Former Full Tilt Poker board member Chris “Jesus” Ferguson has reached a settlement with the U.S. government according to his lawyer Ian J. Imrich.
The settlement will see Ferguson pay back at least $2.3 million along with all the cash in an account simply referred to as the “Ferguson Account.” At one point the U.S. government was seeking $42 million from Ferguson.
Imrich has posted the entire settlement on jdsupra.com but here are some of the highlights:
- Ferguson’s funds will contribute to getting U.S. Full Tilt players paid back.
- He admits no wrongdoing and contends that he was unaware of any wrongful activity by Full Tilt or that the company had become unable to satisfy player account liabilities.
- Ferguson forfeits to the government any remaining interest in Full Tilt Poker.
- He agrees not to file any claim or petition for restoration of the Ferguson Accounts Funds.
- Ferguson has also agreed to not work for, or derive money from, any business offering unlawful Internet poker or gambling in the U.S.
- It's unknown exactly how much Ferguson will pay back but it will be at least $2,350,000.
Ferguson, along with other Full Tilt owners, was charged with running a Ponzi scheme after the site was unable to pay back players after Black Friday.
The amended civil complaint alleged that Ferguson, along with Howard Lederer and Rafe Furst had “lined their pockets with funds from their most loyal costumers while blithely lying to both players and public alike about the safety and security of the money deposited."
Ferguson, easily one of the most well-known poker players in the world, has not been seen on the poker circuit since Black Friday on April 15, 2011.