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Black Friday Processor Ira Rubin Sentenced to Three Years in Prison

Posted at 16:30 2012-07-27 by Chad Holloway

According to Bloomberg, Ira Rubin, one of the 11 men indicted by the U.S. Department of Justice on Black Friday, was recently sentenced to three years in prison and ordered to forfeit $5 million.

Last January, Rubin pleaded guilty to conspiracy in connection with his alleged role as a payment processor for PokerStars, Full Tilt Poker and Absolute Poker. Rubin faced a maximum sentence of up to 55 years, but a plea agreement saw that lowered to 18 to 24 months.

“You are an unreformed conman and fraudster,” Judge Lewis Kaplan told Rubin in Manhattan on Thursday, according to Bloomberg. Kaplan added that Rubin's actions were a “brazen” defiance of U.S. law and that “a significant sentence is necessary to protect the community.”

Both the prosecution and defense had called for a sentence between 18 and 24 months, but Kaplan didn’t believe such a sentence would serve to discourage future crime. Rubin will receive a nine-month credit for time already served and could be released after 31 months if he exhibits good behavior.

Bloomberg also revealed that “once he is out of prison, one of the conditions of Rubin’s release will be that he cannot participate in any business occupation related to payment processing or financial services.”

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