A con- man promising investors a new technology that could provide DVD- quality video streaming over the internet, which had significant implications for the on line casino industry, has pleaded guilty to two of 30 criminal charges.

Matthew Brown founded the Future Network Broadcasting Inc. in Charlotte, South Carolina about six years ago. The company managed to attract, in a short time, a number of big- name investors to his project, from within and from outside of the on line casino business. One investor was Steve Wynn, owner of the Wynn Resorts international casino chain.

The company presented itself as providing a technology system which it called “V- 31,” and said that the system could make graphics for websites, such as on line casino sites, that are of the same quality as DVD graphics. Brown told investors that he already had contracts with NASA and the United Nations to provide the technology.

However, as it turned out, the on line casino- applicable technology did not exist; nor did the alleged contracts with NASA and the United Nations.

Brown pleased guilty to securities fraud and money laundering, for which he will be forced to pay damages to his victims, and spend a minimum of 57 months in prison.

Tags: casino, casino industry, international casino

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