Elie pleads guilty in Black Friday case
Defendant changes plea two weeks before trial in Manhattan.
Chad Elie, one of the payment processors indicted on Black Friday, has changed his plea to guilty just two weeks before the case is due to go to trial.
The 32-year-old Nevada resident, who changed his legal representation this January, was expected to go before a Manhattan court on April 9 along with former SunFirst Bank part-owner John Campos.
According to the Wall Street Journal, Elie, who stated in a hearing that “I knew that my conduct was wrong”, agreed to forfeit US$500,000 as part of his plea. He has pleaded guilty to a count of conspiracy to commit bank fraud and to operate illegal gambling businesses.
Earlier this year he had seen a motion to dismiss – submitted along with Campos – thrown out by Judge Lewis Kaplan. However there is no indication that Campos has changed his plea.
Four other defendants – Absolute Poker head of payments Brent Beckley and payment processors Ira Rubin, Ryan Lang and Bradley Franzen – had already entered guilty pleas. Beckley is the only one of the indicted individuals tied to the three poker companies named in the Black Friday indictments (PokerStars, Absolute Poker and Full Tilt Poker) to have pleaded guilty.
Last week eGaming Review learned that Daniel Tzvetkoff – whose Intabill business had dealings both with Elie and with the three poker companies – is poised to provide testimony when the case reaches court next month.
As part of the plea agreement Elie is expected to be sentenced to between six months and one year in prison, consistent with the guideline range for his offences.