Indicted Billionaire Faces Online Gambling Debt

Posted on 07/09/09 - by Theodor Mavrodis News

Antigua, known for its tolerant stance towards online gambling and gaming, is one of the most important safe havens for global online gambling operators. It is on this beautiful Island where billionaire Allen Stanford had a bank that recently shut its doors.

Home Base of Casino Operators
The island state Antigua & Barbuda has its own jurisdiction, and is the home base of many online gambling operators throughout the world. Some of our top-rated online casinos are based in this jurisdiction, take for example the two key players Casino Tropez and Euro Grand Casino.

Billionaire Allen Stanford
The recently indicted billionaire Allen Stanford was well aware of the benefits of this small island state, and was keen enough to operate in the same jurisdiction. When in February 2009 the Securities and Exchange Commission charged Allen Stanford with "massive ongoing fraud", the Antigua bank soon closed doors.

Luckily for the online gambling community no one of the Antigua-based gambling operators had so much as a single dime placed at Stanford's bank. The fraudulent business man had always claimed to be a Southern Baptist, and hence didn't want any business with gambling operators whatsoever.

Hypocrite with Gambling Debts
Strikingly enough, the Bellagio resort claims that the self-proclaimed Baptist signed for 14 separate gambling markers from January 15 to January 20, netting a total gambling debt of over $250,000. The company now seeks to recover the outstanding debt together with a 18%-a-year interest rate.