting he bets millions on sports.
Van, you can't be serious right now can you. Not sure what kind of fine government officials you have as friends who suggested to you online gambling is legal but I assure you that you have been led astray .....
Let's start with the fbi head of cyber fraud. Surely she has some credibility right ? https://m.fbi.gov/#https://www.fbi.gov/news
Granted this was a few years ago . “You can go to Vegas. You can go to Atlantic City. You can go to a racetrack. You can go to those places and gamble legally. But don’t do it online. It’s against the law,” says Leslie Bryant, head of our Cyber Crime Fraud unit at FBI Headquarters.
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Van, you can't be serious right now can you. Not sure what kind of fine government officials you have as friends who suggested to you online gambling is legal but I assure you that you have been led astray .....
Let's start with the fbi head of cyber fraud. Surely she has some credibility right ? https://m.fbi.gov/#https://www.fbi.gov/news
Granted this was a few years ago . “You can go to Vegas. You can go to Atlantic City. You can go to a racetrack. You can go to those places and gamble legally. But don’t do it online. It’s against the law,” says Leslie Bryant, head of our Cyber Crime Fraud unit at FBI Headquarters.
Ah yes and no one is facing penalties for engaging in these illegal activities you say .....you know one of your problems is that you think you know everything about anything and apparently your ego is challenged here. It is only the natural human response to justify your own illegal activities I suppose so I suppose it isn't the worst trait to have.
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Ah yes and no one is facing penalties for engaging in these illegal activities you say .....you know one of your problems is that you think you know everything about anything and apparently your ego is challenged here. It is only the natural human response to justify your own illegal activities I suppose so I suppose it isn't the worst trait to have.
Cracking down. Our strategy for tackling illegal online gambling—as a key enforcement agency—is to start with the companies providing the services in the first place. “We’re going after the people making the money—the owners of these virtual casinos, gaming rooms, and off-track betting parlors,” Bryant says.
We currently have about a dozen of these cases in motion. One of the biggest came last July when a federal grand jury in St. Louis returned a 22-count indictment against 11 individuals and four companies for their involvement in illegal online gaming and related activities. On May 24, one of the companies—BetonSports— pled guilty to racketeering charges in the case.
We’ve also had success against companies supporting the money flows behind virtual gambling. In January, for example, two Canadians were charged with operating an Internet payment services company that transferred billions of dollars in illegal gambling proceeds between U.S. citizens and the owners of online gambling sites outside the country.
In 2003, another Internet financial services company paid $10 million in a civil agreement to settle allegations that it aided illegal offshore and online gambling agreements. The U.S. government has also settled several cases with online businesses that have accepted money to market virtual gambling operations.
0
Cracking down. Our strategy for tackling illegal online gambling—as a key enforcement agency—is to start with the companies providing the services in the first place. “We’re going after the people making the money—the owners of these virtual casinos, gaming rooms, and off-track betting parlors,” Bryant says.
We currently have about a dozen of these cases in motion. One of the biggest came last July when a federal grand jury in St. Louis returned a 22-count indictment against 11 individuals and four companies for their involvement in illegal online gaming and related activities. On May 24, one of the companies—BetonSports— pled guilty to racketeering charges in the case.
We’ve also had success against companies supporting the money flows behind virtual gambling. In January, for example, two Canadians were charged with operating an Internet payment services company that transferred billions of dollars in illegal gambling proceeds between U.S. citizens and the owners of online gambling sites outside the country.
In 2003, another Internet financial services company paid $10 million in a civil agreement to settle allegations that it aided illegal offshore and online gambling agreements. The U.S. government has also settled several cases with online businesses that have accepted money to market virtual gambling operations.
Specifically the wire act is what outlaws transmission of money across country lines . An interesting paper from here at UNLV where you can educate yourself . Enjoy .
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Specifically the wire act is what outlaws transmission of money across country lines . An interesting paper from here at UNLV where you can educate yourself . Enjoy .
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