Chris Ferguson Reaches Settlement With US Government

Chris Ferguson Reaches Settlement With US GovernmentFor the last year and a half, former Full Tilt Poker owner Chris Ferguson has been in hot water with the U.S. government, who sought $42 million from him related to civil money laundering charges. Now, it appears Ferguson has finally reached a settlement with the United States Court Southern District of New York, with Ferguson’s attorney, Ian J. Imrich, Tweeting on Tuesday:
“Chris Ferguson reaches #iPoker civil forfeiture settlement with #SDNY and anticipates court approval soon.”
An important part of the settlement would seem to be that the 5 times WSOP bracelet winner doesn’t admit to any wrongdoing and as the agreement states: “This Stipulation and Order of Settlement shall in no way be deemed an admission of culpability, liability, or guilt on behalf of Ferguson.”
In return, Ferguson has agreed to forfeit all the undisclosed funds in the “Ferguson Account,” as well as a further $2.35 million that will go towards repaying US Full Tilt Poker customers still awaiting their funds. Finally, Chris Ferguson has agreed never to work for or derive money from any unlawful online gaming site in the U.S.A, while both parties have also agreed to pay their own costs and attorney fees.
Chris Ferguson’s dispute with the US government dates back to September, 2011. when the DoJ accused Full Tilt Poker of being a Ponzi scheme. After the latest settlement by Ferguson, Ray Bitar remains the only other former owner facing charges and after 1 week in jail is currently out on bail after posting a  $2.5 million bond. In the meantime, Rafe Furst reached a deal with the DoJ which included forfeiting a trust account along with paying a $150,000 penalty, while Howard Lederer gave up around $2.5 million in total assets to settle his case.

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