Guilty Plea for Chad Elie in Black Friday Case

04/22/2012
By Tommie ClarkGoogle

This past week, Chad Elie, 32, entered a plea of guilty on fraud charges filed against him in the “Black Friday” case.

 

As part of his plea agreement with prosecutors, Elie admitted that he had deceived one bank into processing online casino games revenue by pretending that the money in the account was acquired through legitimate business means. He confessed that when the bank later questioned him about the revenue, he denied that the account was being used for online casino game profits.  

 

In the deal he made with New York City prosecutors, Elie faces up to a year in prison. At the hearing he had the opportunity to speak and said, “I knew that my conduct was wrong.” Elie pled guilty to conspiracy to commit bank fraud and to operating an illegal online casino games business. He also agreed to pay $500,000 as part of the agreement.

 

Elie was meant to go to trial on April 9th, along with former bank executive John Campos. Campos has continued to assert his innocence and the prosecution is still unsure whether the Campos trial will move ahead.

 

As part of the “Black Friday” case, prosecutors are seeking seeking $3 billion in money laundering penalties and forfeiture from PokerStars, Full Tilt Poker and Absolute Poker. Elie stated that he acted on behalf of all three companies as a payment processor between 2008 and 2011.

 

Charges were filed under the 2006 Unlawful Internet Gambling Act, which makes it illegal for banks and other organizations to knowingly accept funds related to illegal online casino gaming. 

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