Payment processor Franzen enters not guilty plea in poker indictm

Posted by Steve Ruddock on Apr 19, 2011 Posted in Legal Poker News | No Comments »

The first plea after the incredible events that took place in the online poker world on Friday has been entered, and it was payment processor Bradley Franzen entering a not guilty plea to a number of charges including money laundering.

The 41 year-old Franzen “is president of a Chicago-area company, IJ International, that serves as an agent for First Data Corp. of Atlanta, a leading processor of e-commerce payments.” According to the NY Post, and was allegedly behind setting up shell companies in an effort to mislead US banks as to the nature of the transactions being processed. Franzen and others would create phony e-commerce businesses and log online poker transactions as anything from jewelry to golf balls, causing US banks to process online poker payments –something that is illegal under UIGEA legislation.

Franzen was released on a $200,000 bond according to the NY Post, and despite allegedly being “well compensated” needed his parents to sign over their house in order to make his bond payment. The Post also lists Franzen as “the President of a Chicago-area company, IJ International, that serves as an agent for First Data Corp. of Atlanta, a leading processor of e-commerce payments.”

A First Data spokeswoman Elizabeth Grice told the Post the company “will be following this matter closely… As the case progresses, we will determine if any action is appropriate with regards to our sales agreement with Mr. Franzen’s company,”

Today, Chad Elie also entered a not guilty plea in a New York courtroom.

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