Payment Processor Pleads Guilty

May 23, 2011 - 4:56 PM EDT
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American citizen Bradley Franzen pleaded guilty this afternoon to charges of conspiracy to commit bank fraud, accepting funds in connection with unlawful internet gambling and conspiracy to commit money laundering.

The April 15th indictment describes Franzen as a middleman between poker sites and payment processors:

10. From at least in or about 2007, up to and including on or about March 2011, BRADLEY FRANZEN, the defendant, worked with internet gambling companies including the Poker Companies, to identify Poker Processors willing to process payments for the Poker Companies, including through deceptive means. In this capacity, FRANZEN acted as an intermediary between principals of the Poker Companies, including defendants BRENT BECKLEY and NELSON BURTNICK, and the Poker Processors.

According to the Department of Justice press release announcing the indictment, Franzen could be facing a total of 30 years in prison:

  • Up to 20 years in prison for the conspiracy to commit money laundering.
  • Up to 5 years in prison for conspiracy to commit bank fraud and to accept funds in connection with unlawful internet gambling.
  • Up to 5 years in prison for accepting funds in connection with unlawful internet gambling.

The New York Post reports that prosecutors will advocate a lighter sentence on the condition that Franzen provides “substantial assistance” in their court case as part of his plea deal. In his position, Franzen most likely had access to information about the inner workings of the poker sites mentioned in the indictments. So, if he’s willing to use this information to testify against the other indicted people, he could prove valuable to the DOJ.

Edited on 5/24/2011 10:35 PM EST: Fixed potential prison time.

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One Response to Payment Processor Pleads Guilty

  1. Poker Outlet
    September 25, 2012 at 10:25 AM EDT

    There are too many people trying to use online gambling as a tool to commit such horrible crimes. This needs to stop!

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