Another trusted officer of a publicly trade.company was arrested this week, nabbed in Texas while changing planes. No, he isn't from Enron or WorldCom and is not accused of cooking the books or embezzlement. In fact, until his arrest 2006 has been a dandy year for
shareholders of hi.company. But this has all changed. The man's name is David Carruthers, he is the CEO of the UK-based Bet On Sports and the US government is charging him with racketeering, conspiracy, and fraud. This could be a bell weather case for things t.come as Washington attempts to assert some control over the online gambling habits of American citizens. The feds are using both old laws and new legislation to take down the big business of illegal gambling. And, let's be clear about this, it's a big business. Bet On Sports alone may, according to the indictment, be responsible for unpaid federal wagering taxes of $3.3 billion handled by the firm. $3.3 billion and that's just on.company, .company with grand plans, Bet On Sports just bought two Chinese sports betting businesses for Asian expansion this May. Additionally, three other gambling outfits have been indicted, as well. Perhaps Washington wishes to nip online gambling in the bud. US Attorney Catherine Hanaway said, SIllega.commercial gambling across state and international borders is a crime. Misuse of the Internet to violate the law can ultimately only serve to harm legitimate businesses. Fair enough. But the existing laws supporting Ms. Hanaway's public statement outdate the Internet they cover by decades. They are federal statutes enacted in the 1950s and 60s in order to stem the enormous influence of organized crime. Sometimes we see movies or read stories of an age when gangsters were above the law. Well, until overreaching laws (such as the Wire Act of 1961, the
