26/04/2011 -
In one of the most high-profile payment processing crimes in recent days, Chad Elie was arrested and charged with nine counts in a federal court, including conspiracy to commit bank fraud and wire fraud and conspiracy to violate the Unlawful Internet Gambling Enforcement Act. If convicted, Elie, who pled not guilty to the charges, could face decades in prison.The Las Vegas resident was one of 11 people rounded up in a series of April 15 indictments, which alleges that the founders of Absolute Poker, Full Tilt Poker and PokerStars had conspired to violate the act, which bans payment processing of offshore gambling sites.
"Client pleads not guilty, intends to aggressively defend," said Elie's attorney, William Cowden of Mallon and McCool, according to Bloomberg. When asked why he surrendered Elie's 500-gigabyte hard drive to prosecutors, Cowden replied, "Don't want to waste any time with the government."
The shutdown of the major gambling sites has taken a major toll on the online poker industry. Reuters reports that ESPN will no longer run poker-related advertisements during the federal investigation.

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