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Bradley Franzen, one of the 11 indicted by the U.S. Department of Justice (DOJ) in connection to online poker back in April, has pleaded guilty to three counts, including taking part in conspiracies to commit bank fraud and money laundering. Franzen told U.S. Magistrate Judge Nathaniel Fox that his company helped process U.S. customer payments and that they created fake companies and websites to hide the activity from the payments from banks and U.S. officials. He said that he "knew that U.S. law prohibits this," and that he is now cooperating with prosecutors to bring others to justice.
Franzen could face as long as 30 years in prison for his crimes but it's likely he will receive a much shorter sentence because of his plee deal. In addition to helping authorities he will also forfeit an unspecified amount of money earned in the scheme. The U.S. government is seeking at least $3 billion in forfeitures and penalties between the 11 defendants so it's likely Franzen will be handing over some serious cash. Franzen is currently scheduled to be sentenced on August 26th.
As always, stay tuned to Casinofan for more news and updates.
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