Black Friday payment processor jailed

Black Friday payment processor jailed

Friday, 27 July 2012

Ira Rubin, one of the men accused in the Black Friday indictments was yesterday sent to prison for three years. Bloomberg reported that Rubin, who pleaded guilty to illegally processing payments to online poker sites, was also ordered to forfeit $5m.

US District Judge for Manhattan Lewis Kaplan delivered a stiffer than expected sentence as both US prosecutors and Rubin’s legal team had expected a jail term of between 18 and 24 months. According to Bloomberg, Judge Kaplan said that a sentence of that length would not be a deterrent against future crimes. He described Rubin as an “unreformed conman and fraudster,” and added that, “a significant sentence is necessary to protect the community.”

Rubin is expected to receive credit for nine months already served and could be out in 31 months with good behaviour.

Black Friday banker John Campos was last month given a three-month sentence for payment processing offences. Absolute Poker’s Brent was jailed for 14-months last week after admitting conspiracy to commit bank fraud and wire fraud.

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Tags: Black Friday, jail, Ira Rubin