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December 17, 2008 2:54 PM

Mark Pomerantz is a Busy Man

Posted by Zach Lowe

No wonder Paul, Weiss, Rifkind, Wharton & Garrison partner Mark Pomerantz has been hard to track down these days. A federal judge appointed Pomerantz as receiver for Dreier LLP, the New York-based law firm that filed for bankruptcy Tuesday, two weeks after the stunning arrest of sole equity partner Marc Dreier.

But he's also been carefully guiding one of the world's richest men toward a guilty plea and a $300 million settlement in a Justice Department probe of Internet gambling, Bloomberg reports.

The man in question is Anurag Dikshit, 37, a resident of Gibraltar, home base of the gambling Web site PartyGaming. The site made billions after its founding in 1997, based largely on revenue generated from U.S. customers before Congress essentially banned offshore Internet gambling in 2006. Dikshit created PartyGaming's main software and became the 207th richest person on Planet Earth in 2006, the year after PartyGaming's IPO, Bloomberg says.

But federal prosecutors have since investigated PartyGaming's operations, and the company is expected to settle with the DOJ soon. Dikshit, meanwhile, pleaded guilty to one count of online gambling and faces two years in prison when he is sentenced in two years. He has agreed to cooperate with investigators and fork over $300 million in three installments.

Pomerantz did not return messages seeking comment on the settlement.

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