A co-founder of PokerStars, father of the island’s richest man, has travelled to the United States to face charges of gambling, bank fraud and money laundering first filed in 2011.

It has been reported that Isai Scheinberg, 73, flew to New York from Switzerland after the US authorities began extradition proceedings against him.

He has been released on one million dollars bail and has agreed to remain in the US until the case is heard.

An article in business magazine Forbes suggests Mr Scheinberg travelled to the US from Switzerland voluntarily, to face charges against him after federal prosecutors launched the extradition proceedings.

He has pleaded not guilty in a hearing in Manhattan, and as well as the bail fee, he has reportedly also surrendered his passport.

It all relates to what became known as ’Black Friday’ in April, 2011 when the United States Department of Justice (DOJ) handed out indictments to individuals, directly impacting the biggest online poker sites in the world such as PokerStars, Full Tilt Poker, Ultimate Bet, and Absolute Poker along with 11 other gaming site and payment processing executives.

According to Forbes, Mr Scheinberg, an Israeli-Canadian who spent years living in Canada and in the Isle of Man, has for two decades steered clear of American soil, especially since U.S. federal prosecutors indicted him on gambling, bank fraud and money laundering charges in 2011.

His sudden appearance in New York is reported to be the end game of a corporate and legal drama involving billions of dollars.

A few months ago, federal prosecutors launched extradition proceedings during a visit Mr Scheinberg made to Switzerland.

Mr Scheinberg is said to have initially contested the extradition effort, but it is suggested he later decided to voluntarily travel to the U.S. to face the charges.

In a hearing conducted in Manhattan’s federal court, Scheinberg pleaded not guilty and was released on one million dollars bail.

Forbes magazine said a representative for Scheinberg declined to comment.

The original indictments, which led to the shut-down of UK-facing sites such as Pokerstars and Full Tilt Poker were unsealed on April 15, 2011, a day that became known as ’Black Friday’ by the poker community.

Ten other men were also charged, all of whom had pleaded guilty since to charges relating from slap-on-the-wrist misdemeanours to felonies, it was reported.

Isai Scheinberg is the father of Pokerstars co-founder Mark Scheinberg, who according to the Sunday Times Rich List, is the richest person living in the Isle of Man.

The 2019 edition of the Rich List reported that Mark Scheinberg maintains his status as the richest person in the island despite seeing his wealth fall for a second successive year.

The Rich List reported the Isle of Man resident, 45, co-founded PokerStars with his father, Isai, and built it into the world’s biggest online poker company, before selling it in 2014 for £3.3 billion.

The 2019 edition of the Rich List reported his wealth was now said to be £3.544bn, down £12 million on the previous year.