Howard “The Professor” Vein and a player looked down at a completed board of 57K85. With about 6,000 already in the middle, Vein reached for chips and moved 5,000 forward. His opponent went into the ...
Howard Lederer Forfeits Millions As Part Of DOJ Civil Complaint Settlement
Lederer Gives Up Three Properties, Several Bank Accounts and a 1965 Shelby Cobra
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.
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