Youbet Served Search Warrant by Federal Agents
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Youbet Served Search Warrant by Federal Agents
by Ryan Conley
A federal search warrant was served at the California headquarters of Youbet.com Oct. 4 as part of a federal investigation being conducted by the U.S. Attorneys Office in Las Vegas, the company has reported.
In a document filed Oct. 9 with the Securities and Exchange Commission, Youbet.com said officials from an affiliate agency of the U.S. Department of Homeland Security presented the search warrant at the advance deposit wagering companys Woodland Hills headquarters.
The filing said the search warrant, which was served by agents of the U.S. Immigration and Customs Enforcement, involved various records, including, among other things, business records of our IRG business related to the wagering activities of certain customers.
IRG is an off-shore wagering entity owned by Youbet.com that offers rebates to customers. Details of the Las Vegas investigation by the U.S. Attorneys Office havent been disclosed, but it is believed to involve activities affiliated with at least one other prominent off-shore ADW unrelated to Youbet and IRG, and possibly others.
According to its Web site, Immigration and Customs Enforcement is responsible for eliminating vulnerabilities in the nation's border, and with economic, transportation, and infrastructure security. ICE is composed of four law enforcement divisions and several support divisions, the Web site said.
Youbet.com said in the SEC filing that it believes it is not a target of the investigation, and that the company is cooperating with the U.S. government in (its) investigation.
The company released a statement Oct. 10 that said the following: "Youbet.com is assisting the U.S. Immigration and Customs Enforcement agency, the Department of Homeland Security and the U.S. Attorneys Office in an investigation involving several individuals. To that end, Youbet.com provided documents to officials as part of a search warrant that was served at company headquarters last week.
"It is important to note that federal authorities indicated that no Youbet.com employees or subsidiaries are the focus of this inquiry. Further, Youbet.com has not been accused of any wrongdoing whatsoever. Youbet.com is making all of the required disclosures and notifications to the U.S. Securities and Exchange Commission and the Youbet.com Board of Directors regarding this issue. Going forward, Youbet.com will continue to assist authorities as it has done since last week."
by Ryan Conley
A federal search warrant was served at the California headquarters of Youbet.com Oct. 4 as part of a federal investigation being conducted by the U.S. Attorneys Office in Las Vegas, the company has reported.
In a document filed Oct. 9 with the Securities and Exchange Commission, Youbet.com said officials from an affiliate agency of the U.S. Department of Homeland Security presented the search warrant at the advance deposit wagering companys Woodland Hills headquarters.
The filing said the search warrant, which was served by agents of the U.S. Immigration and Customs Enforcement, involved various records, including, among other things, business records of our IRG business related to the wagering activities of certain customers.
IRG is an off-shore wagering entity owned by Youbet.com that offers rebates to customers. Details of the Las Vegas investigation by the U.S. Attorneys Office havent been disclosed, but it is believed to involve activities affiliated with at least one other prominent off-shore ADW unrelated to Youbet and IRG, and possibly others.
According to its Web site, Immigration and Customs Enforcement is responsible for eliminating vulnerabilities in the nation's border, and with economic, transportation, and infrastructure security. ICE is composed of four law enforcement divisions and several support divisions, the Web site said.
Youbet.com said in the SEC filing that it believes it is not a target of the investigation, and that the company is cooperating with the U.S. government in (its) investigation.
The company released a statement Oct. 10 that said the following: "Youbet.com is assisting the U.S. Immigration and Customs Enforcement agency, the Department of Homeland Security and the U.S. Attorneys Office in an investigation involving several individuals. To that end, Youbet.com provided documents to officials as part of a search warrant that was served at company headquarters last week.
"It is important to note that federal authorities indicated that no Youbet.com employees or subsidiaries are the focus of this inquiry. Further, Youbet.com has not been accused of any wrongdoing whatsoever. Youbet.com is making all of the required disclosures and notifications to the U.S. Securities and Exchange Commission and the Youbet.com Board of Directors regarding this issue. Going forward, Youbet.com will continue to assist authorities as it has done since last week."
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