Lederer Gives Up Three Properties, Several Bank Accounts and a 1965 Shelby Cobra

[DRK Star]

http://www.cardplayer.com/poker-news...int-settlement




Howard Lederer Forfeits Millions As Part Of DOJ Civil Complaint Settlement
Lederer Gives Up Three Properties, Several Bank Accounts and a 1965 Shelby Cobra
by Julio Rodriguez | Published: Dec 19, 2012


Just weeks after Rafe Furst settled with the U.S. Department of Justice, fellow former Full Tilt board member Howard Lederer has done the same.

In exchange for the opportunity to admit to no wrongdoing in the civil complaint that stemmed from Black Friday, Lederer will forfeit more than $1.25 million and several pieces of real estate property and vehicles.

Lederer, who along with Furst, Chris Ferguson and Ray Bitar, founded Full Tilt Poker, also agreed to not work for any online gambling site until the U.S. has legalized and regulated the industry.

The U.S. Attorney for the Southern District of New York originally sought a total of $42.5 million from Lederer in the civil complaint, but Lederer was able to negotiate a much smaller figure in the settlement.

In addition to a 401k account in his name and a Lloyds offshore bank account in the Isle of Man, Lederer will also pay $1.25 million in funds over the next three years. He was also forced to forfeit his 1965 Shelby Cobra Roadster, a Las Vegas real estate property, as well as the proceeds from the sale of two other homes.

[Smotorious]

You're a foul one, Mr. Grinch.
You're a nasty, wasty skunk.
Your heart is full of unwashed socks
Your soul is full of gunk.
Mr. Grinch.

[Deal]

The Diamond Flush "cliffs":

http://diamondflushpoker.com/2012/12...sion-and-more/

[SrslySirius]

I just can't read anything DF writes anymore. That Lederer Files series was such a disaster.

Thanks for cliffs.

[SpewArtist]

I assume this means no time for Howard?

[BeerAndPoker]

[simpdog]

so probably ~8-10 mill to get out of this? Pretty cheap IMO for what he was a part of.

[Rob999]

He still has to wake up next to this.....http://cache4.asset-cache.net/xc/106...0A760B0D811297

[NaturalBornHustler]

He still has to wake up next to this.....http://cache4.asset-cache.net/xc/106...0A760B0D811297

Linky no worky.

[cmoney]

and they say crime doesnt pay...

[Deal]

He still has to wake up next to this.....

Won't be satisfying until he has to wake up next to this:

[DRK Star]

Im a bit whacky right now from an exploded L5 disc, but I got the impression that he was "remorseful" during his cheesy interview. If so, why isnt more money being reported that would go to the pool to return to players who got screwed?

I would think that if he cared more, he would have ensured that the public knows that he is returning funds to go toward the players, however, this isnt part of the settlement.

shady?

[Hockey Guy]

Im a bit whacky right now from an exploded L5 disc, but I got the impression that he was "remorseful" during his cheesy interview. If so, why isnt more money being reported that would go to the pool to return to players who got screwed?

I would think that if he cared more, he would have ensured that the public knows that he is returning funds to go toward the players, however, this isnt part of the settlement.

shady?

You must have missed the end of the interview where he stated that he didn't feel any of the owners owed anything since the deal with Pokerstars & the DOJ ensured all affected players would be paid. Apparently he feels they should get to keep all the disbursement money even though it was actually player funds because he worked so hard to get the deal done.

[Sandwich]

He still has to wake up next to this....

(2007 pic)

[GambleBotsChafedPenis]

He still has to wake up next to this.....

Won't be satisfying until he has to wake up next to this:

Ditto...

[TheXFactor]

Crime Pays...especially when your dealing with the U.S. government.

[Yiddishdonk]

He still has to wake up next to this....

(2007 pic)

lol so fair, there is a god after all lol ...

such a fail, OMG now thats an ugly cow.

[OSA]

This is peanuts compared to the HSBC thing

[TheXFactor]

http://docs.justia.com/cases/federal...64/377900/295/

So Howard Lederer admits no wrongdoing, pays only $2.5 million out of $42.5 million that he stole from FTP???

Does paying that settle all legal action against him?

I'm sure now the poker world will welcome Howard back with open arms.

[DJ_Chaps]

All disbursements were from player funds?

I didn't know FTP was a company that lost money.



Don't like the settlement? Blame the DOJ, not Howard.

You must have missed the end of the interview where he stated that he didn't feel any of the owners owed anything since the deal with Pokerstars & the DOJ ensured all affected players would be paid. Apparently he feels they should get to keep all the disbursement money even though it was actually player funds because he worked so hard to get the deal done.

Like the US gov is gonna let players get paid out twice, get real.