Poker Site Co-Founder Pleads Guilty To Conspiracy

A federal crackdown on online poker sites continues to rake in chips. In a reported plea agreement, a man who co-founded the gambling site Absolute Poker pleaded guilty to conspiracy charges. Federal regulators accused his organization of deceiving banks by masking customers’ gambling charges with names of online retailers.

The L.A. Times reports the man cut a deal that will land him a sentence of up to 18 months in prison at a sentencing hearing in April.

Back in April, the feds changed the face of online poker by shutting down three major online poker companies’ sites. The businesses’ founders were indicted on charges that included money laundering and bank fraud.

Online gambling is a beast that’s nearly impossible to slay, but regulators have taken steps to tame the wild beast, making gamblers think twice before anteing up.

Absolute Poker co-founder pleads guilty to conspiracy charges [L.A. Times]