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Feds in Maryland Seize Bank Accounts Tied to On-Line Gambling

By Van Smith | Posted 9/11/2009

Update: Accused Money-Launderer's Lawyer Says His Client No Longer Owns Payment-Processor Electracash

The years-long, Maryland-based federal investigation into money-laundering tied to Internet gambling (“Bodog Internet Gambling Investigation Leads to Money-Laundering Charges,” Oct. 30, 2008) has quietly been picking up steam in recent weeks.

On Sept. 4, investigators filed seizure warrants for the contents of three bank accounts, said in the warrants to be “forfeitable” as “proceeds of an illegal gambling business . . . involved in money laundering transactions.” In those filings, the accounts were said to be in the name of HMD, Inc., a company associated with pay-outs from on-line gambling companies. City Paper could not determine how to contact the company.

In late July, the contents of three other bank accounts were seized. In those cases, the accounts were said to be in the name of Electracash, Inc., a payment-processing service. Numerous calls and messages left by City Paper for Electracash’s director of marketing, Richard Cornejo, have gone unreturned. In prior court filings, investigators have said that Electracash is owned by Edward Courdy, who was charged with money-laundering last year in Maryland. Courdy’s attorney, Stanley Greenberg, declined to comment.

In all six seizure warrants, the investigators’ affidavits remain under seal, so details about the cases remain shrouded. The orders to seal the affidavits in the Electracash seizures, signed by U.S. District Court magistrate judge James Bredar, say they will remain sealed “until further order of this court, or until January 20, 2010, whichever is earlier.”

HMD Inc. Seizure Warrant Electracash Seizure Warrant

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Tags: gambling, bodog, money laundering

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