New York Magistrate Denies Indicted Payment Processor Bail
Friday, 10. June 2011

Ira Rubin was denied bail by a magistrate judge in New York. Rubin was one of 11 men indicted on Friday, April 15th, in what has since come to be known as Black Friday. The 53-year-old Rubin was denied bail by Judge James Cott for his alleged involvement as one of the payment processors that helped Full Tilt Poker and PokerStars process their US transactions. He allegedly did so by tricking banks by developing bogus online businesses to help mask the transactions.

The judge denied Rubin bail for he saw him as a serious flight risk. Rubin had been residing in Central America for a number of years. In 2006, he was arrested for telemarketing fraud when his company, Global Marketing Group, was found to have been assisting a number of Colombian telemarketing companies in selling imaginary credit cards to American customers. Rubin failed to appear for a hearing and then on January 30, 2008, a warrant was issued for Rubin’s arrest. He has been residing in Central America ever since.

On the day that the Black Friday indictments were announced, Rubin charted a plane from Costa Rica to Guatemala and intended to continue on to Thailand. Rubin was snared in Guatemala and was flown to the US at the end of April.

Rubin is facing very serious charges and very serious time. The charges outlined against him include conspiracy to commit bank and wire fraud, three counts of money laundering, three counts of operating an illegal gambling business and three violations of the UIGEA. Rubin could be looking at as much as 30 years in prison.

Rubin has a fairly extensive criminal record that goes back three decades. In addition to his previous arrest for telemarketing fraud, Rubin has been involved in at least 24 other crimes and has outstanding warrants related to criminal cases in New York, Florida, Virginia, Massachusetts and Nevada.

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