US DoJ and Former FTP Shareholder Reach Settlement

Responding to the US Department of Justice's second civil claim amendment in which he was named as one of the beneficiaries from the disbursement of $11.7 million in shareholder payments paid partially from player deposits, former FullTilt Poker (FTP) shareholder Rafe Furst managed to reach a settlement with the authorities. Others named in the amendment included former FTP chief executive officer Ray Bitar, Howard Lederer and Chris Ferguson. According to court documents filed this week, in the terms of the settlement Furst admits no wrongdoing, agrees to forfeit all funds without admitting liability in the civil action named Trust Account, pays a civil forfeiture amount of $ 150 000 in "additional funds" and puts on record he was unaware of any wrongful activity undertaken by FTP or that the company could not cover its player account liabilities. Once all this is completed, the settlement states, the civil case against him will be dropped with prejudice and he has no further claim or right to appeal. Finally, the settlement requires Furst not to engage in any kind with internet gambling business in the U.S. including internet poker until those businesses are deemed legal by the U.S. authorities and laws. As for the forfeited funds, it was specified that they will be added to the remission fund for U.S. Full Tilt players' refund program.