Lederer forfeits asssets, property and cars to settle DOJ case. Admits to no wrongdoing, and maintains he was unaware of any wrongdoing by the company prior to Black Friday.

Howard Lederer, former director and board member of Full Tilt Poker, has settled his civil complaint with the United States Department of Justice, agreeing to forfeit certain bank accounts and property but admitting no wrong-doing.

In the second amended civil complaint unsealed in September, 2012, the US Attorney for the Southern District of New York sought no less than $42.5m from Lederer for his role in allegedly defrauding Full Tilt customers.

The total amount from bank accounts forfeited is unknown, but includes a Lloyds account in the Isle of Man and a 401k account in Lederer’s name held at LPL Financial. He also agrees to pay $1.25m in additional funds, due over the next three years.

He also forfeits a vintage automobile, a Las Vegas property, proceeds from the prior sale of another Las Vegas property, and at least $440k following the sale of a Twin Palms property.

The settlement should “in no way be deemed an admission of culpability, liability, or guilt on behalf of Lederer.”

In particular, Lederer maintains that Full Tilt Poker “was a legitimate business providing services to its customers within the bounds of the law,” and that, prior April 15, 2011, he was unaware of any wrongful activity, “including that the company had become unable to satisfy its player account liabilities.”

Lederer also agrees not to work for or derive any money from internet gambling businesses in the United States, until “a change in applicable law takes place making the offering of such gambling lawful in the United States and Lederer … obtains appropriate authorization from all relevant governmental regulatory.”

Co-defendant Rafe Furst settled four weeks ago, similarly forfeiting certain assets and admitting to no wrongdoing.

Chris Ferguson and Ray Bitar’s cases are still pending.