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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook
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To: Uncle Clive who wrote (7864)10/12/1999 11:19:00 AM
From: Uncle Clive  Read Replies (2) of 8858
 
An interesting article in the 10/18/99 Newsweek on SNMM.

Of particular interest is this last paragraph in the article.

Starnet's troubles may be just beginning. NEWSWEEK has learned that the U.S. Customs Service and the Internal Revenue Service are now also investigating Starnet. The Monday after the raid, Starnet officials tried to empty the company's Vancouver bank accounts. But suspicious bank employees stalled the transaction until the police could freeze the accounts. Meanwhile Starnet has withdrawn its application to Nasdaq, and the company's president, Paul Giles, has moved the company's headquarters to the Caribbean haven of Antigua, outside the reach of Canadian and American regulators. That may give Starnet a brief respite from the prying eyes of the law, but the stakes for the mushrooming Internet gambling industry just got a lot higher.

newsweek.com
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