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Former Online Gambling CEO Pleads Guilty 2 April, 2009, Milton Shaw, Staff writer The former CEO of now defunct online sports betting operation BetOnSports pleaded guilty yesterday to charges of racketeering conspiracy in a St Louis Court. David Carruthers, 51 joined BetOnSports in 2000 as CEO and was at the helm while the organization grew to be one of the largest online sportsbooks with turnover in the hundreds of millions of dollars per year. The company was found to be advertising to, and accepting bets from US residents while not licensed to do so. Despite not being licensed, the company continued to advise US customers that their operation was legal and licensed. The company pleaded guilty to all charges in May 2007 and has since been cooperating with investigators while charged against directors have been laid. Mr Carruthers will likely only serve a reduced term following agreement to cooperate with investigations. He could have faced up to 20 years in prison if given the maximum sentence under Federal sentencing guidelines. |
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