Aussie 'fraud mastermind' Daniel Tzvetkoff to stay in jail

Happier days ... Daniel Tzvetkoff and his former Gold Coast mansion.

A US judge has crushed former Australian internet high-flyer Daniel Tzvetkoff's hopes of winning release from prison ahead of his trial.Just a week ago Tzvetkoff, 28, accused of being the mastermind of a $US540 million ($590 million) internet gambling money laundering and bank fraud scheme, was granted bail by District Court Judge Peggy A. Leen in Las Vegas.

The decision infuriated US government prosecutors who believe Tzvetkoff may have a secret stash of $US100 million and would flee if released from prison.

At a fresh hearing on Wednesday in the New York District Court, where the trial will be held, Judge Lewis A. Kaplan sided with prosecutors and reversed the decision.

He declared Tzvetkoff "a serious risk" of fleeing if granted bail.

"No condition or combination of conditions will reasonably assure the presence of the defendant as required," Judge Kaplan noted.

Tzvetkoff has been locked up in the North Las Vegas Detention Center since his arrest at a casino in the city on April 16 despite Judge Leen's bail decision last week.

With Judge Kaplan's ruling, Tzvetkoff faces a tough road.

The complicated money laundering and bank fraud charges he faces could take two years to be finalised in court, resulting in Tzvetkoff spending that time in jail even if he is ultimately found not guilty.

If convicted of the charges Tzvetkoff faces up to 75 years in jail.

US Marshalls will transport Tzvetkoff from the jail in Las Vegas to a prison in New York.

The decision is a major blow to Tzvetkoff and his family, including fiancee Nicole Crisp who is eight months pregnant and hoped to live with Tzvetkoff in New York until the trial was completed.

Tzvetkoff's father, Kim, flew to Las Vegas last week to support his son in court and agreed to put up his $US1.17 million Brisbane home as bond and also drive his son from Las Vegas to New York for the proceedings.

If Judge Leen's bail decision had not been overruled, Tzvetkoff would have lived in New York and submitted to electronic monitoring, maintained a verified residence in New York and abide by a curfew.

Wednesday's court decision is the latest fall from grace for Tzvetkoff, who created highly-profitable Brisbane-based internet payment processing company Intabill, bought a $27 million home on the Gold Coast, drove Lamborghinis and Ferraris, sponsored a professional motor racing team and had was once estimated to be worth of $82 million.

Tzvetkoff has since filed for bankruptcy.

Source: http://newscri.be/link/1086509