11 Aug 10

Financial Scam Artist Plays Poker to Repay His Victims

Former stockbroker Samuel McMaster Jr. has recently struck a deal with the New Mexico authorities to repay the money he took from his more than 20 fraud victims. In order to do so, he will resort to his only source of income - poker.

Samuel McMaster Jr. is a former stockbroker from New Mexico. He admitted to 26 felony charges of security fraud for which he is facing up to 12 years in prison.

However, the prosecutor has agreed to a deal which will allow McMaster to possibly reduce or even cancel the sentence if he is able to earn money to repay the $444,000 he took from his more than 20 victims.

Playing poker to avoid jail

His sentencing has now been delayed for six months, during which time he will be required to make restitution payments of $7,500 a month. If he misses two payments during this period, he will face up to 12 years in prison.

Due to being banned from the securities business, McMaster's only source of income is professional poker. As such, the New Mexico District Court Judge Ross Sanchez has allowed him to leave the state to play in poker tournaments.

If McMaster successfully makes the restitution payments by playing poker, it could reduce the jail time he will ultimately be given by the judge after the six-month period. The prosecutor Phyllis Bowman commented how the conditions of this deal had nothing to do with McMaster's profession, but were more a matter of security. According to Bowman, he is not considered to be a violent threat to the society.