Howard Lederer Settles Black Friday Civil Lawsuit

Former Full Tilt Director settles Black Friday complaint with the United States Attorney's Office of the Southern District of New York.
2592 20th December, 2012 The Full Tilt Saga
Howard Lederer Settles Black Friday Civil Lawsuit

Howard Lederer has agreed to settle his civil lawsuit with the United States Attorney’s Office. The former director and board member of Full Tilt Poker forfeited an undisclosed sum of money and properties without admitting any wrongdoing during the operation of Full Tilt.

The settlement continues a long saga for the embattled Full Tilt board member who faced serious criminal charges and major civil lawsuits. A complaint filed in September claimed that Lederer transferred over $42 million of illicitly obtained funds to his personal bank accounts between 2006 and 2011. The complaint also argued that there was "probable cause for forfeiture" because the assets were traceable to money laundering, fraudulent activity, and illegal gambling revenue offenses. The United States Attorney’s Office has traced the large deposits to Pocket Kings Consulting and HH Lederer Consulting. 

According to sources, Lederer relinquished a vintage automobile, a Lloyds account in the Isle of Man, a 401k account at LPL Financial, a Las Vegas property, and proceeds from the sales of a Las Vegas and a Twin Palms property. Lederer also agreed to pay an additional $1.25 million to the United States Attorney’s Office over the next three years. The terms of the settlement also stipulate that Lederer will not be able to produce revenue from any gambling business without the permission of the United States government

Despite the settlement, Lederer maintains his innocence and claims that Full Tilt Poker "was a legitimate business providing services to its customers within the bounds of the law." He is the second FTP shareholder to settle with the United States Attorney’s Office after Rafe Furst recently struck a deal with the government. The fates of Chris Ferguson and former chief executive Ray Bitar are pending and will most likely come to a similar settlement.

 

 

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Wootae Min

Wootae Min

Wootae Min has been a live and online professional poker player for the past few years...

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