Executive Summary:
The tide seems to be turning on illegal internet gambling. The Unlawful Internet Gambling Enforcement Act (UIGEA) has come under fire due to its dependence on financial institutions to police electronic transactions to gambling sites. Legislation proposed last year by Rep. Barney Frank of Massachusetts and companion legislation to UIGEA would not only absolve financial institutions of their responsibilities under UIGEA, but regulate a legalized version of internet gambling for the purpose of tax revenue. PricewaterhouseCoopers estimates tax revenue generated from internet gambling could range from $8.7 billion to $42 billion in its first 10 years.
State Employees CU (SECU) of North Carolina partnered with Local Government FCU and the IRS to offer the Volunteer Income Tax Assistance Program (VITA), designed to help low to moderate income taxpayers claim eligible tax credits, and avoid costly preparation and refund anticipation fees. With two trained employees at each of SECU’s 217 locations, they assisted 15,000 qualifying members claim $8 million in tax credits, $14 million in tax refunds, and save $2.2 million in tax preparation fees.
Robbed:
- Nothing to report today.
Arrested, Arraigned, Charged, or Sentenced:
- A man and woman have pleaded guilty to the robbery of a Simpsonville, South Carolina credit union in January. Alderio Andre McDaniel and Alexis Greer robbed Community 1 FCU by force, pointing guns at tellers before fleeing in a vehicle parked at a nearby vacant home. The two will be sentenced at a later date.
- A Floodwood, Minnesota couple has been charged with check forgery and theft by swindle for allegedly writing more than $60,000 in bad checks at Floodwood Area CU. The couple opened a business account for a fictitious future golf course, deposited large checks, then immediately drew down the account.
