June 16, 2009 (CAP Newswire) — According to several news sources, Australian Internet tycoon Daniel Tzvetkoff has been targeted in a $52 million lawsuit by an online gambling firm associated with Full Tilt Poker, for complaints revolving around online gambling payment processing services
In an article in Australia’s Courier-Mail, Daryl Passmore offers details on Tzvetkoff, the “brains behind an online billing, payments and fraud-detection system which helped him and partner Sam Sciacca, 38, build a business empire worth an estimated $120 million.”
That empire is based around the payment processing firm, Intabill Inc, which is now being sued by one of its biggest clients, Kolyma Corporation AVV. Based in the former Dutch colony of Aruba, Kolyma also operates Full Tilt Poker, one of the Internet’s biggest online poker destinations. The action is a result of a failure of Intabill to pass on payments, Kolyma has stated; the company is seeking payment of $43 million plus interest (going back to May 25).
“Intabill had more than 5,000 customers in 70 countries,” writes Passmore. “It is understood that about half its revenue came from business linked to online gambling operations, with fees from just one operator topping more than $150,000 per day.
For the full story, please read Mr. Passmore's Courier-Mail article here.