United States v. Jay Cohen

KEENAN, District Judge:

BACKGROUND

In 1996, the Defendant, Jay Cohen (“Cohen”) was young, bright, and enjoyed a lucrative position at Group One, a San Francisco firm that traded in options and derivatives. That was not all to last, for by 1996 the Internet revolution was in the speed lane. Inspired by the new technology and its potential, Cohen decided to pursue the dream of owning his own e-business. By year’s end he had left his job at Group One, moved to the Caribbean island of Antigua, and had become a bookmaker.

Cohen, as President, and his partners, all American citizens, dubbed their new…