Ira Rubin, one of the eleven defendants in the Black Friday indictment, has been handed a three-year prison sentence in a Manhattan Federal Court for processing illegal gambling transactions. Rubin was accused by federal prosecutors in New York of illegally processing payments for PokerStars, Full Tilt Poker and Absolute Poker, sites doing business with U.S. customers. Rubin pleaded guilty in January.
The government and Rubin’s defense attorney had recommended a sentence between 18 and 24 months, as specified in federal guidelines. However, U.S. District Judge Lewis Kaplan said today that such a sentence wouldn’t serve to discourage future crimes.
“You are an unreformed conman and fraudster,” Kaplan told Rubin, calling his actions a “brazen” defiance of U.S. law.“A significant sentence is necessary to protect the community.”
The sentence handed down to Rubin is the largest so far in the Black Friday cases. John Campos received a three month sentence in June for his role in processing over $200m in transactions. Earlier this week Absolute Poker’s Brent Beckley was sentenced to fourteen months in prison.
Rubin will also have to pay $5 million as part of the conditions of his sentence and once he is released will never again be allowed to work in financial services or payment processing.
Rubin would receive credit for the nine months he has already spent in jail and could be released after only 31 months if he maintains good behaviour.