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.
As part of this week's settlement, Lederer contends that Full Tilt Poker was a "legitimate business providing services to its customers within the bounds of the law, and that prior to April 15, 2011, he was unaware of any wrongful activity at Full Tilt including that the company had become unable to satisfy its player account liabilities." He also admits no wrong doing in the matter.
Lederer will forfeit funds in a Isle of Man-based bank account, properties in Las Vegas, and a 1965 Shelby Cobra roadster. He also agreed to the entry of a civil money-laundering penalty judgment in the amount of $1.25 million, all of which must be paid within three years.


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