December 20, 2012

Lederer settles with US DOJ

Howard Lederer, the former Full Tilt Poker director & Black Friday is reported to have come to an agreement with the US Attorney for the Southern District of New York in regards to a civil claim filed by the US DOJ.

Whilst agreeing to forfeit the unknown amount of certain bank accounts, vehicles & property, Lederer was not required to admit any wrongdoing.

In an amended civil complaint filed last September, the US Attorney quantified the liability of Lederer in the FTP issue as around $42.5 million.

The settlement agreement also requires Lederer to pay $1.25 million in additional funds, due over the next three years, along with the forfeiture of a vintage automobile, & the proceeds of the sale of two Las Vegas properties.

Also in the agreement from the US DOJ is that Lederer may not work for or take earnings from any internet gambling businesses in the United States until federal law makes the pastime legal, after which he is required to obtain prior authorisation from the appropriate government regulatory body.

Lederer is the second former FTP exec to reach a settlement with the US authoirities – in November Rafe Furst agreed to various forfeitures, but was not required to admit wrongdoing.

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