The release on bail of Daniel Tzvetkoff leaves some unanswered questions
The Australian newspaper The Courier-Mail sparked renewed interest in the affairs of former e-cash processing chief Daniel Tzvetkoff this week when it revealed that the 27-year-old, formerly imprisoned on remand in New York on a slew of federal charges, had been mysteriously released.
Tzvetkoff was arrested in Las Vegas earlier this year whilst attending a conference – allegedly on a tip-off by disgruntled creditors, whom it is claimed are owed millions after the collapse of Tzvetkoff's Australian e-cash processing empire Intabill.
In mid-April federal enforcement officials charged Tzvetkoff with processing more than US$500 million in transactions for US online gaming sites between February 2008 and March 2009. He was subsequently moved from Las Vegas to a remand holding centre in New York pending trial.
However, The Courier-Mail has now discovered that the Australian financial entrepreneur and big spender was ‘secretly' released on bail after entering a plea to an unspecified serious criminal charge on August 23.
It is not known how this impacts the original charges levelled against him, which included conspiracy involving money laundering, illegal gambling and bank fraud.
Interestingly, his case was heard before a federal magistrate in a closed court, and did not appear on public records, the newspaper reports. This has fuelled speculation that he may be cooperating with justice department officials in their enquiries into the online gambling business in the United States.
Tzvetkoff is scheduled to again appear in court in June 2011, but his present whereabouts are not publicly known.