Exchanged cash for chips: Israeli poker star accused of money laundering in Los Angeles

Israeli Gal Yifrach (35), winner of the 2018 World Series of Poker bracelet, was arrested and charged in Los Angeles with money laundering and operating illegal virtual gambling. This was reported by the American network CBS. The indictment also mentions Israeli Nick Shkolnik (39), who is charged with similar offenses, and Israelis Shalom Yifrach (32) and Schneur Zalman Getzel Rosenfeld (33), who are charged with money laundering.

Gal Yifrach is a player in the "Live at the Bike" poker games and was arrested along with the others last Wednesday. According to the report, his detention was extended until his trial, as was the detention of Shalom Yifrach. The American network noted that Shkolnik and Rosenfeld were released under restrictive conditions.

According to the US Attorney's Office in California, they operated an illegal gambling business together with Yosef Yitzhak Bashari, who has been indicted in other US districts. It was further stated that they conducted their business in the Sacramento area, where they operated slot machines, and according to the indictment, laundered the proceeds by exchanging cash for chips or checks from the "Bell Gardens Casino."

The prosecutor's office said that those involved in the case deposited cash in several separate deposits at different banks, in amounts not exceeding $10,000, to avoid the requirement to report the transactions. The indictment further reveals that Gal Yifrach used some of the funds to invest in real estate in Los Angeles.

If convicted, Gal Yifrach and Shkolnik each face a maximum sentence of five years in prison and a $250,000 fine for operating an illegal gambling business. Gal Yifrach, Shalom Yifrach, and Rosenfeld each also face a maximum sentence of 20 years in prison and a $500,000 fine. In addition, the indictment seeks to forfeit their assets totaling more than $500,000 and three real estate properties in Los Angeles.