The Queen of Hearts

Wall Street Banks Drawn Into Online Gambling Probe

At least 4 Wall Street investment banks are reportedly under investigation as part of a widening investigation into the multibillion-dollar online gambling industry.

According to the New York Times, the Justice Department issued subpoenas to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad.

The banks involved in the inquiry include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort.

While online gaming sites like PartyGaming and 888 Holdings operate from Gibraltar and their initial public offerings were held on the London Stock Exchange, companies that do business with them and have large bases in United States have come under scrutiny by regulators in Washington.

Read the whole story

posted by Queen of Hearts @ 06:17