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Market Freezes Shares of BetOnSports
BetOnSports, a UK based internet gambling company, announced that it will suspend trading of its shares after the indictment of BetOnSports CEO David Carruthers in the US.
The company also announced that they are making inquires to US officials regarding the position of the company.
After the report that Federal Bureau of Investigation detained Carruthers, the chief executive of BetOnSports, the shares in the company had plunged to its lowest level, dropping twenty four percent.
Mr. Carruthers is being held in Texas after a federal jury in Missouri issuedan indictment against him for twenty two separate charges. Aside from him, ten other individuals including the founder of BetOnSports, Gary Kaplan, were also charged.
The charges on Carruthers and ten others are conspiracy, tax evasion and fraud.
Since the arrest of Carruthers, the company has not been able to contact Carruthers.
Aside from the arrest, a temporary restraining order was issued by the Department of Justice to stop the company from taking bets from the US and they are required to return the money to account holders of wagering accounts in America.
US officials are also trying to seize the more than four billion dollars worth of assets of the company as well as computers and other equipment from the company.
Thursday, August 31 , 2006
Brian Letendre