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Chad Elie Receives Prison Sentence over Poker Transactions

The US has demonstrated on numerous occasions that it has limited patience for those who break federal laws regarding online gambling.

Over the last few months the Department of Justice has handed out a number of sentences to those involved in processing money from online gambling.

Over the last few months the Department of Justice has handed out a number of sentences to those involved in processing money from online gambling.

Most recently Chad Elie has been sentenced to five months in prison for his role in processing millions of dollars of gambling transactions from the websites Absolute Poker, Full Tilt Poker and Poker Stars. According to U.S. District Judge Lewis Kaplan, Elie had no defence and he did not care about breaking federal laws.

Because of this Judge Kaplan believes that Elie deserved a prison sentence.

Judge Kaplan said that Elie was “spitting in the eye of the government and the laws of the United States” and said that it “can’t be overlooked.” Elie pleaded guilty to conspiracy for processing payments and deceiving banks about what kind of financial transactions he was making.

As well as the prison sentence, Elie has been ordered to serve two years of probation and forfeit $500,000 of the money he made through performing illegal transactions for the three poker companies.

 

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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