Payment Processor Chad Elie Pleads Guilty to One Conspiracy Count

Just days before the first Black Friday trial was set to begin in a Manhattan court, payment processor Chad Elie reached a plea bargain with the US Attorney’s Office.

According to Bloomberg, Elie plead guilty to one count of conspiracy to commit bank fraud. The sentence for the count should be somewhere between six to twelve months in prison. Elie also agreed to forfeit $500,000 he earned during his time processing payments for online poker rooms. Elie will be sentenced on October 3rd, according to the report.

Elie was originally charged with nine counts of bank fraud, conspiracy, and violation of the Unlawful Internet Gambling Enforcement Act (UIGEA). The plea comes days after news broke that another payment processor, Daniel Tzvetkoff would be serving as a key witness in the trial of Elie and SunFirst Bank Vice Chairman John Campos. There is no word yet on whether or not Campos will reach a similar deal with the prosecution. Others named in the Black Friday indictment who have reached plea agreements are payment processors Bradley Franzen and Ira Rubin and Absolute Poker co-founder Brent Beckley.

Should Campos not reach a plea bargain before April 9th, he will begin his trial in Manhattan. US District Judge Lewis Kaplan will preside over the case.


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