Full Tilt Poker Executive Director Accused in Ponzi Scheme Settles With DOJ
Rafe Furst, one of three individuals accused of orchestrating an elaborate ponzi scheme while on the Board of Directors of Full Tilt Poker, has settled with US law enforcement and will now surrender his Swiss bank account and pay a $150,000 fine.
In return the US Government has dropped the civil money laundering penalty of $11,706,323.96. A portion of those funds are contained within the Swiss bank account.
Furst was still on the company’s Board of Directors when it went insolvent with over $300 million in customer funds still owed after more than a year-and-a-half period. The Stanford grad settled but did not admit to any wrongdoing.
Furst was named in the civil complaint along with more well known poker pros Chris Ferguson and Howard Lederer. Both men could end up paying millions of dollars in fines.
- Ace King, Gambling911.com
