Internet gambling mogul surrenders $300m in guilty plea
An internet tycoon made billion of dollars building an online 
gambling empire has agreed to forfeit $300m after pleading guilty to violating the US Wire Act. This tycoon developed “a growing awareness of the illegality” of offering online poker and other games of chance to residents of the US.
The company stopped accepting wagers from people based in the US after lawmakers barred US credit card companies from accepting payments for bets.
According to federal prosecutors the tycoon unlawfully, willfully and knowingly used a wire communication facility for the transmission to take bets.
The internet tycoon has already surrendered $100m to the feds. He is scheduled to make his next $100m payment in a few months time. He faces a maximum sentence of two years in prison and a fine of $250,000 at senticing, which is scheduled for December 2010.
