Samuel McMaster gambles his way out of jail

Samuel McMaster Jr., a disgraced stockbroker from Albuquerque, New Mexico, is trying to win back his freedom at the poker table after being charged for 26 felony charges of securities fraud.

He was imprisoned for deceiving his clients to get money for playing poker and he made a deal with the New Mexico authorities which will allow him to stay out of prison if he is able to earn enough money from the poker tournaments to repay the 444,000 dollars which he stole from the 20 clients that he cheated. McMaster, aged 59, may win the tournaments and repay the money, but he will still have to go back in court and may be imprisoned for 12 years. Kelly O’Donnell, the superintendent of the New Mexico Regulation and Licensing Department, says that winning the money will not get him out of jail, but will ease his sentence. McMaster’s attorney, John Rhinehart, told the court that professional poker is his client’s only source of income since he is not allowed to deal with securities any more, so he asked New Mexico District Court Judge Ross Sanchez to allow him to try and win back his gambling debts by playing cards. McMaster may start gambling at the 2010 World Series of Poker Main Event and he will also be allowed to leave the state to play in tournaments.

McMaster will have to make monthly payments of 7,500 dollars according to the arrangements made with the New Mexico authorities. His sentencing will be delayed for six months while he is allowed to participate in tournaments and tries to win enough money to repay his payments. If he misses two payments during the six month period he will have to immediately face court charges and prison for 12 years. On the other hand, if he manages to raise the money before the deadline, he might actually change the judge’s final sentencing and it is up to the judge how much jail time he gets in the end.