Ferguson settles with US authorities
Former Tiltware board member agrees to forfeit funds associated with his involvement with Full Tilt Poker - agreement requires signature of judge.
Chris Ferguson, has become the third of the Tiltware board members named in 2011’s First Amended Civil Complaint to settle with United States authorities.
The former World Series of Poker champion was not the subject of any criminal charges associated with Black Friday, and he follows Howard Lederer and Rafe Furst in coming to an agreement with the Southern District of New York (SDNY).
According to court documents posted by former Full Tilt poker lawyer Ian J Imrich, Ferguson has agreed to forfeit funds listed in the First Amended Complaint as “Ferguson Account Funds”, as well as an additional US$2.35m within 30 days.
Ferguson, Furst, Lederer and former Full Tilt Poker CEO Ray Bitar were accused in the First Amended Complaint of paying themselves and other company owners distributions to the tune of “approximately $443,860,529.89.”
The Ferguson Account Funds are due to be held in a seized asset account due to an outstanding claim to said funds by Cardroom International.
Ferguson has also agreed “Not to work for, or derive money from, either directly or indirectly, any business offering unlawful internet gambling in the United States.” This includes online poker businesses, despite the court filing recognising that “Ferguson maintains that poker does not constitute gambling.”
While the settlement still requires approval from a district judge, Imrich noted via Twitter that “This Is expected by parties without modification in due course.” Judge Kimba M Wood, who is presiding over the case, has been provided with the settlement proposals by the SDNY.
Ferguson had filed a motion to dismiss jointly with Lederer in July last year, before presenting the motion on his own several months later following the former Full Tilt president’s settlement. Rafe Furst, who also sat on Tiltware’s board, had settled in November.
The US government had been granted an extension over the motion late last month, and the new settlement – providing it is approved by Judge Wood, will leave Bitar as the only one of Tiltware’s board with outstanding civil charges. Bitar is also awaiting a court date with regard to criminal charges, which he denies.