Updated - iGaming company director charged with misappropriating players' funds
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Updated - iGaming company director charged with misappropriating players' funds

An igaming company director has been granted bail against a deposit of €10,000 and personal guarantee of €10,000 after he pleaded not guilty to misappropriating €800,000 from players.

Michael Zwi Oros, 33, of Sweden, a director of Everleaf Gaming Limited and Gold Man Gaming Limited also pleaded guilty to failing to pay his gaming license and tax, failing to notify the Lotteries and Gaming Authority of the relocation of the control system, failing to deposit winnings and failing to disclose all ultimate beneficiaries, to ensure that all are fit and proper.

Magistrate Doreen Clarke granted him bail.

LICENCE SUSPENDED

The Malta Lotteries and Gaming Authority in a statement said it  suspended the gaming licenses held by Everleaf Gaming  with effect from July 26, 2013. Everleaf was ordered not to register new players, take any new deposits or offer any games falling under LGA licence.

Everleaf pulled out of the US market in February 2012 following the seizure of $27k from a payment processor.

Joseph Cuschieri, Executive Chairman of the LGA said that after months of investigations, the Malta Police had managed to arrest one of the two directors of Everleaf and efforts would continue to bringing to justice the other director ultimately responsible for the operations of Everleaf.

"Our key objective is to recover the funds owed to the players. We are committed to ensure that player funds are protected at all times and to this effect, the LGA will be taking concrete measures to strengthen its player protection mechanisms well beyond the benchmarks in Europe and other jurisdictions," said Mr. Cuschieri.

 

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