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Emily D. Swoboda

The Next Twist: BoS Fires Carruthers

25 July 2006

Embattled online sports betting company BetonSports announced today that it has terminated CEO David Carruthers, who remains in prison after being arrested over a week ago in Dallas, indicted on charges of racketeering, fraud and money laundering in connection with illegal online gambling.

"Clearly, while he remains in the custody of the U.S. government, he is unable to perform his duties," the company said in a prepared statement. "Further, the company has been unable to speak directly with him."

Chairman Clive Parritt, Finance Director Richard Creed and non-executive Director Chris Callaway are now managing the company, a BoS spokeswoman said. Carruthers is entitled to compensation under the terms of his contract.

The company today also sought to distance itself from its founder Gary Kaplan, who is also named in the indictment and accused of failing to pay federal wagering excise taxes on more than us$ 3.3 billion in bets taken from the United States.

"The board wish to make absolutely clear that none of the founders of the original business has any continuing role within the company," BoS said in a separate statement.

Meanwhile, the board defended the integrity of the company.

"Since the time of its public listing, the board believes the company has operated in accordance with the standard expected of a U.K. Plc which is publicly quoted on AIM on the London Stock Exchange," the company stated.

The company also affirmed that it acquired the businesses comprised in BoS plc immediately prior to its July 2004 float and that other than Carruthers, the board of directors was appointed at or subsequent to the float and are not named in the indictment.

The Next Twist: BoS Fires Carruthers is republished from
Emily D. Swoboda
Emily D. Swoboda