Lederer Settles Civil Case

Lederer Settles Civil Case

Thursday, 20 December 2012

Former Full Tilt board member Howard Lederer has settled his civil case with the Southern District of New York. Lederer, who has not admitted to any wrongdoing, has agreed to hand over assets totalling $2.5m.

Under the terms of the deal, Lederer has agreed to forfeit two bank accounts of unknown value, a 1965 Shelby Cobra roadster, two Las Vegas properties with a combined value of approximately $975,000 and an extra $30,000 traceable to the sale of another Las Vegas property. Lederer will also pay a money laundering penalty of $1.25m.

The US federal government had been seeking $42.5 million in forfeitures from Lederer according to a civil suit unsealed in September.

Fellow Black Friday accused Rafe Furst reached a similar agreement with US authorities earlier this month.

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Tags: Howard Lederer, Black Friday