Black Friday payment processor Ira Rubin has been given a three-year sentence for processing billions worth of illegal gambling transactions. Rubin will also have to forfeit $5 million in cash.
One of the eleven defendants in the Black Friday indictment, payment processor Ira Rubin, has been given a three-year sentence for processing illegal gambling transactions.
Rubin already pleaded guilty in January after being accused by federal prosecutors in New York of illegally processing billions of dollars in payments for PokerStars
, Full Tilt Poker and Absolute Poker.
He was recommended to receive a sentence between 18 and 24 months, but Judge Lewis E. Kaplan said that such a sentence wouldn't discourage future crimes, and instead handed him three years.
"You are unreformed conman and fraudster," Kaplan said according to Bloomberg
"A significant sentence is necessary to protect the community."
Rubin will have nine months reduced from the sentence to make up for time spent in jail while the case was ongoing.
Once he is released he will never again be able to work with payment processing or financial services, Judge Kaplan said.
Rubin will additionally also have to forfeit $5 million as part the conditions of the sentence.