U.S. Feds Take over Credit Union Allegedly Connected to Online Poker Sites

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On April 15th of 2011 three top poker sites were seized by the U.S. Federal Government and their founders arrested for bank fraud, money laundering and illegal gambling, now it has been reported that a Credit Union that has alleged ties to these online poker sites. Vensure FCU, a credit union valuing over $4.7 million was handed a restraining order by US Judge Collyer in a Washington court. The National Credit Union Administration [NCUA] of the United States has been ordered to put Vensure under a conservatorship and is directed to take over. Legal counsel for Vensure FCU has stated that this conservatorship threatens the credit unions existence & Vensure Employment Services, which are the company’s primary sponsor.

The conservatorship began almost immediately after the top three poker sites were indicted. The NCUA imposed its authority over Vensure FCU by freezing a credit account that was reportedly used to regularly process over $25 million a day for an online casino and poker sites, Pokerstars and Full Tilt. It has been alleged that Vensure FCU was repeatedly warned by NCUA over its connections to the online gaming sites and was advised to break off all ties but Vensure owed the majority of its revenues to these business activities and had already notified the poker sites of the impending conservatorship.

By Patricia C. Senior Editor casinoplayersreport.com

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