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Online Poker Payment Processor Freed from Jail

Chad Elie, a major player in online poker payment processing who was one of 11 individuals indicted in the Black Friday crackdown in 2011, was released from jail after serving a five-month sentence.

Elie announced his freedom over Twitter, where he maintains an account under the moniker of @BlackFridayChad. He served 100% of his term and remains under the watchful eye of federal authorities for a two-year period of supervised release.

In his guilty plea, Elie admitted to setting up phony Internet companies in order to disguise financial transactions between online poker sites and U.S. banks. Online poker players who made credit card deposits at the “big three” targeted sites of PokerStars, Full Tilt and Absolute Poker from 2008 to 2011 likely saw the names of these fake companies on their credit card bills.

Just prior to serving his term, Elie became quite active on Twitter by revealing his associations with the likes of Howard Lederer, Nevada Senator Harry Reid, and Poker Players Alliance honcho John Pappas. Elie refuted some of the statements made by Lederer during his “Lederer Files” interview, including The Professor’s contention that he “never met with a payment processor.”

Although Elie hopes to put his criminal transgressions behind him, it won’t be the last time he appears before a judge. The former third-party payment processor has filed a civil case against his attorney, Jeff Ifrah, citing “professional malpractice.”


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Charles Rettmuller

Charles has been an avid poker player for a number of years, both live and online. He holds a degree in journalism and previously worked as a reporter for a Chicago-based newspaper. Charles joined the PokerUpdate team in early 2012 and writes daily news articles for the site.