Ryan Lang Enters Guilty Plea in Black Friday Case

On Tuesday, Canadian-born Ryan Lang, entered a guilty plea in a U.S. District Court in Manhattan. Lang confessed that he was a go-between poker companies and brokers who tricked banks into processing money for the gaming industry. Lang admitted that he conducted his illegal behavior between 2007 and mid 2010.

Lang was one of the people accused by authorities in the April 15, 2011 “Black Friday” indictment. The case involves the founders and executives of three of the largest online poker companies, PokerStars, Full Tilt Poker and Absolute Poker, who were charged with bank fraud, money laundering and operating illegal gaming businesses. Additionally, federal prosecutors filed a civil suite in which they are seeking $3 billion in money-laundering penalties.

Lang operated from Canada, circumventing United States laws meant to prevent banks from processing any gaming proceeds.

Lang pled guilty to conspiracy to commit tax fraud and violation of the Unlawful Internet Gambling Enforcement Act, accepting funds in connection with Internet gambling and conspiracy to commit money laundering. In an address to the court, Lang stated,  “I wish to publically apologize to anyone I’ve harmed by my conduct.”

Lang faces up to thirty years in prison. He will face sentencing on September 24, 2012.

Up until now, five additional people connected to the case have been indicted and have appeared before the U.S. District Court. Three have pled guilty and the others will stand trial in April of 2012.