Intabill Sued for $52 million | IXGAMES
The twenty five year old, – Mr. Tzvetkoff – created an online billing, payment and fraud-detection system which helped him and partner Sam Sciacca, who is 38, build a business empire worth an estimated $120 million. The resulting fallout from deals gone bad recently has resulted in a $52 million legal action by online gambling company Kolyma Corporation AVV. Kolyma Corporation claims are for funds received by Tzvetkoff’s firm, Intabill Inc. that were not transferred to Kolyma. (Kolyma Corporation which is based in Aruba in the Caribbean, operates Full Tilt Poker, one of the largest and most frequented online gambling sites. Kolyma was one of Intabill’s, largest clients). Intabill had more than 5000 customers in 70 countries. About half its revenue came from business linked to online gambling operations, with fees from just one operator topping more than $150,000 per day. In April this year, Intabill laid off 96 employees – keeping about 20. Tzvetkoff blamed market conditions and increased loan funding costs at the time. A year ago, Tzvetkoff emerged as the mystery buyer of the $27 million half-built mansion on *millionaire’s row* at Mermaid Beach, which was formerly owned by tourism tycoon Tony Smith. The property, spread over four waterfront lots, was to be a family home for Tzvetkoff, his fiancee Nicole Crisp and their son Hugo, now aged two, however the property is still unfinished and they have not moved in yet. 
Tzvetkoff’s partner Salvatore Sciacca is a lawyer with a background in commercial and corporate work, including e-commerce. He is a cousin of former federal minister for veterans’ affairs Con Sciacca, and has kept a much lower profile than Mr Tzvetkoff.