WebProNews

The FBI has announced the indictment of a Canadian man for his role in processing more than $350 million for Internet gambling companies.

According to the indictment, Douglas Rennick, 34, opened bank accounts in the U.S. from 2007 to June 2009, under a variety of corporate names and "falsely represented that the accounts would be used for such purposes as issuing rebate checks, refund checks, sponsorship checks, and affiliate checks and minor payroll processing."

The indictment says Rennick and unnamed co-conspirators used the accounts "to receive funds from offshore Internet gambling companies that offered, variously, poker, blackjack, slots and other casino games."

Rennick and others then distributed those funds via checks to U.S. residents seeking to cash out their gambling winnings.

The indictment alleges Rennick "provided false and misleading information to U.S. banks about the purpose of the accounts because the banks would not have processed the transactions had they known they were gambling-related."

If found guilty, Rennick faces up to 30 years in prison and fines of more than one million dollars for bank fraud, money laundering and other charges. The indictment also seeks the forfeiture of at least $565 million, which represents the amount of money obtained as a result of the illegal gambling and bank fraud conspiracies.