Former CEO of Gambling Site BetOnSports Released on $1 Million Bond

Authored by Mark Hefflinger on August 17, 2006 - 1:23pm.

St. Louis - The former CEO of London-based online gambling firm BetOnSports, who was arrested last month by U.S. authorities and indicted on charges related to allowing U.S. citizens to place wagers, was freed on Wednesday on $1 million bond, Reuters reported. David Carruthers, 48, will be restricted within St. Louis while he, the company and a dozen other executives defend themselves against a 22-count federal indictment. A federal judge in St. Louis has also ordered BetOnSports not to take bets from within the U.S. until at least Sept. 1; the company must also provide refunds to all U.S. bettors. BetOnSports terminated Carruthers as CEO after his arrest; the company's shares have also been suspended for nearly a month. BetOnSports is said to derive the majority of its revenue from online gamblers in the U.S.

http://tinyurl.com/ofw7l (Reuters)
http://www.betonsports.com