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October 18th 2006
BetOnSports reaches agreement with Department of Justice
BetOnSports Plc., whose former CEO David Carruthers was arrested in July, have reached a preliminary agreement to end the litigation against it by the US government. Terms of the agreement have not yet been disclosed.
BetOnSports and the US Department of Justice were each given one week by US District Judge Carol Jackson to agree on terms to resolve the civil suit filed against the BoS in July. The company was charged with racketeering and fraud.
BoS Plc. is up against a 22 count indictment for accepting bets placed in the US over the Internet and via telephone. It has since shut down its US operations and suspended trade on its stock. The US government was trying to seize $4.5 billion and property from the company.
Submitted: 18/10/2006 11:16:18
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