Ira Rubin Sentenced to Three Years in Prison for Role as Black Friday Processor

Bloomberg reported that Ira Rubin who was one of the 11 men indicted by the United States Department of Justice on April 15, 2011 (Black Friday), recently received a sentence of three years in prison and forfeiture of $5 million.

Rubin's alleged role as a payment processor for PokerStars, Full Tilt Poker, and Absolute Poker, led him to plead guilty to conspiracy. Rubin could have received up to 55 years but his plea agreement gave him 18 to 24 months.

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

The agreed upon sentence between both the prosecution and defense was between 18 and 24 months but apparently Kaplan felt strongly about discouraging Rubin from future crime. As Rubin has already served nine-months, he will receive credit for time served and could be out of jail after 31 months if he maintains good behavior.

Once out of prison, Bloomberg revealed that Rubin will never be able to participate in any business related to payment processing or financial services according to the terms of his sentence.

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