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Poker Ecash Processor Forfeits 6.3 Million

July 12,2012 :  ONLINE POKER E-CASH COMPANY FORFEITS $6.27 MILLION
 
Texas financial company says it was duped into performing online poker transactions
 
The case of Texas payment processing company LST Financial Inc received wide publicity in the US media Wednesday when documents surfaced in  the records of a Manhattan federal court showing that it had agreed to forfeit $6,27 million in a settlement with federal prosecutors  following Black Friday's actions against Pokerstars, Full Tilt Poker and Absolute Poker.
 
Whilst admitting no wrongdoing, the San Antonio firm claimed it was duped into processing players' payments to the three online poker enterprises
 
The Wall Street Journal reported that a North Carolina bank will get $212,000 from the funds forfeited by LST as compensation for losses incurred when it too was misled into assisting LST in illegal conduct.
 
The settlement includes an undertaking by the company and its management "not to knowingly provide, either directly or indirectly, payment processing services for Internet gambling, including Internet poker."
 
The quid pro quo for the forfeiture and promise of future conduct is that the federal authorities will return to LST an unquantified amount of money frozen by enforcement authorities pursuing the case and not associated with illegal activity.
 
Industry observers noted that the LST prosecution stemmed from the activities of one of the Black Friday indictees, Ryan Lang, who entered guilty pleas on UIGEA and tax offences earlier this year and is due for sentencing in September.



Gambling News :

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

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The Railbird Launched By Americas Card Room #acra - Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.

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