It has just been announced today that the claims made against former Full Tilt Poker Rafe Furst regarding the part he played in the Full Tilt scandal were settled. He has agreed to forfeit all funds in his trust account and pay a fine of around $150k, but has admitted to absolutely no wrong doing.
This settlement was agreed between himself and the US DOJ (Department Of Justice), with the result being that he would have to pay his fine and completely abandon any claims with respect to a trust account under his name which was used to receive his ownership disbursements.
This account was under the name of the “Telamonian Ajax Trust” with the DOJ claiming to know that this account was where his ownership disbursements were being paid into, the amount that was in this account has as of yet been unspecified.
On top of the seizure of that account, Furst has been ordered to pay a fine of $150k to the DOJ. That fine was required by the DOJ with regards to the civil complaint that had been filed against him for his part in the whole affair.
When the claims were originally made against Furst and the other three former directors of the parent company of the former FTP, Howard Lederer, Chris Ferguson and Ray Bitar, the DOJ were after forfeitures of up to $11.7m from Furst and $40 million from each of the other three.
Bitar Only Director Currently Facing Criminal Charges!
Out of the four it is only Bitar who actually facing criminal proceedings against him, with the DOJ strongly believing he was behind what they labeled a “ponzi” scheme on a major scale, where he was using other players money to pay money owed to other players. Whilst all of this was going and despite him knowing about the company having a massive shortfall of money, each of the owners was still receiving their disbursements.
Many may feel that Furst was let off a little lightly, yet it has been claimed that new evidence surfaced showing that Furst was more of a captive member on the board of FTP. This evidence was shown to display that he had very little say in the running or the company and didn’t even know about the financial difficulties that the company was having.
The money from his fine and trust fund seems to be headed straight to the coffers of the government, with PokerStars having already covered the losses of the former players when the acquired the assets of Full Tilt Poker.