$6.27 Million Forfeited by Online Poker Processor

Texas company claims it was duped into performing online poker transactions

A report emerged this week regarding the case of Texas payment processing company LST Financial Inc that the records of a Manhattan federal court show that the company has agreed to forfeit $6,27 million in a settlement with federal prosecutors.

The company based in San Antonio reportedly admitted no offense, but rather claimed it was duped into processing players’ payments to PokerStars, Full Tilt and Absolute Poker.

Thereby, according to the settlement, a North Carolina bank will get $212,000 from the funds forfeited by LST as compensation for losses incurred when it too was misled into assisting LST in illegal conduct; also, in it the company and its management promise quot;not to knowingly provide, either directly or indirectly, payment processing services for Internet gambling, including Internet poker.quot;

In return, the federal authorities will return to LST an amount of money frozen by enforcement authorities pursuing the case and not associated with illegal activity.