US Nets 1st Guilty Plea In Massive Poker Probe

Law360, New York (May 23, 2011, 4:10 PM EDT) -- A man accused of aiding a scheme by poker companies to defraud banks pled guilty in New York on Monday to conspiracy to commit fraud and other crimes, becoming the first suspect in the multibillion-dollar scandal to admit wrongdoing.

Bradley Franzen, 41, faces a maximum of 30 years in prison after admitting to conspiracy to defraud, accepting money for unlawful gambling and conspiracy to commit money laundering, according to his plea agreement; he will also be ordered by U.S. District Judge Lewis A. Kaplan to make...
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