Home	Tutorial	Online Casino Reviews	Best Online Casinos	Casino Software	Casino News

Online Casino Gambling --- Casino News

Owning Illegal Online Casinos

Just ask Martha Stuart if you have any doubts that the investment industry is no place to take the iffy route – and the same situation applies to those looking to invest in online casino gambling business in the U.S. market. Offshore internet gambling is illegal in the US thanks to the controversial UIGEA – but no matter how controversial the legislation, the fact remains that online casinos are banned and thus it would be the wise choice for US investors to also avoid investing in these illegal businesses. Unfortunately for US investors in the Vanguard Group Inc, a prominent stock and bond management company based out of Pennsylvania, the Group invested funds in an unnamed startup business that was to operate illegal internet gambling and betting for the US market.

Vanguard is now under investigation after two of the company’s investors raised issue with the fact that their money was used to invest in a online casino gambling business that is illegal. Defendants in the case are the Chief Investment Officer at the company, the portfolio manager, and eight other trustees. According to the plaintiffs in the case, the “Defendants caused the funds to become owners of illegal gambling businesses.”

Those involved in the situation from Vanguard Group are facing a lawsuit and a subsequent investigation into the case. No one has specified which illegal online casino gambling ventures were funded illegal through the investment fund but some sources speculate that the unnamed internet gambling company may refer to BetonSports – a company that is now bankrupt and the owners and executives of BetonSports are still awaiting trial. That is just speculation though at this point and more updates will come as the information is released.