Howard Lederer is no doubt one of the most hated men in the poker world – and for good reason. Along with several other former Full Tilt Poker bosses, Lederer pillaged millions of dollars from player accounts and was a huge reason why FTP couldn’t pay back its members post-Black Friday. So if you couldn’t stand “The Professor” now, you’re really going to hate him after hearing where the money went.
According to an amended civil suit brought by the US Department of Justice, Lederer spent much of the $44 million he allegedly had access to on exotic cars and multi-million dollar properties. So those who’ve been waiting on their $10,000 bankroll can take comfort in knowing that their money went to a good cause.
Getting further into the details on Lederer’s purchases, he bought the following cars over the past few years: 2008 Maserati GranTurismo, 2008 Audi Q7, 2009 Audi A8, 2012 Audi A8-L and a 1965 Shelby Cobra. Being the bargain hunter that he is, Lederer traded in the Maserati when buying the 2012 Audi and made several expensive repairs to the Shelby Cobra.
As for his properties, the once-reputable poker pro paid $3 million to the Merlin Contracting & Development company to build his primary residence. Lederer gave another $7 million to various companies for additional work and upgrades to the Las Vegas mansion. As if this isn’t enough, he also owned six other pieces of pricey real estate.
Taking all of the ill-gotten assets into account, it’s no wonder why the US Department of Justice is seeking $42.5 million in retribution in their civil suit. Based on this high amount, it seems likely that Lederer would be cleaned out if he loses the civil suit. Other Full Tilt figures who might be paying up include Chris Ferguson ($42 million), Ray Bitar ($41m) and Rafael Furst ($12m).