Chad Elie Sues Former Lawyer for Malpractice
April 13, 2013
A Las Vegas businessman, Chad Elie, who is currently serving a five-month prison sentence for third-party poker payment processing after being indicted on Black Friday, has filed a lawsuit against his former lawyer, Jeff Ifrah. Chad claims that his lawyer misled him on issues regarding the legalities of third-party poker processing. He further claims that Ifrah did not disclose to him a memorandum that was sent to him in 2010 by Akin Gump that detailed discussions between the firm and government lawyers in Manhattan. He says that the memorandum confirmed third-party poker processing as illegal. In his 20-page lawsuit, Chad claims that Ifrah kept this memorandum a secret as he wanted to continue pocketing the hefty commissions.
Elie retained Ifrah in 2009. At that time, Ifrah was working with Full Tilt Poker, a bank in Utah known as Sun First Bank, and Pokerstars. According to the complaint, Elie claims that he retained Ifrah to help him obtain information regarding the legalities of online poker and third-party financial processing. According to the lawsuit, Elie claims that Ifrah encouraged him to engage in the trade by introducing to him a number of banks that processed payments for the poker companies. In exchange to the services provided, Ifrah received huge financial benefits from Pokerstars, Full Tilt, and Elie. Such profits saw Elie become one of the highest-earning poker processors.
In April 2011, Elie was among the 11 individuals who were indicted as part of a crackdown on illegal poker processing. The crackdown also led to the shutting down of U.S. Full Tilt and Pokerstars websites. The feds termed Full Tilt as a ponzi scheme for the way it cut corners as it tried to go round the legal financial systems.
It is still a shame that unfortunately, many Americans who had invested their money in online gaming at Full Tilt have not been repaid to date.
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