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Internet gambling crackdown prompts large fine for payment facilitator

Posted: Wednesday, March 28, 2007 4:08 PM

By Frank Angst

The federal government took another step in its crackdown on illegal Internet gaming on Wednesday when a company that processes online payments agreed to pay a fine and cooperate with the Justice Department as a witness.

In signing a non-prosecution agreement, Electronic Clearing House Inc. (ECHO) agreed to pay $2.3-million and fully cooperate with the government’s continuing investigation into illegal Internet gambling. ECHO chairman Joel Barry said the $2.3-million represents company profits since 2001 from processing and collection services provided to companies, known as e-wallets, that in turn provided financial transactions for illegal Internet gaming.

On Wednesday, United States Attorney for the Southern District of New York Michael Garcia said ECHO would not face prosecution because it started to wind down its e-wallet processing in October and has frozen $21-million belonging to e-wallet companies. The biggest such company handled by ECHO was Neteller, which in January ceased operations with United States customers.

Barry said the Camarillo, California, company would not face further prosecution.

“It’s important to know that the government has assured us it will not pursue further prosecution,” Barry said. “We want to get on with our business.”

Last year, the United States passed the Unlawful Internet Gambling Enforcement Act, which makes it unlawful for financial entities to process financial transactions to illegal gambling Internet sites. Horse racing received an exemption in that bill.

The Justice Department believes the federal Wire Act prohibited transactions to such gambling sites before that September law was passed. In January, the Federal Bureau of Investigation arrested two Neteller founders on charges of facilitating the transfer of billions of dollars in illegal gambling proceeds since July 2000.

Barry said ECHO did not wish to contest the legality of the transactions completed before the Unlawful Internet Gambling Enforcement Act became law.

“Frankly, we did not feel like we had the time or money to challenge this [in court],” Barry said. “It would have been much more harmful for the shareholders to fight it.”

ECHO has cooperated with the government by providing requested documents and making employees available for interviews.

In announcing today’s agreement, ECHO also reported that a merger agreement entered in December with business software developer Intuit Inc. would be terminated.

Frank Angst is a Thoroughbred Times senior writer

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