The FBI has been investigating Michael Olaf Schuett since they discovered he had allegedly transferred tens of millions of dollars in online poker winnings to thousands of American citizens. Schuett had allegedly been doing this since 2007.
The FBI was first tipped off when bank employees became suspicious when customers began trying to cash large checks from MCM Capital Management, Schuett’s company. The customers were claiming the checks were their online poker winnings payments.
FedEx employees were also become suspicious as they were noticing a large number of packages being mailed from Schuett’s home address and a complaint was filed on the federal level. The complaint stated that Schuett had been mailing over 150 parcels a week and employees of FedEx opened some of the packages to find they contained a check.
The investigation by the FBI has found that Schuett has been using at least forty accounts that he opened at the Bank of America. He also had accounts at Wachovia, Shamrock, CNL, Fifth Third and Northern Trust Bank of Miami. These accounts were used to receive wire transfers and transfer funds to over 23,000 online gamblers.
Schuett also had registered over four hundred businesses in which he used as fronts to perform his money transferring operations. In the process he never registered himself as a money transmitting business. He was questioned by bank staff on the nature of his business and he tried to pass himself off as a real estate investor.
Schuett age twenty nine is now being held at the Lee County jail without bond. Agents are executing search warrants to seize computers and several assets that were purchased with the funds earned by his alleged illegal online gambling operations.
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