Black Friday Defendant Pleads Guilty Two Weeks Before Trial

This story was published more than 12 years ago.

A former e-payment processor who was indicted in the Black Friday charges suddenly plead guilty to the charges he was facing in a New York courtroom, two weeks before his trial was scheduled to begin.

Chad Elie plead guilty to conspiracy and admitted that he worked as a payment processor for the poker companies that were brought down on Black Friday. His guilty plea was unexpected, and the recent news that Elie's former partner Daniel Tzvetkoff was going to testify against Elie may have been a factor in his change of stance.

With the guilty plea, only former bank executive John Campos remains awaiting justice, although prosecutors indicated that they are in discussions with Campos' attorneys to determine whether the last defendant will face jail time if found guilty. The eleven other defendants besides Campos and Elie all pled guilty to their Black Friday related crimes.

When he is sentenced on October 3rd, Elie could face up to 12 months in prison. He will also forfeit $500,000 in profits he made as a result of his crimes as well as his interest in $25 million being held in payment processing accounts.