German Man Arrested for Illegal Online Poker Payment Processing

An arrest was mad last week after federal investigators discovered that Micheal Olaf Schuett has single handedly processed more than $70Million in online poker winnings to thousands of US citizens since 2007.

Bank Staff had alerted authorities to the goings on as customers where trying to cash in large checks from MCM Capital Management, a company owned by Schuett, claiming they were online poker winnings.

FedEx employees also became suspicious as Schuett was mailing hundreds of parcels every week. After opening some of the parcels, FedEx employees discovered that each contained a check.

So far, the investigation has determined Schuett had been using at least 40 accounts he had opened at the Bank of America, as well as numerous accounts with Wachovia, Shamrock, CNL, Fifth Third and Northern Trust Bank of Miami to receive wire transfers and transfer funds to over 23,000 online gamblers.

In addition, Schuett was the registered agent of a network of 424 businesses throughout Naples, Tampa and Bradenton State, including MCM Capital Management Corp, MI Global Inc, South Naples Escrow Co, Southwest Florida Payroll Co, Woodhouse Systems, Mathew’s Trade Corp and Internet Payment Services Group Inc.

Schuett would use his companies as fronts to carry out his money transferring operations, despite never registering himself as a money transmitting business. When questioned by bank staff as to the nature of his business, Schuett tried to pass himself off as a real estate investor.

Following the investigation, German citizen Michael Olaf Schuett (29) is now being held at Lee County jail without bond while agents execute search warrants, seize his computers and numerous assets purchased by his alleged illegal online gambling related activities.

News Added: 01 March, 2010

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