LST Financial To Pay Millions in Online Poker Settlement

According to the New York Post, LST Financial is paying just over $6 million as part of a settlement which is related to the online poker industry. LST Financial is a payment processing company located in San Antonio and was linked to online poker site PokerStars for processing payments for the online casino.

The company has been reported to be connected to three illegal gambling sites including PokerStars. The company admitted that they did nothing wrong in federal court papers and according to the settlement the United States government will be returning the funds they held of LST’s accounts that were not connected to online gambling.

Michael Bachner the lawyer representing LST Financial commented on the subject which stated: “LST is gratified that the government agreed to return assets unrelated to the PokerStars activities.” Prosecutors are accusing LST of processing payments for the company owned by Ryan Lang. Lang owns fifty percent of the company and he recently pled guilty to criminal charges earlier in 2012 and he admitted to helping online poker room PokerStars as well as other online companies who processed payments for players in secret.

Just last year, eleven people were charged as part of the United States government crackdown of online gambling. Those arrested included the founders of Absolute Poker, PokerStars and Full Tilt Poker. Each company has been subject to separate civil cases and they have stopped serving customers in the United States.

Back in April, it was reported that PokerStars was in negotiations to acquire online poker room Full Tilt Poker to try and resolve their legal troubles in the United States. Just last week, Ray Bitar, the chief executive of Full Tilt, was arrested after turning himself over to police. He faces new charges now which stem from the original charges. This case continues and will most likely continue for some time. We will continue to report the information on this case as it happens.

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