Huge Recovery From Gambling Operation

MANHATTAN (CN) - A Canadian man pleaded guilty to processing more than $350 million for online gamblers and funneling their winnings into the United States. Douglas Rennick agreed to forfeit nearly $566 million and faces 2 years in prison and a fine of $250,000 when he is sentenced.

Rennick, 34, pleaded guilty to one of the three counts he faced: using the wires to transmit bets and wagering information in interstate commerce.

Rennick set up fictitious corporate accounts in Cyprus to issue checks for rebates, refunds, sponsorship checks and other payments, from 2007 to June 2009. He actually used the accounts to receive money from offshore Internet gambling companies and send the money to U.S. residents who wanted to "cash out their gambling winnings," prosecutors say.

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