Ex-BetOnSports CEO David Carruthers Released On Bail
Former BetOnSports chief executive, David Carruthers, was reportedly released from prison on Wednesday after posting the required $1 million dollar-bail raised by his erstwhile company.
As part of the bail requirements, Mr Carruthers has been ordered to stay in St Louis, Missouri, and will be fitted with an electronic tag to monitor his movements during the course of the trial.
Reports suggest that Carruthers is likely to finance his own legal defence, although BetOnSports has claimed that it will provide the funding for his attorneys. This is despite the company’s decision to withhold the payment of deposits to its customers, with many claiming to be owed five figure sums.
US Attorney Catherine Hanaway has ordered all customer deposits be paid immediately, implying that further actions may be taken against the company.
On Friday the firm announced it was closing down its US business, which resulted in the loss of around 800 jobs as well as raising doubts over the long-term viability of the company.
Hanaway said she will continue to prosecute the case against BetOnSports regardless of the company’s decision to close its offices and stop accepting U.S.-based bets. She said the move does not absolve the company from taking illegal bets in the past.
