Poker payment processing company reaches $6 Million settlement

13 July 2012

LST Financial Inc., a online poker third-party payment processor company has reached an agreement with the US federal persecutors to forfeit more than $6Million.

As part of the settlement, US government will return funds held in LST accounts that were not derived from online gambling.

Michael Bachner, a lawyer for LST Financial said: “LST is gratified that the government agreed to return assets unrelated to PokerStars activities.

Prosecutors said that LST was owned by Ryan Lang by 50%, who plead guilty earlier this year on the indictments that accused him to have helped PokerStars and other online companies to secretly process payment from players.

Along with Lang, other eleven people were indicted as part of the US crackdown on online gambling known worldwide as online poker “Black Friday”, including the founders of the three biggest websites in the world at the time, Absolute poker, PokerStars and Full Tilt.

Full Tilt Poker CEO Ray Bitar was arrested last week at JFK airport, after turning himself in to US authorities and is facing more than 11 criminal charges related to the DOJ accusation of the Ponzi scheme system that was operating at Full Tilt poker.

Ray Bitar pleaded not guilty to the charges and was released on Bail with the amount of $2.5 Million.

Source:
WSJ



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