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« on: March 02, 2010, 09:41:13 AM » |
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Michael Olaf Schuett has become the target of a federal investigation after it was discovered he had allegedly transferred over $70 million in online poker winnings to 23,000 mostly American citizens, since 2007.
The authorities were first alerted by bank staff whose suspicions were aroused when customers started trying to cash large cheques from Schuett’s company MCM Capital Management at the bank, claiming they were their online poker winnings payments.
In the meantime, FedEx employees too became suspicious after noticing the high number of packages being mailed from Schuett’s home address, and a federal complaint noted: “Federal Express employees became suspicious of Schuett’s activity when Schuett began mailing over 150 parcels per week. FedEx employees opened several of the parcels and determined that each contained a check.”
So far, the investigation has determined Schuett had been using at least 40 accounts he had opened at the Bank of America, as well as numerous accounts with Wachovia, Shamrock, CNL, Fifth Third and Northern Trust Bank of Miami to receive wire transfers and transfer funds to over 23,000 online gamblers.
In addition, Schuett was the registered agent of a network of 424 businesses throughout Naples, Tampa and Bradenton State, including MCM Capital Management Corp, MI Global Inc, South Naples Escrow Co, Southwest Florida Payroll Co, Woodhouse Systems, Mathew’s Trade Corp and Internet Payment Services Group Inc.
Schuett would use his companies as fronts to carry out his money transferring operations, despite never registering himself as a money transmitting business. When questioned by bank staff as to the nature of his business, Schuett tried to pass himself off as a real estate investor.
Following the investigation, German citizen Michael Olaf Schuett (29) is now being held at Lee County jail without bond while agents execute search warrants, seize his computers and numerous assets purchased by his alleged illegal online gambling related activities.
Come on be smart if the bank asks you about the funds do not say anything. Unless its over 10,000 they can not do anything.
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