The Lederer Files: The UIGEA, Segregated Accounts, and Retirement
Since April 15, 2011, the poker world has waited anxiously to hear from Howard Lederer about the downfall of Full Tilt Poker. That wait is officially over.
In Part 2 of this exclusive interview series with PokerNews.com, Lederer discusses Full Tilt Poker's decision to remain in the U.S. post-UIGEA and the payment processing issues that went along with that decision. According to Lederer, it was an easy decision to stay, based on the recommendation of legal counsel.
"The company sought legal opinions from very reputable attorneys," Lederer said, "and the law didn't say anything about poker."
Lederer also explains his reaction to a startling email the company received from a customer on March 17, 2008. The customer said he was "very concerned about the risk of depositing money" and questioned whether the money in his account was being held in a company trust account.
It was a question that opened Lederer's eyes about the company's financial situation.
"I saw it as an important question that needed to be answered accurately," Lederer says in the interview. "In the (following months), I endeavored to have the company financial department be able to produce a document that could answer the fundamental question, which is, 'did we have more cash on hand in our various accounts than we owed our customers?'"
In Part 2 of The Lederer Files, Lederer also discusses his decision to step down from his management role with the company, a decision he claims he made in late 2007. Lederer remained on the board of directors, but the search began for his replacement.
Here's Part 2: