The founder of PokerStar, the top online poker room in the world, Isai Scheinberg has finally concluded his sentencing in relation to the 2011 Black Friday.
Nearly 10 years after Black Friday changed online poker in the US forever, the case is finally closed.
In a sentencing hearing last week Scheinberg was given a $30,000 fine and a “time served” so will avoid any prison sentence.
Under the United States Sentencing Guidelines, Scheinberg faced between 12 and 18 months in prison, but the Government recommended a below-Guidelines sentence for the following reasons:
– Scheinberg is believed to have a low likelihood of becoming a repeat offender.
– At the time of the indictment it was discovered that PokerStars had properly segregated players funds.
– Prosecutors wanted to avoid unwarranted sentencing disparities in the case.
– Following Black Friday, PokerStars under the direction of Scheinberg, assumed approximately $304 million of Full Tilt Poker’s liabilities to players, an act which Acting United States Attorney Audrey Strauss referred to as a good deed.
Originally back in 2011 Scheinberg faced multiple charges of including bank fraud, wire fraud, money laundering and conspiracy to defraud.
However in March this year he just faced one count of operating an unlawful gambling business and gave himself up to federal agents.
In a pre-written statement to pokerfuse, the founder of PokerStars Scheinberg said: “I am pleased that Judge Kaplan has determined today not to impose a prison sentence in my case.
PokerStars played an important role in creating today’s global regulated online poker industry by running an honest and transparent business that always treated its players fairly.
I am particularly proud that in 2011, when PokerStars exited the US, all of its American players were made whole immediately.
Indeed, PokerStars reimbursed millions of players who were owed funds from other online companies that could not or did not repay those players.”
More about the PokerStars saga you can find HERE.