The firm has not sent attorneys to any hearings in St. Louis yet (US).- District Court in St. Louis extended a federal restraining order barring BetOnSports from taking bets in the United States, what makes the firm to face bankrupcy. US operations shut down at the cost of losing over 80% of its turnover, shareholders lining up to sue, tens of thousands of customers to pay and acquisition of Asia facing operations yet to be paid for.
A nightmare scenario stands in front of BetonSportd Board of Directors. The extension of the federal restraining order made by Judge Carol Jackson barres BetOnSports from taking bets that originate in the United States. Jackson said she would extend the restraining order so US prosecutors could have more time to properly notify BetonSports that it was being prosecuted in federal court. The firm has not sent attorneys to any hearings in St. Louis regarding the restraining order.
In a separate hearing, U.S. Judge Mary Ann Medler denied the release of BetonSports former CEO David Carruthers since he "had not met all the terms of his bond." He could be released as early as Tuesday morning provided the terms of his bond will be finalized. Carruthers’ bail is set at us$ 1 million. If released, he would be required to stay in the St. Louis area until his trial on racketeering and fraud charges.
The outcome of the hearing could represent the beginning of the end for BetonSports. The firm stated funds had been frozen by processors and banks in light of the TRO. Shareholders are lining up to sue the firm and its advisors Evolution Securities and Baker Tilly.
Somewhere between 50,000 to 70,000 BoS customers are also claiming their deposits. Experts consensus is that BoS will likely go into receivership at this point. Customers, shareholders and all other creditors await to learn BoS Board of Directors decision. TheOnlineWire.com will meet today with other industry representatives to seek common solutions to help players affected by the BoS disaster. Several sportsbooks stated to be ready to intervene with relief plans in favor of stiffed players. However it is unlikely that all BoS players will be assisted.
Players who deposited with BetonSports via credit card in the last 6 months should urgently consider to chargeback those transactions. Players who deposited with in the company via e-check should immediately contact their banks and verify the chargeback timeframe for those transactions. The Online Wire
