Howard Lederer Settles Out Of Court

Howard Lederer Settles Out of CourtFrom PokerNews,com 12/18/12

According to a Stipulation and Order of Settlement filed on Tuesday, former Full Tilt Poker board member Howard Lederer has settled his civil case with the Southern District New York.

Lederer was one of four Full Tilt Poker board of directors named in a September 2011 Amended Civil Complaint in which the Government sought the forfeiture of $42.5 million paid by the company to Lederer. The U.S. Attorney's Office alleged that Full Tilt Poker operated as a "massive Ponzi scheme," and claimed that the board defrauded the players out of more than $330 million.

In September of this year, Lederer and the other board members were named in a Second Amended Civil Complaint, introducing new forfeiture charges including the purchase of assets with “illegal proceeds.” The Second Amended Complaint gave a detailed account of Lederer’s expenditures from the end of 2006 up until September 2011, and provided records indicating that Lederer used illegal funds for retirement funds, mortgage payments, property taxes and to purchase numerous vehicles...

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