United States Department of Justice Claims Howard Lederer, Chris Ferguson, Ray Bitar Defrauded Players of $440 Million. Note: This article has been updated to include additional information retrieved from Full Tilt Poker’s Insolvency As a Result of Paying Owners From Players Funds Its Inability to Collect Deposits from U.S. Players which can be obtained, starting on page 71, on the United States District Court’s Amended Complaint here. Howard Lederer On Tuesday morning the U.S. Department of Justice accused Full Tilt Poker’s board members Howard Lederer, Chris Ferguson, and Rafe Furst of working with CEO Ray Bitar to defraud poker players out of more than $440 million over the past four years.
After Tuesday’s amendments to April’s original indictment swept more names from the beleaguered site into the thick of legal trouble, Manhattan’s U.S. The government is also alleging that on Mar. 31 Full Tilt only had about $60 million in the bank while owing about $400 million globally, including $150 million to U.S. customers. Update 1:30 PST: Frank J. I have two simple questions: ‘How much and for how long?’ BREAKING: DOJ’s Civil Complaint Amended, Alleges FTP Stole Player Funds | Subject: Poker. Most recent update: 9/20 at 4:37 PM EDT. The US Department of Justice has amended its Black Friday civil complaint to include discussion of alleged “Full Tilt Poker’s and the FTP insider defendants’ theft of player funds.”
The new complaint adds three new defendants, Howard Lederer, Chris Ferguson, and Rafe Furst. It also alleges that these new defendents together with Ray Bitar committed money laundering, and asks for penalties ranging from $12M for Furst to $42M for Lederer. A memorandum summarizing the amendment says, The new complaint also contains detailed information about Full Tilt’s debt to players, stating that it was approximately $390 million on March 31, 2011, and is still over $300 million today. The new complaint also includes internal Full Tilt e-mails discussing the dire financial situation of Full Tilt after April 15th and attempts to hide the situation from players: It also alleges that the new defendants committed money laundering and asks for new penalties: William Hill (primary ipoker skin) utilises bots- crosspost. - Page 6 - Poker News - News, Views and Gossip.
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