Full Tilt’s Rafe Furst has settled with the United States Department of Justice for an undisclosed amount. He was accused last year for being involved in orchestrating the largest fraud in online poker history in connection with Full Tilt.
In addition to forfeiting funds held in a “trust account” in Switzerland tied to his Full Tilt investment proceeds, he will have to pay an additional $150,000. Prosecutors dropped the civil money laundering penalty of $11,706,323.96, which is the amount in distributions he supposedly received while with the company. The government said that Furst owned 2.6 percent of Tiltware LLC, a California firm which owned the entities related to the Full Tilt business.
The money received from Furst by the government receives would be added to the funds to be used to repay former American customers of Full Tilt, but since ample funds have already been provided by new owner PokerStars, it is highly likely those funds will go into government coffers.
Furst claimed he was unaware of any wrongful activity at the company, which included the alleged looting of player accounts. He settled without admitting to any wrongdoing in what the Department of Justice described as a “global Ponzi scheme.”
Furst is done with the lawsuit but co-defendants Lederer and Ferguson are still on the government’s radar and Bitar could also get a prison sentence as the head of the company.