(Bloomberg) -- The founder of PokerStars admitted Wednesday to running an illegal online gambling business, nine years after he and other online poker executives were indicted by prosecutors in New York.

Isai Scheinberg and 10 other principals at three online gambling companies were charged by federal prosecutors in New York in March 2011 with bank fraud, money laundering and illegal gambling. The other executives have all pleaded guilty and been sentenced. PokerStars agreed in 2012 to pay $731 million to settle the charges with the Justice Department, without admitting wrongdoing.

Scheinberg, 73, a dual Canadian and Israeli national, was arrested in Switzerland in June 2019 and was brought to the U.S. in January after dropping an extradition challenge. He faces as long as five years in prison at sentencing, which has yet to be set.

Read More: Poker Websites Agree to Settle U.S. Money-Laundering Probe

(Updates with background on case in second paragraph.)

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