Online Poker Processor Pleads Guilty

Written by:
C Costigan
Published on:

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, Publisher