Sep 21 2011

DOJ names Lederer and Ferguson as Full Tilt owners

written by: Steve under News Comments: Comments Off

The poker world has long suspected that many of the poker pros on Team Full Tilt poker were shareholders in the company, and after yesterday’s bombshell dropped by the US Attorney for the Southern District of New York, Preet Bahrara, there is little doubt as to the involvement of some of poker’s biggest names in regards to the inner workings of Full Tilt Poker.

Officially named in an amendment to the civil cause that was unsealed on Black Friday were Howard Lederer, Chris Ferguson, and Rafe Furst. Another owner/player that was referred to only as “Player Owner 1” in the amendment is almost assuredly Phil Ivey based on the payment amounts and evidence of millions of dollars in loans, some of which remain unpaid –a story first broken by the website Subject: Poker.

It seems that Furst, Lederer, Ferguson and Ray Bitar were named based on their role with the company (sitting on the board of directors) while Ivey and other owners –the DOJ claimed Full Tilt poker had over 20 shareholders—were not named, possibly because they had very little control/knowledge of the day-to-day operations of the site.

According to the DOJ Lederer owns 8.6%, Bitar 7.8%, Furst 2.6%, and Ferguson 19.2%. A possible reason for Ferguson owning nearly 20% of the company likely stems from his having a major hand in developing the software –as well as being one of the very first investors. “Player Owner 1” received similar compensation to both Lederer and Bitar, (in the $40 million ballpark) so it would seem that this person (possibly Phil Ivey) owned in the neighborhood of 8% of Full Tilt Poker.

While the new charges are only being sought in the civil case –not the criminal case—yesterday’s news does not bode well for the three named players, or for Full Tilt Poker.

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