Daniel Tzvetkoff is a highly intelligent individual who began programming computer software at a very young age. By age twenty one, he owned his own online invoicing company, Intabill, which was very successful as their primary clients were the top gambling sites in the industry.
Unfortunately, Tzvetkoff’s malfeasance caused the company to fail, so he owed a great deal of money to a large number of individuals. He was ultimately apprehended, and in order to avoid prison time, he collaborated with the FBI, becoming the mastermind behind Black Friday in online poker.
How It All Began
Daniel Tzvetkoff was born in the month of October in 1983. You could say that Tzvetkoff was a techie from an early age, as he was fascinated by technology and launched his first web design company at age thirteen. His skill was so obvious that The New York Times engaged him to animate their website’s graphics.
After one year, he was earning so much money that he decided to quit education. He had developed a software program that facilitated online transactions, and it was extremely popular among startups. In 2004, he became the legitimate owner of his own company, Intabill, which rapidly became one of the nation’s most trusted online invoicing companies.
Intabill: An Immediate Success
Tzvetkoff desired to focus solely on the software development aspect of the business, so he engaged Sam Sciacca to manage the business operations. Sciacca was a twelve-year attorney with a higher level of education than Tzvetkoff, who never attended college.
Since it first went into production, the business has grown between 10 and 20% per month. Before Tzvetkoff knew it, his company had over five thousand clients in seventy countries, propelling him to the Young Rich List of Business Review Weekly.
The fact that he owned a private aircraft, a yacht, and a $70,000 Lamborghini demonstrated that his new lifestyle was commensurate with his income. We cannot overlook the fact that his home was valued at over $28 million.
Sciacca, Tzvetkoff’s business associate, suggested they establish Hugo Services and Trendsact, a payday lending service, which they operated with two other gentlemen: John Scott Clark and Curtis Pope. Tzvetkoff had so much money that he was almost overwhelmed by it. In only nine months, the company doubled its initial value of $30 billion.
The Industry’s Highs and Lows
In 2006, the Unlawful Internet Gambling Enforcement Act was enacted, compelling many poker sites to cease admitting US consumers. This is where Tzvetkoff steps in and offers a means for these sites to continue doing business with US consumers by providing an unlawful online invoicing system. Intabill signed contracts with PokerStars, Full Tilt Poker, and Absolute Poker, three prominent poker sites.
Intabill flourished after acquiring these three enormous clients, and they appeared to be on a constant ascent until the end of 2008, when they began to experience difficulties processing the payments of their larger clients, which of course included their newly acquired gambling sites. Intabill had suspended accounts totaling over $20 million, and they were in dire financial straits.