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U.S. Department of Justice subpoenas major investment banks

22 January 2007

The U.S. Department of Justice has subpoenaed at least four high-profile investment banks as part of its continuing crackdown on the online gambling industry.

HSBC, Dresdner Kleinwort, Credit Suisse and Deutsche Bank were issued subpoenas in October – shortly after the signing of the Unlawful Internet Gambling Enforcement Act -- according to reports from the Sunday Times of London.

HSBC Bank served as an adviser for 888 Holdings Plc, which floated on the London Stock market in September of 2005 and Deutsche Bank and Dresdner Kleinwort Wasserstein served as advisors to PartyGaming, which floated in June 2005.

"The subpoenas were issued to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad," reported The New York Times Sunday.

The DOJ is requesting information including emails, telephone record and financial paperwork as part of the probe, according to the Sunday Times of London.

A U.S. Department of Justice spokesperson refused to confirm who was handling the case, but said that all media inquiries were to go through U.S. Attorney for the Southern District of New York's office.

Both the Department of Justice in Washington D.C. and the U.S. Attorney's office for the Southern District of New York declined further comment.

The reports of subpoenas come one week after the same U.S. Attorney's office, lead by Michael J. Garcia, charged NETeller co-founders Stephen Lawrence and John LeFebvre with money laundering.

Both Lawrence and LeFebvre appeared in U.S District courts last week and were released on $5 million bail.

Casino City Reporter Bradley Vallerius contributed to this article.

U.S. Department of Justice subpoenas major investment banks is republished from Online.CasinoCity.com.
Recent Articles
Best of Ryan McLane
Ryan McLane

Ryan McLane was a poker reporter for Casino City. Although he has a strong background in reporting, the same can't be said for his poker skills. He has never won a major tournament nor is he a professional player. He applied for this job thinking it was a joke, only to find it out that it's true, people will pay you to write about poker. His favorite word is ridiculous.

After receiving his BA in History from Stonehill College in Easton, MA, he somehow ended up freelance reporting for a couple years before being deployed to Operation Iraqi Freedom III with the Massachusetts National Guard. He's back now and is a strong advocate of the phrase "God Bless America."

Currently, Ryan lives in Boston and occasionally makes international treks to cover tournament poker and news. Feature writing is his passion and there is no need to ask for his opinion, he'll probably offer it first - free of charge.
Ryan McLane
Ryan McLane was a poker reporter for Casino City. Although he has a strong background in reporting, the same can't be said for his poker skills. He has never won a major tournament nor is he a professional player. He applied for this job thinking it was a joke, only to find it out that it's true, people will pay you to write about poker. His favorite word is ridiculous.

After receiving his BA in History from Stonehill College in Easton, MA, he somehow ended up freelance reporting for a couple years before being deployed to Operation Iraqi Freedom III with the Massachusetts National Guard. He's back now and is a strong advocate of the phrase "God Bless America."

Currently, Ryan lives in Boston and occasionally makes international treks to cover tournament poker and news. Feature writing is his passion and there is no need to ask for his opinion, he'll probably offer it first - free of charge.