PartyGaming, the online gambling company that became a sought-after stock on the FTSE 100 index in the UK, on Tuesday admitted to bank fraud and contravening other US laws as it paid a forfeiture of $105m (€79m) in order to escape prosecution by US authorities, the FT said. In a settlement that could signal long-awaited takeover activity in the industry, the company accepted it had violated laws relating to bank fraud, illegal gambling and wire fraud between 2001 and its exit from the US market in October 2006.

This entry was posted by Stacy-Marie Ishmael on Wednesday, April 8th, 2009 at 4:59 and is filed under Capital markets. Tagged with partygaming. Edit this entry.