Canadian national Douglas Rennick has pleaded guilty to money laundering of up to $350 million for foreign Internet gambling casinos for processing offshore bets for US citizens. Rennick, 35, was indicted in August and has pleaded guilty to the charges to the federal court in New York. His lawyer has stated that Rennick will forfeit $17.1 million and could face a prison term of up to 12 months.

When asked to go over his criminal acts, Rennick described it simply as a business that transferred money from offshore gaming sites to American players within the Southern District of New York. His operations included transferring player winnings from a Cyprus Bank to US accounts during 2007 to 2009. All this was done under false information for US banks to ensure they stayed under the US radar.

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