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Federal agents serve with a search warrant

11 October 2007

A federal search warrant was served at the California headquarters of last week as part of a federal investigation, according to a report on the horse racing Web site

In a document filed Oct. 9 with the Securities and Exchange Commission, said officials from an affiliate agency of the U.S. Department of Homeland Security presented the search warrant at the advance deposit wagering company's Woodland Hills headquarters. The investigation is being conducted by the U.S. Attorney's Office in Las Vegas.

The search warrant involved "various records, including, among other things, business records of our IRG business related to the wagering activities of certain customers."

IRG is an off-shore entity owned by that offers rebates to customers. The report said that details of the Las Vegas investigation by the U.S. Attorney's Office haven't been disclosed, but it is believed to involve activities affiliated with at least one other prominent off-shore ADW unrelated to Youbet and IRG, and possibly others.

In a written statement Oct. 10, the company said: " is assisting the U.S. Immigration and Customs Enforcement agency, the Department of Homeland Security and the U.S. Attorney's Office in an investigation involving several individuals. To that end, provided documents to officials as part of a search warrant that was served at company headquarters last week.

"It is important to note that federal authorities indicated that no employees or subsidiaries are the focus of this inquiry. Further, has not been accused of any wrongdoing whatsoever. is making all of the required disclosures and notifications to the U.S. Securities and Exchange Commission and the Board of Directors regarding this issue. Going forward, will continue to assist authorities as it has done since last week."

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