Goldwater Bank Forfeits $733,804 for Online Casino Payment Processing
Posted: September 16, 2010
Updated: October 4, 2017
In a major flexing of muscle by U.S. authorities under of the Unlawful Internet Gambling Enforcement Act (UIGEA), Goldwater Bank
In a major flexing of muscle by U.S. authorities under of the Unlawful Internet Gambling Enforcement Act (UIGEA), Goldwater Bank of Arizona will forfeit over $730,000 which was allegedly used in processing funds for PokerStars.
As the overriding regulation in online poker sites in the United States. Those investigations led to the forfeiture of some $13.3 million by Ahmad Khawaja, former owner of Allied Wallet Inc.
Goldwater Bank was recognized as a client of Allied’s, and $733,804 was found to be involved in transactions with Allied. A double bruise for Goldwater was that the funds used had come from the Troubled Asset Relief Program bailout money approved by President Obama.
TARP special inspector-general Neil M. Barofsky stated emphatically that “Today’s charges and settlement should send a powerful message to TARP recipients that they will be held strictly able for any misdeeds while they stand as custodians of taxpayer dollars.”
