Online Poker & Lederrers Assets under Scrutiny

Posted:October 2012

Feds from the Department of Justice (DoJ) are currently looking at poker legend Howard Lederer's assets with suspicion of wrong doing. He owns no less than seven homes, and after all how may homes does one person need? Lederer is one of the former owners of Full Tilt Poker (FTP) and this probably goes a long way to explaining the interest. He is also in trouble with the DoJ and not allowed to have anything to do with the re-launch of FTP in November, through PokerStars.

He owns two properties in The Ridges – Summerlin, and it these that the government wants to appropriate. The main house is on Hawk Ridge Drive – this is a 0.43 acre lot on; the guesthouse is larger, and situated on a 1.24 acre Skybird Court lot. Both of these properties are custom-built, worth multi-millions, as well as being extremely exclusive.

He is a well-known poker pro, as well as being involved in the FTP fiasco as a co-founder. Six of his homes are situated in Las Vegas and apparently this is an issue as just last week, the feds took steps to sequester the real estate.

A one-hundred and forty-five page complaint was filed in the NYC federal court last week; it states that both Lederer and wife Susan purchased these homes with funds received from FTP over a four-year period. There is also vacant land and six luxury vehicles mentioned in the complaint, as well as the fact that the $44.3 million received, was directly linked to criminal conduct. Reportedly, this is only a very small portion of an amount of $443.8 million that Lederer and others have been accused of stealing from online poker playing customers of what was one of the largest online poker sites around.

Lederer has not been criminally charged; neither has Chris "Jesus" Ferguson, who also allegedly coined over $85 million from FTP. Ray Bitar on the other hand is facing life in prison, and has been indicted. He is the former Chief Executive Officer of FTP. His properties have been seized.

 
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