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Lederer Settles and Elie Sentenced

By , Rakeback.com Poker News Editor

We've always known that Howard Lederer would never spend a day in jail for his involvement with Full Tilt Poker. For many months, however, the US Department of Justice (DOJ) has had an outstanding civil suit against him.

Earlier this week, Lederer settled with the DOJ. He agreed to forfeit the contents of a few bank accounts, $1.25 million in cash over 3 years, 2 properties, the proceeds of another property sale, and a vintage Shelby automobile.

The settlement, legally, does not operate as any admission of guilt.

Lederer's net worth has obviously been negatively impacted, but it is yet to be seen whether or not the damages will affect his lifestyle.

Several days later, payment processor Chad Elie was sentenced to 5 months in a maximum security prison.

There is a stark contrast between Lederer, a member of the board of directors of a company which operated like a Ponzi scheme, and Elie, who processed payments at the request of both the sending and receiving parties.

Does it make sense that Lederer can return to his high-stakes poker games while Elie spends months in prison alongside rapists and murderers? We imagine most people would answer a resounding "no". Unfortunately, however, that seems like the reality of the situation.


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