One of the payment processor operators indicted on Black FridayTM, Chad Elie, 32, pled guilty Monday to conspiring to commit bank fraud and operate illegal gambling businesses.
Elie faces up to 5 years in federal prison. As part of the plea deal, he agreed to forfeit his interest in more than $25 million held in seized payment processing accounts. In an important little side note that’s not getting much ink, Elie will also pay a $500,000 fine–this money apparently goes towards a fund to pay back Americans customers with money still stuck on the online sites.
Elie will be sentenced on Oct. 6 of this year. Four co-defendants charged with him have also pled guilty (Bradley Franzen, Ira Rubin, Brent Bekcley and Ryan Lang). John Campos goes to trial on April 9th.
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