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Authorities charge Lederer for acquisition of properties through illegal means | 19th Sept 2012 : WorldCasinoYellowPages

Authorities charge Lederer for acquisition of properties through illegal means

... 19 September 2012

Howard Lederer - known as the Professor and his associate Chris Jesus Ferguson, a computer science doctorate played major roles for launch of Full Tilt. Its software has been developed by Ferguson and he along with Lederer allured the professional players to turn to Full Tilt. The winners of 2000 World Series of Poker Main Event, both these guys worked hard to make the website earn an envious position amongst the top internet gambling locations across the globe. Lederer persuaded Station Casino’s Fertitta Interactive to join hands with Full Tilt for operating an internet poker site in America that came under admonition as per Black Friday, ending the deal. Ferguson collected $42 million from Full Tilt out of the total share of over $85 million. 

Lederer has been put under prosecution by the U.S. Department of Justice through its 145-page report, submitted last week in the central court in New York City. The poker champion Howard Lederer and his wife Susan have been accused of owning seven residential houses that include six in Las Vegas, the city of dreams. In addition, they have been charged of possessing six latest automobiles and vacant land through the $44.3 million received by Lederer across four years which has since been linked with the charge in the context of the outdated Full Tilt Poker website. Lederer along with his associates is charged with cheating the website’s customers.    

During the past week, the officials of U.S. Department of Justice have initiated attachment of Lederer’s properties that include his two modern houses in Summerlin’s posh
Rideges area, acquired by him at a massive price. In fact, he is in a fix as his bank accounts and other properties may have to be forfeited by him as they have been acquired with dishonest means, says the DOJ. An amount of $674,000 was invested by Lederer in 2005 for a plot of 0.43 acres on Hawk Ridge Drive and subsequently he acquired 1.24 acres lot adjacent to Skybird Court in 2008 for a value of $1.095.

The Merlin Contracting website displayed Susan & Lederer’s testament last week, depicting the quality of their dream-house. As reported by the authorities, the Las Vegas-based top builder, i.e. Merlin Contracting & Developing received $10.5 million from Lederer during 2007 – 2010 for construction of a house on 8,892 sq ft in Hawk Ridge and one 4,598- square-foot guest-house on Skybird Court. This is not the end, the duo own a house at Sahara Avenue – adjacent to Buffalo Drive, a residential house in Queensridge and another single residential suite in south Summerlin too. Lederer’s spouse Susan holds a twenty-five percent possession rights in a house, situated in EI Dorado at the Northern California, say the authorities. They have reported that the poker champ invested $505,378 for a Southern Highlands’s 2,039 sq ft house which was disposed off by him in March against $1.52 million as per records at Clark County.

It has been reported that Lederer has cheated Full Tilt through misappropriation of its funds for his own expenses and retirement schemes. He has acquired six state-of-the-art automobiles; like 2012 Audi A8 L Quattro, a 2008 Audi A8L, a 2010 – 1965 Shelby Cobra, a 2009 Audi A8, a 2008 Audi Q7 and a 2008 Maserati GranTurismo.

The Professor - known by his pet name; Lederer has bagged two titles worth $1.6 million in his personal capacity at the WSOP with over $5.7 million poker contests during his profession. However the Black Friday operations have put him at the back-foot and during the two years’ period he has not been seen at the WSOP.

Raymond Bitar, the ex-CEO of Full Tilt was prosecuted for illegal internet poker activities under the Black Friday central clean-up operation. He preferred to give up to the government after fifteen months and has been imprisoned for life. He may have to forgo his two houses in Glendora, Calif; that includes the one situated at the place where is under house-arrest. The authorities are of the firm belief that the properties under their scan are the outcome of unlawful gambling trade.

The authorities at DOJ have termed Full Tilt as a colossal Ponzi system and charged its staff & proprietors of enriching themselves with the funds of the website. An agreement has been reached between the US Government and Full Tilt wherein the latter would reimburse $731 million to the US authorities during the coming three years to get it absolved out of the Black Friday accusations. The left-over properties of Full Tilt would be acquired by Poker Stars and an amount of $150 million out of the proceeds would be paid back to the customers of Full Tilt who reside in America. Credit of resolution of the unlawful case against Full Tilt goes to Poker Stars that has stood by it for the same.

It is not so easy for the authorities to make Lederer to part with his properties and automobiles. He would be available for the public through an interview via PokerNews.com after twenty months’ gap as he has something in his mind.

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