German man arrested in Florida for illegal online gambling transactions
FBI agents have arrested Michael Olaf Schuett, 29 and a German national living in South Florida on a tourist visa. He is believed to be responsible for helping American online poker players transfer over $70 million in winnings.
Schuett was apprehended after customers of his company, MCM Capital Management, tried cashing large cheques at their banks, claiming they were from online poker winnings. Allegedly he ran an illegal payment processing company from his home, managing funds for up to 23,000 online gamblers. Schuett handled tens of thousands of dollars every day using a network of banks, Escrow services and online payment services, moving the winnings around for his customers in the U.S.
He received wire transfers from European bank accounts and dispersed the winnings to U.S. and Canadian online gamblers.
FedEx employees also became very suspicious due to the number of parcels being delivered and picked up at the Schuett’s home. Sometimes FedEx would pick up or deliver as many as 150 parcels a week. FedEx opened several of the parcels and all had checks in them, so they alerted authorities.
The German national will be held while Federal authorities search his property, computers and any other material used for illegal online gambling activities.