Chad Elie Pleads GuiltyWednesday, March 28th, 2012 by Ryan
After Black Friday hit back on April 15th of last year, there were eleven specific men who were named for online gambling indictments, and one of the more talked about ones is Chad Elie. Elie has officially pleaded guilty to one of the nine crimes that were charged against him, which means that he will end up avoiding trial for it. Elie’s name popped up because he was a huge part of the issues that stemmed with the popular online poker sites Full Tilt Poker, PokerStars, and Absolute Poker, mainly because he was one of the payment processors who worked with the massive online sites.
It was said that Elie not only opened up bank accounts in the United States, but also did it “through deceptive means”, and this led to the online poker sites getting payments from United States poker players. A few of the charges that were against him that he was going to stand trail for on April 9th included things like conspiracy to engage in money laundering, violating the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), which was definitely the largest and most talked about one, as well as the fact that he operated an illegal gambling business.
The decision for Elie to plead guilty probably has something to do with the fact that he would have been looking at a large number of years in prison with all of the charges against him, but the fact that he decided to plead guilty to a single count of conspiracy to commit bank fraud means that the MAX number of time that he would get is up to five years, but the plea deal that was set will give him between six and twelve months in jail. He’s not quite getting off that easy though, as he will also have to pay $500k to go with his jail time as well. He is free on bond now, but will have to go back to court on October 3rd for his sentencing. Bond was set at $250k for him to get out.
Elie is not the only one who was set to stand trial on April 9th though, as the Vice Chairman of the Board of Directors and part owner of the SunFirst Bank in Utah, John Campos is also scheduled to be on trial on April 9th as well. The deal behind his indictment is that he accepted an investment from Elie to process the payments through the bank that he is with. Another thing that is worth nothing about these two is that they were both hoping to get their cases thrown out due to the fact that the Wire Act of 1961 actually says that only sports betting is illegal, and that poker and any other type of online gambling is not. It didn’t quite work out though, as the request to both of the two men was denied. Campos has not accepted any type of plea deal to this point, but it seems that all things point to the fact that he will most likely be accepting a similar deal that Elie took.