Security Fraud Con Artist Ordered to Play in Poker Tournaments
An Albuquerque, N.M., stockbroker who has confessed to swindling clients out of $444,000, has struck a deal to stay out of prison. His punishment will be to play in poker tournaments, provided he can win back the $444,000 owed and pay all his victims back.
Samuel McMaster Jr., who has admitted to 26 felony charges of securities fraud, struck the deal with New Mexico authorities last week.
A judge could still sentence McMaster to up to 12 years behind bars.
"We're not talking about a get-out-jail-free card," Kelly O'Donnell, superintendent of the New Mexico Regulation and Licensing Department, said.
From ABC News:
As part of the plea agreement entered before New Mexico District Court Judge Ross Sanchez, Rhinehart told the court that professional poker is his client's only source of income since being banned from the securities business. McMaster apparently has been playing poker to make ends meet.
It's unclear how much money he'll have to wager, or how he'll afford to, as be begins literally playing for keeps.
McMaster will be allowed to leave the state to play in tournaments as part of the deal, O'Donnell said.
McMaster will be required to make restitution payments of $7,500 a month, according to the arrangement. His sentencing will be delayed for six months while he participates in tournaments in a bid to prove he can win enough cash to meet his payments.
If he misses two payments during the six-month period, McMaster will have to appear back in court where he will face immediate sentencing of up to 12 years imprisonment. McMaster originally faced up to 74 years.
One would suspect McMaster’s best bet is to try his hand at online poker.
Ace King, Gambling911.com
