Chad Elie (Black Friday payment processor) pleads guilty
 

http://www.bloomberg.com/news/2012-0...piracy-1-.html

Assume John Campos may follow suit soon. Both had made several attempts to get their case dismissed.

Re: Chad Elie (Black Friday payment processor) pleads guilty
 

Guess its not too bad if he has some of the money stashed away (assuming he made more then 500k)

Re: Chad Elie (Black Friday payment processor) pleads guilty
 

What were all the charges against Elie? Pleading guilty to one and giving up (presumably) not too much money for him seems as if it could have been worse.

Re: Chad Elie (Black Friday payment processor) pleads guilty
 

I can't say I'm surprised.

Although certain parties (cough, cough, Full Tilt/Cereus) acted wrongfully in other ways, I've always felt the payment processors will bear the brunt of the Black Friday punishments, given that nature of the UIGEA and the role they had to have played in online poker during the last five years or so.

Six to 12 months in prison? Destiny Davis, prepare to get conjugal.

Re: Chad Elie (Black Friday payment processor) pleads guilty
 

He was indicted on nine charges including money laundering, violating the UIGEA, bank fraud, etc.

Re: Chad Elie (Black Friday payment processor) pleads guilty
 

According to Bloomberg, Elie plead guilty to one count of conspiracy to commit bank fraud.

Re: Chad Elie and John Campos plead guilty
 

No Black Friday trial for now as John Campos is expected to plead guilty to a misdemeanor:

http://www.forbes.com/sites/nathanva...demeanor-deal/

Re: Chad Elie and John Campos plead guilty
 

In Nathan Vardi's article on Elie's plea, he also gives up the rights to $25,000,000 in several payment processing accounts:

http://www.forbes.com/sites/nathanva...ney-man-folds/

Re: Chad Elie and John Campos plead guilty
 

A misdemeanor ? :eek:

If this preliminary report is true and Campos will plead to merely a single misdemeanor, then this is the DOJ acting scared, not Campos.

Skallagrim

Re: Chad Elie and John Campos plead guilty
 

Can't say I find this overly shocking - the DOJ won't want to find themselves in a corner where they have to prove in court that poker is illegal gambling. They've already achieved their main objective in forcing the biggest ipoker operators out of the US market and intimidating the **** out of payment processors. I doubt they care whether Campos gets 30 years or a $50 fine now.

Re: Chad Elie and John Campos plead guilty
 

Interesting. Vardi's blog states as much:

"Still, the fact that federal prosecutors agreed to let Campos plead to a misdemeanor indicates that they wanted to avoid a trial that could have had wide-reaching consequences and impacted the government’s case against the indicted founders of PokerStars and Full Tilt Poker."

Campos and Elie are clearly the pawns in this game.

Re: Chad Elie and John Campos plead guilty
 

or they don't really care about locking anybody up, just making way for their own interests