FBI investigating CARIB!!

[drunkguy]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by The General:
I cannot play there with this stuff going on. I feel uneasy. Just the way it is. When in doubt, use another out.

Good luck though to carib. Hope none of this harms the sportsbook operating well.<HR></BLOCKQUOTE>

agreed. when the FBI gets involved, stay the **** away. I did pull most of my money out due to all the stuff going on lately...seizures, investigations, etc. And I don't feel bad doing it. Carib is a great out, but the principals really screwed up this time. Last people you want to piss off are those bureaucrats in DC...

 

[harrington]

Hey, whoever would keep 20 dimes in a book that has the FBI coming in the door is an idiot. The heat looks to be on and I'd keep very small amount of cash or boogy.

 

[WildBill]

So, what are they going to do? You are going to tell me they are going to take them down in their offices? I would bet heavily against it. Probably just somebody gave a tip or they got some leads on someone laundering money and since they can't get into the door in their offshore office they are doing what they can in the US. Main thing as always for the offshore guys that are American is to use a pseudonym or have a foreign national partner to be the "name" for the book. Worst thing that could happen is they get a name or two that places the ads and then try to give them the Jay Cohen treatment, but as with WSEX no one lost a dime because Jay got convicted and the book is as strong as ever. I highly doubt anyone at Carib was stupid enough to leave themselves open to this kind of legal trouble.

 

[JoeyC]

A close friend was recently in Belize, and ran into their manager, so they chatted.

I can assure all Carib is up and running smoothly, and their Belizian team is performing well.

JC

 

[Acidkid]

I'm sure they're fine short run... however they have been conducting some business out of the US (namely Ohio) and that's a no-no.

WSEX exists fine and dandy because two of the three partners remain free to manage the business.

Psuedonyms and Ticos are one thing. The legit books have risen way above that.

If you're not asking yourself "Why just Carib?" and "What does this mean?", you're probably selling yourself short.

They were rock solid in the past... and I have no reason to believe that they won't continue to do well in the future... but tomorrow is always a new day and you have to take this stuff for what it's worth...

 

[lester]

Wildbill you are like a volcano overflowing with misinformation. I'd hate to gamble over something this serious but I'd say these boys are in trouble.

Worse case scenario is the Jay Cohen treatment? You say that so casually is it the million dollar legal fees or the 2 years in federal prison you think is so inconsequential.

Even the most conservative among us has called the money laundering statutes draconian. I think each count carries 20 years but I've sure the boys in Belize will be relieved when they get word that Wild Bill said everything is gonna be alright.

 

[WildBill]

For their customers I think it will be alright, but hey if you are scared by the daily list of rumors you read here and elsewhere on the net probably shouldn't have any money offshore as it is. FBI probably has "investigated" 25 books from what I have heard, the people in CR laugh about how painfully obvious they are when they come snooping around down there or in all the offshore betting conventions. Simply put they are out there and they are looking and watching, but their mandate isn't to take down books left and right yet. Yes money laundering is something to worry about if they are guilty of knowing about it and then helping to make it happen, but if they happen to be just a business that had criminal money flow through it in the normal course of business then they need not worry too much. After all every major bank in the world is guilty of that one.

 

[bulldog77]

Isn't Carib the Book where Jamir Jagr lost a ton of money on sports on credit and didn't pay for a serious period of time until it went public? Being that he was a Penguin at time and this case is coming out of Pgh Federal District Court is there a connection here and would Jagr be involved somehow? Haven't read anything to that effect, but seems quite a coincidence.

 

[Dante]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by WildBill:
For their customers I think it will be alright, but hey if you are scared by the daily list of rumors you read here and elsewhere on the net probably shouldn't have any money offshore as it is. FBI probably has "investigated" 25 books from what I have heard, the people in CR laugh about how painfully obvious they are when they come snooping around down there or in all the offshore betting conventions. Simply put they are out there and they are looking and watching, but their mandate isn't to take down books left and right yet. Yes money laundering is something to worry about if they are guilty of knowing about it and then helping to make it happen, but if they happen to be just a business that had criminal money flow through it in the normal course of business then they need not worry too much. After all every major bank in the world is guilty of that one.<HR></BLOCKQUOTE>


great post Bill you hit the nail on the head...

 

[JoeyC]

Bulldog:

I share your thinking with the Jagr link.

This story was big news in the Pittsburgh press.

 

[jls626]

If these owners of Carib were funding there sportsbok from the US or paid us from the US which I know they don't then I'd be worried! If they were busted with a few million in cash and gold here, just imagine what they have over seas,lol! No matter what Carib won't miss a beat! You send your funds to an individual person not a corporation, The Feds can't touch Carib and it will continue to operate without a hitch! Remember if the Feds want they can tab over seas transactions with a click of their mouse if they want! No one was really ever convicted of a crime for gambling, only for taking action and booking! Those who steal to gamble get arrested for embezzling! They say they are conducting an investigation for money laundering,lol! Every owner of every sportsbook offshore could be guilty of the same,lol! A friend of mine back in 1990 was busted on a 7 million dollar money laundering scheme, he traveled to St. Thomas every weekend with bundles of money! The point is if he stayed in St. Thomas he would've never been busted! But the feds only could touch him in the US!So you see the Feds can do absolutely nothing to Carib being overseas and I'm sure they have enough cash on hand overthere to keep running! Even since alot of clients pulled their cash out for being scared,lol! SAFE BOOK NOW AND FOR A LONG TIME TO COME!! If you are scared of the feds having your name for dealing offshore then its to late they have it the very first time you send funds!

 

[lester]

Wild Bill I hope you are right but you can't dismiss getting investigated by these people so casually.

 

[JoeyC]

JLS:

Hate to rain on your parade but:

St Thomas is in the US VIRGIN Islands, a territorial possession of the US, & US laws would apply there.

 

[Acidkid]

RAIDING A ADVERTISER IS A FIRST

Again, never said Carib was bad... but...

The FBI keeping tabs on SB owners is one thing - them raiding offices where Carib advertises is an entirely different thing, and from what I understand - it is unprecidented.

If anything, this is going to limit Carib's ability to advertise because sports companies simply won't touch them. Some sites have already dropped their ads.

Customer turnover in the industry is extremely high. This fact alone will hurt Carib enormously over time.

Also, I know of no previous seizures/forfeitures in the industry. This is a unique and new development, so I don't think you can write it off out of hand.

 

[lester]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Acidkid:
Also, I know of no previous seizures/forfeitures in the industry. This is a unique and new development, so I don't think you can write it off out of hand.<HR></BLOCKQUOTE>

Gold Medal and 7 Palms owners had their assets taken and had to sell to out to the Sporbet group before going to the federal pen for several years. Hardly the laughing matter Wild Bill would have us to believe.

 

[hondaman1]

actually I think the reason this is in pittsburgh federal court is because of there main money guy is from toronto oh, which is 30 miles from pittsburgh
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by bulldog77:
Isn't Carib the Book where Jamir Jagr lost a ton of money on sports on credit and didn't pay for a serious period of time until it went public? Being that he was a Penguin at time and this case is coming out of Pgh Federal District Court is there a connection here and would Jagr be involved somehow? Haven't read anything to that effect, but seems quite a coincidence.<HR></BLOCKQUOTE>