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Texas Payment Processor Forfeits $6.27 Million In Black Friday Deal

12 July 2012 by CasinoListings

This story was published more than 12 years ago.

A Texas based payment processing company agreed to forfeit $6.27 million as part of a settlement with US prosecutors after it claims it was duped into helping bankroll financial transactions for Full Tilt Poker, Absolute Poker, and PokerStars.

The settlement allows LST Financial to admit no wrongdoing in the matter while rectifying the situation in the federal government's eyes. A report by the Wall Street Journal claims that a bank in North Carolina will receive $212,000 out of the settlement fund to cover the losses it took because it was misled into assisting LST with the payments.

Verbiage in the agreement stipulates that LST and its management team must "not to knowingly provide, either directly or indirectly, payment processing services for Internet gambling, including Internet poker."

As part of the deal, the federal government will release a sum of money back to LST Financial that it had previously frozen while investigating the case.