Ryan Lang Pleads Guilty in Black Friday Money Laundering Case


04/01/2012
By Maria McCoyGoogle

On Tuesday, Canadian-born Ryan Lang, pled guilty to U.S. conspiracy charges in a U.S. District Court in Manhattan. He admitted that he acted as a liaison between poker companies and brokers who ultimately fooled banks into handling money for the gambling businesses. Lang said he did this between 2007 and mid 2010.

Lang was accused as one of the payment processors in the April 15, 2011 “Black Friday” indictment which involved the founders and executives of three of the largest online poker companies, PokerStars, Full Tilt Poker and Absolute Poker. They were charged with bank fraud, money laundering and operating illegal gaming businesses. A civil lawsuit was also filed by federal prosecutors, who are seeking $3 billion in money-laundering penalties from the websites and their operators.

Lang operated from Canada by enabling financial brokers who made inaccurate statements to the banks to trick them into processing the payments. He circumvented United States laws meant to prevent banks from processing any gaming proceeds.

In an address to the court, Lang stated,  “I wish to publically apologize to anyone I’ve harmed by my conduct.”

Lang pled guilty to conspiracy to commit tax fraud and violation of the Unlawful Internet Gambling Enforcement Act, accepting funds in connection with Internet gambling and conspiracy to commit money laundering.

The charges carry a potential penalty of up to 30 years in prison. Sentencing will take place on September 24, 2012.

As of now, five additional minor players charged in the indictment have appeared in U.S. District Court. So far, three have pleaded guilty and the other two will stand trial in April.

 

 

 


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