Joined: Apr '11
Location: Romania
Age: 58 (M)
Posts: 2432
Not content to keep out of the public eye and take his punishment from the US authorities, Howard Lederer has moved to contest the Black Friday charges brought against him by the DOJ.
In a three page document submitted to the US District Court of Southern New York by his attorneys, Howard challenged the $42.5 million claim against his personal assets.
Essentially, Howard doesn't feel he is liable to pay back $42.5 million, citing Judge Weinstein's verdict that poker does not constitute illegal gambling and, therefore, the proceeds cannot be classed as unlawful.
"Because the government has disclaimed any attempt to state a fraud claim against Lederer—either based on alleged bank fraud or a fraud against FTP's own customers — the in personam money laundering claim must be dismissed in its entirety, along with the First and Second in rem claims against Lederer's property."
The case hinges on a series of complex legal definitions and it will be the job of Judge Leonard B. Sand to decide whether or not Howard's appeal is justified or whether he is liable to forfeit a considerable portion of his personal wealth.
Joined: Mar '11
Location: Canada
Age: 44 (M)
Posts: 1490
The sad thing is, even if he is indicted, he can easily just hide many of his assets in offshore holdings etc, and likely only have to pay back a small portion of the money he stole. God bless the judicial system.
Joined: Jan '11
Location: United States
Age: 60 (M)
Posts: 3361
My personal opinion on this subject doesn't matter, but I believe if the DOJ wouldn't have stepped in eventually everything would have worked out. I mean there was a vicious cycle going on with players spending their money to play poker at Fulltilt. If anyone wanted to cashout there was no issues with them ever gettin their money. Then the DOJ steps in and stops the money cycle which puts people ina situation. I mean it's kind of like this! If all of a sudden people would stop buying gas it would put the large gas companies in over their head. Stop the cycle of money such as if everyone made an insurance clain to a private insurance company it would bankrupt that company. I just think all the players would still be playing, the money would be cycling and there'd never had been any issues if the DOJ wouldn't have stepped in. And, I could be playing poker at Fulltilt today.
