Online Poker News - $6.27 Million Forfeited by Online Poker Processor
12th of July 2012 - latestpokerbonuses.com
Texas company claims it was duped into performing online poker transactions
A report emerged this week regarding the case of Texas payment processing company LST Financial Inc that the records of a Manhattan federal court show that the company has agreed to forfeit $6,27 million in a settlement with federal prosecutors.
The company based in San Antonio reportedly admitted no offense, but rather claimed it was duped into processing players' payments to PokerStars, Full Tilt and Absolute Poker.
Thereby, according to the settlement, a North Carolina bank will get $212,000 from the funds forfeited by LST as compensation for losses incurred when it too was misled into assisting LST in illegal conduct; also, in it the company and its management promise "not to knowingly provide, either directly or indirectly, payment processing services for Internet gambling, including Internet poker."
In return, the federal authorities will return to LST an amount of money frozen by enforcement authorities pursuing the case and not associated with illegal activity.
Gambling Law & Society News Poker Banking
21st of November 2012
18th of April 2011
19th of May 2013
18th of May 2013
15th of April 2013
19th of April 2013
30th of April 2013
22nd of March 2013
Join now for full access to our online poker forum/chat plus receive our newsletter with news & exclusive bonuses every month.
Disclaimer Contact Us Privacy Gambling Help Site Map
LatestPokerBonuses.com © 2006-2013