NEW YORK, New York -- As reported by Bloomberg: "PartyGaming Plc's founder and former director, Anurag Dikshit, pleaded guilty to illegal Internet gambling and agreed to cooperate with the U.S. Justice Department in an investigation of the Web-based gaming company.
"Dikshit, 37, the biggest shareholder of Gibraltar-based PartyGaming, entered the plea to one count of online gambling in violation of the Wire Act today and agreed to forfeit $300 million.
"'I came to believe it was in fact illegal under U.S. law,' Dikshit told U.S. District Judge Jed Rakoff in New York, referring to PartyGaming's activity. 'I have taken full responsibility for my actions.'
"The maximum penalty for the gambling offense is two years in prison and a year's supervised release. Rakoff set a sentencing date of two years from today, allowing Dikshit to remain free on a $50 million personal-recognizance bond.
"The native of India and resident of Gibralter and the U.K. previously paid $100 million and will pay another $100 million in three months, lawyers for both sides said. The final installment is due next September.
"The company probably won't plead guilty as a result of talks with the Justice Department, it said in a statement earlier today. Federal authorities are examining the company's past activities in the U.S., where offshore Web gaming is illegal..."