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Update: Court reverses decision to grant fallen entrepreneur Daniel Tzvetkoff bail

from www.smartcompany.com.au – Fallen internet entrepreneur Daniel Tzvetkoff [pictured right] faces a long stint in jail after a New York District Court reversed an earlier decision to grant him bail after he was charged with bank fraud, money laundering, conspiracy for his role in an alleged online gambling offence.

Late last week a court in Las Vegas granted Tzvetkoff bail on the charges, after Tzvetkoff’s father Kim put his home on the line as surety.

But overnight a court in New York, where the case will eventually be heard, reversed the bail decision.

Judge Lewis A Kaplan declared Tzvetkoff “a serious risk” of fleeing if granted bail.

“No condition or combination of conditions will reasonably assure the presence of the defendant as required.”

Tzvetkoff will now be transported to a New York prison. He had planned to live in New York while awaiting trial with his girlfriend, who is eight months pregnant.

Tzvetkoff, whose internet payments company Intabill collapsed in March last year with $80 million of debts, was arrested two weeks ago on charges that he helped online gambling companies launder $US540 million into offshore accounts.

He has been charged with bank fraud, money laundering, conspiracy and other charges that carry a potential penalty of 75 years in prison.

The US Department of Justice alleges Tzvetkoff tried to get around US internet gambling laws (betting online is illegal in the US) by trying to disguise gambling transactions through a complex series of shelf companies and websites.

Tzvetkoff, who filed for bankruptcy last year, was listed on the BRW Young Rich list with a fortune of $80 million (shared with former business partner Sam Sciacca) but was declared bankrupt last year.

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