neteller founder pleads guilty

[arod4276]

http://www.majorwager.com/forums/mes...onspiracy.html

[Legislurker]

Wow, this has the potential to be devastating. If the Feds want 100mill, fat chance we get our balances back. I wish I knew why he pleaded out, its going to bankrupt him potentially, and go to jail, would think he would fight even with long odds.

[Wynton]

[ QUOTE ]
Wow, this has the potential to be devastating. If the Feds want 100mill, fat chance we get our balances back. I wish I knew why he pleaded out, its going to bankrupt him potentially, and go to jail, would think he would fight even with long odds.

[/ QUOTE ]

By cooperating, he may not have to do a single day in jail. And it's not clear from the news reports how much money he will have to return.

Incidentally, I am currently in the middle of a multi-defendant trial and one of the prosecutors, I believe, is also the guy handling the Neteller case, or at least he was when it was first publicized.

[Doctor Who]

Likelihood he will never do a day in jail on this--and 100 million for this dude--still leaves him a billionaire. Smart move for him.

[coxquinn]

NETeller Founder Lawrence Pleads Guilty to Conspiracy Charge

How does this impact the return of US customers money?

[Jamougha]

[ QUOTE ]
I wish I knew why he pleaded out, its going to bankrupt him potentially, and go to jail, would think he would fight even with long odds.

[/ QUOTE ]

If he pleads guilty he gets a fine he can afford and 5 years in jail, out in 2, maybe they'll even suspend it. OTOH if you fight a federal case they will try to send you down for outragous periods, decades.

As a result, guilty or not, it almost always makes sense to plead guilty. That's how the federal system maintains it's 98% conviction rate.

A clever way of eliminating the right to a fair trial.

[*TT*]

this is a sad day for us.

http://www.pokernews.com/news/2007/6...ads-guilty.htm

[Jay Cohen]

It's a classic shakedown under color of authority.

Nobody stands up and fights. Nothing is ever going to change if everyone always rolls.

[Skallagrim]

You guys are right about rolling, but as a defense lawyer let me say it is all too often the smart thing for the defendant to do...

The details of this will be key, The charges being dropped to one count of conspiracy is pretty favorable to Mr. Lawrence...

What I really wonder is whether the one count he is pleading guilty to makes any mention of poker; remember that neteller also (foolishly) funded the (clearly illegal under US law, but should not be under the WTO) sportsbetting sites.

But any time the DOJ gets what it wants in these cases it is bad for us to one degree or another.

Skallagrim

[permafrost]

[ QUOTE ]
The charges being dropped to one count of conspiracy is pretty favorable to Mr. Lawrence...


[/ QUOTE ]

Wasn't there only one count charged?