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Copyright © 2016. All Rights Reserved. Poker History. Editor: Erik Smith.

DOJ TARGETS FULL TILT FOUNDERS ASSETS

The second amended complaint in civil cases was brought about by the United States Department of Justice against Full Tilt executives reveals a detailed list of extensive property for two executives such as Raymond Bitar and Howard Lederer, who tried to do what the DOJ says is fraudulent cash disbursements from the website.

Lederer has paid for expensive homes and vehicles with funds that are transmitted directly from Full Tilt banking accounts to others that are under personal control.

The most recent court documents do not show a similar list of personal property for other two Full Tilt civil defendants who are Chris “Jesus” Ferguson and Rafael “Rafe” Furst, in a case that is part of “Black Friday” online poker-related indictments.

The property belongs to Lederer and also includes some assets that are co-owned by his wife, Susan. She is alleged by the DOJ to be eligible for forfeiture due to the assets that are being financed either wholly or in part by funds that are moved through Wells Fargo bank account that is controlled by Lederer.

The bank account that is under the name of HH Lederer Consulting LLC, has recieved more than $44.3 million in disbursements between the years 2006 and 2011 from Full Tilt entities, the majority primarily from Full Tilt company Pocket Kings, Ltd.

Lederer has built a luxury home in the Summerlin Village of metro Las Vegas on the property that he purchased in the year 2005, which cost around 674,000. The construction of the luxury home and other guest houses began in the year 2007 and has totaled more than $10 million in construction costs when it is completed according to the latest filings.

Many other Lederer properties have also been targeted such as a home Enterprise in the southwest of the Strip, a property in the Lakes / Country Club neighborhood of West Sahara, a Desert Hills property on Las Vegas’ western edge, another property that is situated near the TPC Las Vegas golf course, and a rural property south of Placerville, CA which is owned by members of Susan Lederer’s family.

Several high-end automobiles owned by the Lederers have also been funded through the same accounts and receive Full Tilt transfers. Though some of the cars are traded in on later models, the list of vehicles included a 2008 Maserati Gran Turismo, a 2010 “1965” Shelby re-creation, and four different upscale Audis with values as high as $156,000.

Some of the cars have been in turn traded on later models and several hundreds and thousands of dolalrs have been moved into a 401K retirement account that is maintained by Howard Lederer. Assets of Ray Bitar are listed in a similar manner and are the target of seizure by the Department of Justice. Among those are the two homes present in Glendora, CA which is approximately $500,000 each and a gas station in Fontana, CA which is constructed via cash transfers and loans totally $3.5 million. Other Bitar assets may also be targets for seizure efforts.

There amended complaint asks for sizable judgments to be entered against Lederer, Bitar, Furguson and Furst which is equivalent to the amount of cash that is present in disbursements.

Source: Pokerfuse