Absolute co-founder pleads guilty

Absolute Poker co-founder Brent Beckley has pleaded guilty to criminal charges launched off the back of the Black Friday scandal, including conspiracy to commit bank fraud and wire fraud, the Associated Press is reporting.

On Tuesday, Beckley admitted to the U.S District Court in Manhattan that he was fully aware of illegal arrangements Absolute Poker had in place with banks which facilitated gambling funds, a direct violation of the Unlawful Internet Gambling Enforcement Act (UIGEA).

Beckley will be banged up for a minimum of one year, with sentencing set to take place in April next year. And while the maximum sentence for bank fraud is 30 years in America, through a plea deal, Beckley has avoided the ultimate punishment available to the courts.

In April, Absolute Poker, Full Tilt and PokerStars were accused of using U.S. banks to process billions of dollars in online poker transactions by disguising payments from authorities.

The scandal, known forever as Black Friday to poker players around the world, is a long way from over. But Beckley’s case is one of the first major legal developments since that dark day in April.