Peter Dicks
Encyclopedia
Peter F. Dicks is a London
-based investment manager and venture capitalist. He was the co-founder of Abingworth plc, one of the earlier venture capital funds in Europe. He is also the former chairman of Sportingbet PLC
, one of the world's largest sportsbook
s.
Early in his career, Dicks was a stock broker with Joseph Sebag & Co where he met Anthony Montagu. In 1973, Messrs Dicks and Montagu left Joseph Sebag and formed Abingworth plc in London. Abingworth was one of the earlier venture capital firms formed in Europe. Abingworth primarily invested in early-stage companies, specializing in technology start-up companies in the United States, and invested in such notable companies as Apple Computer
, Silicon Graphics
and 3COM
.
Mr. Dicks has served as non-executive Chairman or Director of numerous companies and investment funds, but it was Mr. Dicks tenure as non-executive Chairman of Sportingbet PlC that earned him global notoriety. On September 7, 2006 Mr Dicks was detained by U.S. Customs
officials at New York City's
John F. Kennedy International Airport
. He was detained under an outstanding warrant issued by the state of Louisiana
that charged Mr. Dicks with running a gambling enterprise by computer, a crime under Louisiana law.
His arrest came two months after the arrest of competitor David Carruthers
, CEO of rival firm BetonSports
. In contrast to Carruthers, who is being held on Federal charges, Dicks is charged only with violating Louisiana law.
Dicks was released on $50,000 bail on September 9; shortly thereafter he tendered his resignation as Sportingbet chairman and fought his requested extradition to Louisiana. A hearing scheduled for September 28, 2006 was postponed until the following day to allow New York court officials time to reach a decision. On September 29, Judge Lopez announced that the warrant would not be enforced, and that Mr. Dicks was free to return to the UK. New York
governor George Pataki
stated that because internet gambling is not a crime in New York, the state does not have the authority to extradite Mr. Dicks to Louisiana.
Mr. Dicks didn't live in the United States as he is a citizen of the UK and only came to the U.S. for business matters unrelated to internet gambling. This led to controversy as to whether it was legally permissible to punish Mr. Dicks as he was not physically in the United States at the time of the alleged crime.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
-based investment manager and venture capitalist. He was the co-founder of Abingworth plc, one of the earlier venture capital funds in Europe. He is also the former chairman of Sportingbet PLC
Sportingbet
Sportingbet plc is a British e-gaming operator. It is listed on the London Stock Exchange and is a constituent of the FTSE SmallCap Index.-History:The Company was founded by Mark Blandford in 1997. Sportingbet acquired Paradise Poker in October 2004...
, one of the world's largest sportsbook
Sportsbook
In the United States a sportsbook or a race and sports book is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, boxing, and mixed martial arts. The method of betting varies with the sport and the type of...
s.
Early in his career, Dicks was a stock broker with Joseph Sebag & Co where he met Anthony Montagu. In 1973, Messrs Dicks and Montagu left Joseph Sebag and formed Abingworth plc in London. Abingworth was one of the earlier venture capital firms formed in Europe. Abingworth primarily invested in early-stage companies, specializing in technology start-up companies in the United States, and invested in such notable companies as Apple Computer
Apple Computer
Apple Inc. is an American multinational corporation that designs and markets consumer electronics, computer software, and personal computers. The company's best-known hardware products include the Macintosh line of computers, the iPod, the iPhone and the iPad...
, Silicon Graphics
Silicon Graphics
Silicon Graphics, Inc. was a manufacturer of high-performance computing solutions, including computer hardware and software, founded in 1981 by Jim Clark...
and 3COM
3Com
3Com was a pioneering digital electronics manufacturer best known for its computer network infrastructure products. The company was co-founded in 1979 by Robert Metcalfe, Howard Charney, Bruce Borden, and Greg Shaw...
.
Mr. Dicks has served as non-executive Chairman or Director of numerous companies and investment funds, but it was Mr. Dicks tenure as non-executive Chairman of Sportingbet PlC that earned him global notoriety. On September 7, 2006 Mr Dicks was detained by U.S. Customs
U.S. Customs and Border Protection
U.S. Customs and Border Protection is a federal law enforcement agency of the United States Department of Homeland Security charged with regulating and facilitating international trade, collecting import duties, and enforcing U.S. regulations, including trade, customs and immigration. CBP is the...
officials at New York City's
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
John F. Kennedy International Airport
John F. Kennedy International Airport
John F. Kennedy International Airport is an international airport located in the borough of Queens in New York City, about southeast of Lower Manhattan. It is the busiest international air passenger gateway to the United States, handling more international traffic than any other airport in North...
. He was detained under an outstanding warrant issued by the state of Louisiana
Louisiana
Louisiana is a state located in the southern region of the United States of America. Its capital is Baton Rouge and largest city is New Orleans. Louisiana is the only state in the U.S. with political subdivisions termed parishes, which are local governments equivalent to counties...
that charged Mr. Dicks with running a gambling enterprise by computer, a crime under Louisiana law.
His arrest came two months after the arrest of competitor David Carruthers
David Carruthers
David Carruthers was the CEO and a board member of online gambling company BETonSPORTS plc. He served as CEO from July 2000 until July 24, 2006...
, CEO of rival firm BetonSports
BetonSports
BetonSports plc is a British online gambling company founded by Gary Kaplan in 1995. The company was one of the biggest players in the United States online gaming market, drawing in several billion US dollars in wagers in the early 2000s...
. In contrast to Carruthers, who is being held on Federal charges, Dicks is charged only with violating Louisiana law.
Dicks was released on $50,000 bail on September 9; shortly thereafter he tendered his resignation as Sportingbet chairman and fought his requested extradition to Louisiana. A hearing scheduled for September 28, 2006 was postponed until the following day to allow New York court officials time to reach a decision. On September 29, Judge Lopez announced that the warrant would not be enforced, and that Mr. Dicks was free to return to the UK. New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
governor George Pataki
George Pataki
George Elmer Pataki is an American politician who was the 53rd Governor of New York. A member of the Republican Party, Pataki served three consecutive four-year terms from January 1, 1995 until December 31, 2006.- Early life :...
stated that because internet gambling is not a crime in New York, the state does not have the authority to extradite Mr. Dicks to Louisiana.
Mr. Dicks didn't live in the United States as he is a citizen of the UK and only came to the U.S. for business matters unrelated to internet gambling. This led to controversy as to whether it was legally permissible to punish Mr. Dicks as he was not physically in the United States at the time of the alleged crime.
See also
- NatWest ThreeNatWest ThreeThe NatWest Three, also known as the Enron Three, are three British businessmen - Giles Darby, David Bermingham and Gary Mulgrew. In 2002 they were indicted in Houston, Texas on seven counts of wire fraud against their former employer Greenwich NatWest, at the time a division of National...
- David CarruthersDavid CarruthersDavid Carruthers was the CEO and a board member of online gambling company BETonSPORTS plc. He served as CEO from July 2000 until July 24, 2006...
- Jay CohenJay CohenJay Cohen is the cofounder and CEO of World Sports Exchange , an online gambling company from 1996 until July 24, 2000, when he was the first United States citizen to be convicted in US Federal Court for violation of the Federal Wire Act for operating an online gambling company from a jurisdiction...
- Neteller
- Nigel PayneNigel PayneNigel Payne is the former Group Chief Executive and current Executive Director of Sportingbet Plc, which operates a network of bookmaking websites, as well as the Paradise Poker online poker room....
- Gary KaplanGary KaplanGary Kaplan was the founder of BetonSports.com , an online sports betting company which between 2002 and 2004 took in wagers amounting to nearly $4 billion, 98 percent of which came from the United States...