Bradley Franzen Pleads Guilty to Bank Fraud

At a Monday hearing in the U.S. District Court in Manhattan, accused payment-processor executive Bradley Franzen pleaded guilty to conspiracy to commit bank fraud, to accepting funds in connection with unlawful Internet gambling and conspiracy to commit money laundering, according to the Associated Press.

The 41-year-old Franzen, who had originally pleaded not guilty after turning himself into the FBI on April 18, has also signed a plea deal, agreeing to testify if necessary at any trial stemming from Black Friday.

The charges against Franzen carry a potential prison term of up to 30 years. However, according to the AP, the plea agreement states that prosecutors will recommend a lighter sentence at an August hearing if he cooperates fully. He will also forfeit an unspecified amount of money in fines.

Franzen was one of 11 individuals charged on April 15 by the United States Department of Justice. The AP reported that when Magistrate Judge Kevin Fox asked Franzen if he knew how much money was processed in the scheme as a result of his help, he responded: “It was millions of dollars, but I don’t know how much.”

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