Apr.23, 2010, 11:33

Fallen internet entrepreneur Daniel Tzvetkoff – who was once worth an estimated $80 million – has been forced to rely on the help of his father to win bail after being arrested in the United States on charges of money laundering.

Tzvetkoff, whose internet payments company Intabill collapsed in March last year with $80 million of debts, was arrested late last week on charges that he helped online gambling companies launder $US540 million into offshore accounts.

Daniel Tzvetkoff was granted bail yesterday only after his father Kim agreed to put his home on the line as surety.

But Judge Peggy Leen imposed strict conditions on Tzvetkoff. He will have to surrender his passport, wear a GPS tracking bracelet and observe a strict curfew.

Tzvetkoff was released into his father's custody and then the pair will drive from Las Vegas to New York, where his trial will be held.

Tzvetkoff has been charged with bank fraud, money laundering, conspiracy and other charges that carry a potential penalty of 75 years in prison.

The US Department of Justice alleges Tzvetkoff tried to get around US internet gambling laws (betting online is illegal in the US) by trying to disguise gambling transactions.

Tzvetkoff, who filed for bankruptcy last year, was listed on the BRW Young Rich list with a fortune of $80 million (shared with Sciacca) but has been forced to sell a string of luxury assets, including a Gold Coast mansion, a Brisbane nightclub and his black Lamborghini.