Intrade Sued By CFTC

http://www.fbi.gov/news/stories/2007/june/gambling_060607

case in point...


If you’ve ever thought about visiting a cyber casino, here’s something you should know: it’s illegal to gamble online in the United States.

“You can go to Vegas. You can go to Atlantic City. You can go to a racetrack. You can go to those places and gamble legally. But don’t do it online. It’s against the law,” says Leslie Bryant, head of our Cyber Crime Fraud unit at FBI Headquarters.

That means:

…No placing cyber bets on sporting events or in virtual card games;

…No transferring money electronically for gambling; and

…No wagers in offshore Internet casinos even if you live in the U.S.

What’s allowed? Some free online games, fantasy leagues, and Indian gaming sites that aren’t strictly defined as Internet gambling...

...
 
Quote from jem:

now you know why smart people didn't bet in Intrade. The govt could charge you with a crime. If those markets were predicting anything it was that people were stupid enough to make small bets and leave themselves open for prosecution. The smart money did not go there.

wait until they get all the records of US customers making bets and or not reporting the profits on their taxes.
More...

It is best that you don't trade in Intrade Jem :)
 
Quote from jem:

http://www.fbi.gov/news/stories/2007/june/gambling_060607

case in point...


If you’ve ever thought about visiting a cyber casino, here’s something you should know: it’s illegal to gamble online in the United States.

“You can go to Vegas. You can go to Atlantic City. You can go to a racetrack. You can go to those places and gamble legally. But don’t do it online. It’s against the law,” says Leslie Bryant, head of our Cyber Crime Fraud unit at FBI Headquarters.

That means:

…No placing cyber bets on sporting events or in virtual card games;

…No transferring money electronically for gambling; and

…No wagers in offshore Internet casinos even if you live in the U.S.

What’s allowed? Some free online games, fantasy leagues, and Indian gaming sites that aren’t strictly defined as Internet gambling...

...
More...

The CFTC is not alleging that Intrade is engaged in online gambling. If that was the basis of the complaint, I would think that would be outside of the CFTC's jurisdiction.
 
Quote from jem:

If those markets were predicting anything
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Historically, trading websites are VERY GOOD at political predictions. Just so you know and don't get your hopes up next time...

The anti-casino laws were enacted mostly under W.... that's when all those poker sites had to close for US costumers.... By the way I disagree with it. If you can gamble in Vegas, you should be able to do so in your home too....

Whatever you do at home, should stay at home.... :
 
Quote from icarus618:

The CFTC is not alleging that Intrade is engaged in online gambling. If that was the basis of the complaint, I would think that would be outside of the CFTC's jurisdiction.
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When law enforcement gets involved they try to find a prohibited activity under their jurisdiction. The issue was gambling... the tool in the tool box was illegal options trading.

That is how the Feds work.
Everything is a conspiracy or Rico violation.
Almost everything violates the wire act.

By the way I am pro law enforcement but because I know their power and motivations I am very very concerned about our countries lack of concern about preserving the strength of a constitutional rights.
 
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