ccording to the indictment filed last week in Manhattan Federal Court, 34-year-old Rennick opened a number of bank accounts in the United States under various corporate names including KJB Financial Corporation, Account Services Corporation and Check Payment Financial Company from 2007.
Authorities stated that, in opening the accounts, Rennick and his co-conspirators falsely represented that they would be used for purposes such as issuing rebate, refund, sponsorship and affiliate cheques in addition to minor payroll processing. However, Rennick, who currently resides in Canada, is alleged to have used the accounts to receive funds from offshore online gambling companies offering poker, blackjack, slots and other casino games.
Lev Dassin, Acting US Attorney for The Southern District Of New York, and Joseph Demarest, Assistant Director-In-Charge for The New York Office Of The Federal Bureau Of Investigation, announced that Rennick and his co-conspirators then disbursed these funds via cheques to US residents seeking to cash out their winnings.
Authorities stated that the venture processed more than us$ 350 million from an account in Cyprus to various US banks. He has been charged with conspiracy to commit bank fraud, conspiracy to engage in money laundering and conspiracy to operate an illegal gambling business.
If found guilty, Rennick will face a maximum term of 30 years in prison and a one million dollar fine for bank fraud, 20 years in prison and a us$ 500,000 fine for money laundering and five years in prison and a us$ 250,000 fine for the gambling charge.
The indictment also seeks the forfeiture of at least us$ 565,908,288, which represents the amount of proceeds obtained as a result of the illegal gambling and bank fraud conspiracies.