..

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

Top 5 Pros of Playing 3 Card Poker Online

Top 5 Pros of Playing 3 Card Poker Online

While a fairly young poker variation that has been around only for a couple of decades, 3 Card Poker has become very popular among gambling fans as it puts a unique twist on standard poker.

Massive Cashout for Americas Cardroom Poker Pro Ebony Kenney: One of Largest for a Female Player Ever

Massive Cashout for Americas Cardroom Poker Pro Ebony Kenney: One of Largest for a Female Player Ever

Kenney won $1.7 Million in the Coin Rivet Invitational Poker Tournament and becomes one of the winningest women in poker.

The OSS CUB3D ENCORE $20 Million GTD to Take Place Sept.04th-26th

The OSS CUB3D ENCORE $20 Million GTD to Take Place Sept.04th-26th

Included is a $1 Million Main Event on Sunday, September 18th ($630 buy-in) and September 25th ($2,650 buy-in). There are also three big multi-flight tourneys.

Americas Cardroom Celebrates 21 Great Years With 21 Going to Uruguay Resort

Players will not only win a $5,000 dream poker vacation, but they will also be invited to a VIP Party with the ACR Pros as part of the 21st Anniversary Celebration!

Illegal Poker Den Took in Up to $2,000 a Night

Illegal Poker Den Took in Up to $2,000 a Night

Named in the warrant was one David B. Stern, 31, of Thomaston.  He was known by the name "The Club Hou$e" and would regularly promote the games through the Facebook group, CT Valley Poker Players. 

Syndicate