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No Hope for the Future for Young Tycoon Daniel Tzvetkoff

Posted on April 19th, 2010

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The future is looking very bleak for young internet tycoon Daniel Tzvetkoff. 27-year-old Tzvetkoff fell into the hands of the authority last Friday after being slapped with charges of money laundering, amounting to a staggering $A584 million or $US540 million.

The promising young entrepreneur who was listed among Sunday Mail’s Rich List two years ago, has filed for bankruptcy after being sued by his business associate Sam Sciacca last year for $100 million. It was also during this same year that an online poker site sued Tzvetkoff for $52 million.

From living in a luxurious mansion, driving luxury cars, investing in car racing, building a club, to partying in his yacht; the young Tzvetkoff may now spend the rest of his life in prison. He faces 75 years in jail if found guilty.

Intabill’s Role in Gambling

Online gambling has been banned in several countries, like Australia and Tzvetkoff saw an opportunity here to make money for himself. He created the company Intabill, which assisted online casinos to transfer funds to offshore accounts without being found out.

Intabill posed as an online payment company that processed payments made through credit cards for online gambling, defrauding banks and large financial institutions into making these payments believing these were legal transactions – not having anything to do with illegal online gambling.

The intricate web of lies spun by Tzvetkoff included creating pseudo-companies which he used to transfer the funds to offshore accounts. The companies were created with the help of a few web programmers who disguised these as legitimate companies on the internet with nothing to do whatsoever with online gambling. The web began to untangle when he failed to credit the funds to their rightful owners.

Online casinos, particularly in the United States, started pursuing the young tycoon for the money that he owes them; consequently rousing the Federal Bureau of Investigation to delve deeper into the matter. What the FBI found was a string of illegal activities related to money laundering, illegal gambling and bank fraud.

The Unravelling of the Rich and Infamous

Daniel Tzvetkoff thought that he had the world on a string. He believed that his scheme will never be found out; after all, he took great pains in hiding his activities. He thought the money wouldn’t stop coming. Being considered as one of the richest young men today perhaps went to his head and he wanted more. This is where his world started to unravel.

One lie led to the next and after awhile, he has also asked those around him to join him in his web of deceit. He has apparently instructed his employees to lie to financial institutions about the nature of his business should they be questioned about it.

With millions of dollars in lawsuits filed against him, the young Tzvetkoff has sold his $28-million mansion, his yacht, sports car, club share and other assets. His company has also been placed under liquidation last year which, it was found out, is indebted for $80 million.

Earlier this year, back in January, Tzvetkoff filed for bankruptcy. Now, three months later; he is charged with money laundering and could face up to 75 years in prison. A resident of Australia, Tzvetkoff went to the United States to attend an event concerning internet billing. He was nabbed by the authorities in Las Vegas on Friday.

As the young Tzvetkoff faces all these, his family is behind him 100%, quoting his father as saying that they will be there to support him every step of the way. Daniel has a one-year-old son with his current girlfriend.