..

Online Poker Processor Pleads Guilty

Written by:
C Costigan
Published on:
May/23/2011

Brad Franzen, the owner of a payment processor that worked in conjunction with three online poker rooms indicted April 15, has plead guilty on Monday. 

From the New York Post:

Franzen said he was recruited to help solve an "urgent problem" being experienced by Full Tilt Poker, which was unable to pull money out of gamblers' bank accounts so they could place bets at its site.

He said the situation had caused a "major shortfall" for the offshore company.

Franzen, 41, admitted perpetrating the fraud "mostly in my residence in Costa Rica."

During questioning by Manhattan federal Magistrate Judge Kevin Fox, he said that while he didn't know exactly how much money was involved, "I do understand in general terms that it was millions of dollars."

Franzen faces up to 30 years in the slammer for conspiracy to commit bank fraud and money laundering, as well as accepting funds in connection with illegal Internet gambling.

The owners of all three online poker rooms remain on the lam.

- Christopher Costigan, Gambling911.com Publisher

Poker News

Americas Cardroom Introduces New Pros.. Including the Popular Ebony Kenney

Americas Cardroom Introduces New Pros.. Including the Popular Ebony Kenney

Americas Cardroom has introduced a handful of new pros (also known as "brand ambassadors").

Postle Hit With Two Motions to Strike

Postle Hit With Two Motions to Strike

Poker pro Mike Postle has been hit with two motions to strike his complaints in California courts, by defendants in his lawsuit alleging defamation and seeking hundreds of millions in damages. 

Online Poker Could be Coming to Indiana

Online Poker Could be Coming to Indiana

Indiana state Senator Jon Ford, a Republican member from Terre Haute, has introduced a bill that would permit the expansion of online gamlbing in the Hoosier State should it pass.

The Mouth Rejects Trump

The Mouth Rejects Trump

One of Donald Trump's most loyal supporters in the poker community has apologized to his own followers and now flat out rejects the sitting US President.

$8 Million Venom Gets Underway This Month: $1 Million Top Prize

$8 Million Venom Gets Underway This Month: $1 Million Top Prize

The $8 Million Venom gets underway on January 22nd. And once again, Americas Cardroom will be featuring four Day 1 flights, a Day 2, a Day 3, and an epic final table.

Syndicate