Ferguson Forfeits Additional $2.5mm to Settle with Feds
Former World Series of Poker champion Chris Ferguson, whose career has been derailed for almost three years following the U.S. government’s crackdown on Internet poker, has settled with federal prosecutors.
According to court documents, Ferguson agreed to forfeit millions of dollars he earned as a founder and principal in Full Tilt Poker, one of three online gambling businesses whose access to American customers was cut off in April 2011 following a slew of criminal indictments.
The eight-page settlement was signed by Ferguson and his attorneys and federal prosecutors on Tuesday. U.S. District Judge Kimba Wood of New York City approved the agreement Thursday.
The case stems from a civil lawsuit filed by the U.S. Justice Department in September 2011, which alleged Ferguson, fellow poker player Howard Lederer and other Full Tilt owners defrauded online customers out of $443.8 million.
Government prosecutors labeled Full Tilt Poker nothing more than a giant Ponzi scheme. The website’s owners and operators were accused of diverting funds from gamblers into their own pockets.
