The US Department of Justice has launched another civil claim against former Full Tilt Poker (FTP) Directors & owners, seeking forfeiture of some $137 million in assets which it claims were acquired through the use of funds from an illegal business (Full Tilt Poker)
Former CEO Ray Bitar (now back in the US awaiting trial), along with Howard Lederer, Chris Ferguson & Rafe Furst are named in the latest litigation, each are alleged to be the beneficiaries of tens of millions of dollars paid out in distributions by FTP.
The feds are using various statutes including the Illegal Gambling Act, the Wire Act & even the Travel Act to argue that the distributions constituted money flowing from an illegal enterprise & should therefore be seized.
Offences alleged include illegal online gambling, money laundering, bank fraud, travel, wire fraud & racketeering.
The addition of the Travel Act is especially interesting & is justified on grounds that the Act prohibits the use of interstate & foreign travel & transportation in aid of racketeering enterprises.
The Act also forbids the distribution of the proceeds of unlawful activity, as well as any act to promote, manage, establish, carry on or facilitate any aspect of the unlawful activity.
The DOJ have even divided up the total that each defendant should be forfeited:
Ray Bitar – $40.8 million
Rafe Furst – $11.7 million
Chris Ferguson – $42 million
Howard Lederer – $42.5 million
Court documents show that the authorities have carried out detailed research in attempting to establish where the money went over the four-and-a-half years prior to Black Friday, when the Department of Justice shut down Full Tilt.
Lederer is alleged to have used the Full Tilt money to fund his own personal accounts, along with buying some very expesive top-of-the-range luxury motors. Lederer also had the presence of mind to invest in his old age with some pension funds, buy upmarket properties & pay off various mortgages.
Bitar appears to have also been interested in property, with court documents listing two luxury homes & other investments.
The DoJ action also requests that their legal costs be carried by the defendants.
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