G7's Financial Action Task Force

[Grand Central Sports]

Grand Central Sports's bank has been placed on a blacklist by the G7's Financial Action Task Force (FATF). The FATF set the following countries' banks on this list, St. Kitts and Nevis, Bahamas, Cayman Islands, Cook Islands, Dominica, Israel, Lebanon, Liechtenstein, Marshall Islands, Panama and a host of other European and Caribbean countries.

Grand Central banks at the Bank of Nevis, International. LTD, who had a bank account at the Bank of New York for our North American customers. Due to the pressure applied on the Bank of New York by the FATF, The Bank of New York closed the Bank of Nevis' account on July 3, 2000. Unfortunately all checks written on the Bank of New York, that weren't presented for payment prior to June 30, 2000, will not be honored by The Bank of New York. Even though we have already remedied the problem with The Bank of Nevis, several of Grand Central's vendor's and customer's have in their possession, checks that can't be cashed.

We are in the process of contacting these customers and vendors and will replace these checks on Monday. THE PROBLEM HAS BEEN RESOLVED SO PLEASE DO NOT WORRY ABOUT FUTURE PAYOUTS VIA CHECK OR BANKWIRES!

We apologize for any inconveinence this may have caused anyone. If you have in your possesion a bank check from The Bank of Nevis Int, LTD., drawn on the Bank of New York, feel free to contact Customer Service so we may issue you a new check on Monday.

Sincerely,

Peter Jacoby
[email protected] www.gcsports.com
1-800-213-3370

[JohnnyDeMarco]

It takes a class act to come here and tell everyone the truth. I wish Grand Central the very best.

[mls]

Very professional response to an unfortunate and unavoidable situation.

Grand Central Sports will definitely be one of my books come football season.

[Fedya Fussball]

Well, well, well...

UncleSam and other member of the riche G7 are starting to flex their muscles intimidating the havens of the riche&famous!!!

I hope that Grand Central Sports and others who will continue their fight start to make allegiances with offshore banks which will accomodate those out in cyberland who will want to pursue online sports investing.

FF

[reno]

I just started to write this post, and the Excalibur called me, just to again make sure that I'm at the phone number displayed on their equipment. Government-induced insanity, again.

If we had politicians with brains, they would do away with income tax and replace it with a national sales tax. Then, enterprising people who make large sums of money would not be unjustly penalized for being successful. And then, the government could end the international witch-hunt--exemplified by FATF--directed at individuals, companies and institutions that rightfully seek to avoid the tyrannical clutches of Big Brother.

[Boomer]

I just wanted to say a word about Grand Central Sports. These guys are pure class.

I received one of those checks from the Bank of Nevis that was returned by my bank and I was panic-stricken. Alex over at Grand Central calmed me down and let me know he would get to the bottom of it.

He called me back very promptly and assured me that I would either have replacement funds over the weekend or by Monday the latest. He also told me that they would pick up whatever out-of-pocket fees I incurred.

I just received my funds, all expenses and some extra for my trouble. I want to compliment them for the way they handled this.

It's not what happens to you when something bad comes down, stuff happens. It's how a book handles a problem with no nonsense and no grief that makes them a winner. Grand Central is a winner.

[Chillin-the-Most]

I think that what we are missing here is the fact that Johnny DeMarco said there was gonna be trouble with that bank. It sounds like the problem was corrected which is good for everybody, but where are those boys from the 5DIMES thread?

[Boomer]

I just saw somewhere else where Bookybashr admitted he's only a consultant at Five Dimes and that someone else owns it. Look's like Johnny D was right in both cases.

[intheknow]

Mr. Demarco,
My apologies
I have found out that our Sportsbook was not affected because our checks were and are drawn from the Bank of Nevis directly. We never had the Bank of New York as an middle-man for payments. A stipulation that my brillant partner made years ago. "No involvement with a US bank permitted for paying or collecting".
But, you were correct that some have had problems. You tried to beat me over the head with it and I didn't listen. I'm just glad I didn't start name-calling like some others.

Thanks

[ShiftySheik]

What other banks are involved? Any other banks that sportsbooks use? intheknow, Isn't it inconvenient for your clients to get checks from a non US bank? It has been my experience that it costs around $30 for collection of a foreign check. Then it takes about 3 weeks to clear. (Canada is an exception) I also had doubts about a bank "being in trouble". Johnny was right, he knew what he was talking about. My apologies to JD for my comments in the other thread.

[intheknow]

Sheik,
Our players have found that it depends on their relationship with their bank. Some, get instant credit while others have to wait I know the first time my wife got one her bank held it for five days, but now she can get cash off her deposit of them. When we first started, it was the safest way to go, so we took it. There were not alot of books around to advise us, so we erred on the conservetive side.

[chestrockwells]

JD, you the man!

[mls]

People, will you pleeeeese wiseup!

JD said the Bank of nevis was "going down."

The Bank of Nevis is solid as a rock - has been, is now, and will continue to be.

The feds pressured the Bank of New York into closing their account with them (along with a long list of foreign banks). Big deal ...

This is the same thing as when the State of Florida pressured Western Union into dropping all the quick collect accounts, including those to WSEX, Intertops, WWTS, Carib, and every other solid book.

Following JD's logic, since the government forced The Bank of America to close the Bank of Nevis account with them that means the Bank of Nevis is "going under"; and since the government long ago forced Western Union to close the account of all those solid books had with them they must have "gone under." Look around baby ... their bigger than ever!

No wonder JD's losing tout services make a mint ...

[JohnnyDeMarco]

MLS,
The Bank of Nevis is going down as far as offshore gambling goes. Maybe I should of said it better. I apologize for that. All US banks that deal with this bank will be forced to turn over records. This will create a "field day" for the IRS and the FBI. They can pick & choose who they want to prosecute. This isn't cool for me, you or anybody else. MLS, I know you don't like me and you disrespect my opinion-but all I'm trying to do is help. Is there anything wrong with that? If I've done anything to harm you or offend you-I apologize in advance.

[chestrockwells]

MLS, give us some credit at deciphering information. "Can't we all just get along?"