Lederer’s Vegas Mansion May Be Portion of Embezzled FTP Funds

Lederer’s Vegas Mansion May Be Portion of Embezzled FTP Funds September 13, 2012 September 13, 2012 Tim Glocks https://www.poker-online.com/author/tim
Posted on  Sep 13, 2012 | Updated on  Sep 13, 2012 by Tim Glocks

Full Tilt Poker was once a reputed casino that is known for its large payouts, popular online poker tournaments and good player traffic. However, after the Black Friday events which saw the FTP site close down and it was discovered that the top management of the Full Tilt Poker site was embezzling player funds and using bank fraud to cover up their shady dealings, the entire operation and reputation of the Full Tilt Poker brand collapsed.

It was only when PokerStars, a poker enterprise with a strong foundation and capital backing, decided to purchase Full Tilt Poker that the site began to have a future.

It is now expected that the Full Tilt Poker site will be back to normal taking in player traffic and paying back its existing players within a couple of months. Howard Lederer, one of the biggest names associated with the Full Tilt Poker brand, has been accused of embezzling and bank fraud and is suspected to be responsible for misdirecting a large portion of the player’s missing money.

The authorities suspect that around 42. 5 million USD that has gone missing in the embezzled funds can be traced to Howard Lederer. They claim that this amount of assets is in traceable funds. One of these assets is supposedly the home of the poker player which has been estimated to be worth $10.5 million. Lederer’s home is located in Nevada, Las Vegas and stands the possibility of being seized. It has also been reported that Lederer owns 7 properties.

Existing Full Tilt Poker players and the poker player community is likely to be pleased with the thought of Howard Lederer having to pay for his crimes of embezzling Full Tilt Poker funds. However, considering the large amount of funds that has gone missing and keeping in mind exactly how long the online poker room has been thriving since the issuance of the UIGEA, it is quite likely that there are far more people involved than is now clear. The possibility that Howard Lederer was singularly responsible or was the most responsible person in this ordeal is quite unlikely.

It now remains to be seen whether the property of Howard Lederer will be seized to pay off the debt and if that will be used to satisfy the poker community’s need for justice. Meanwhile, the FTP site appears to be doing well and it is quite likely that poker players who wish to have a good online gaming experience by playing their favourite online poker games are likely to enjoy this casino once more.

Tim GlocksAuthor

Tim Glocks is a retired professor, he currently contributes to Poker-Online.com. Tim enjoys playing poker and has taken it up as a hobby since his retirement. He has taken part in many online tournaments and has become a veteran in a short space of time. Visit Tim’s google + page here