(NEW YORK) — The co-founder of an Internet poker company pleaded guilty to fraud Tuesday in a New York court.
When banks and credit card companies became unwilling to process online poker payments, Brent Beckley, the founder of Absolute Poker, started lying about what his business actually did. He pleaded guilty to tricking banks into accepting credit cards from players so they could keep betting. The banks thought they were processing payments for merchants that sold jewelry or golf balls — in fact those merchants did not exist.
Beckley is expected to serve approximately a year in prison when he’s sentenced in April.
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Chloe Melas, CNN
Dan Simon and Chandrika Narayan, CNN
Dave Gilbert, CNN