Daniel Tzvetkoff, the Queensland based co-founder of now defunct payment processor Intabill is facing charges in the US.
The news just keeps on getting worse for the once high-flying 27 year old internet entrepreneur who just 18 months ago was valued at over $80 million. Visiting Las Vegas for a conference on internet billing, Tzvetkoff was yesterday detained and charged by US authorities for a range of offences including bank-fraud conspiracy, gambling conspiracy and money-laundering.
The charges relate to the activities of Intabill - a company he co-founded and co-owned, and which was responsible for processing payments between US residents and various online gambling operators. The US Attorney's Office alleges Intabill helped online gambling companies process $US540m in illegal transactions during 2008 and 2009. It also went bankrupt in mid 2009, with creditors including a number of well known online gambling operators who are still owed tens of millions of dollars.
Unpaid debts, and rumours Tzvetkoff is up to his old tricks again has no doubt left a foul taste in the mouths of those still owed money.
It is believed that it is these same creditors who tipped off the FBI that Tzvetkoff was in town, and possibly also provided them with incriminating evidence. A former colleague told the Australian Newspaper,
'Daniel went to the US and got into the country, no problems, but I think him wandering around that conference sort of thumbing his nose at some of the people he owed large amounts of cash to caused them to get in touch with the FBI.'
If convicted of all charges, Tzvetkoff faces 75 years in prison.
His lawyers are applying for bail.
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