Gambling Cons, Scams and Scoundrels Card Counting Phuong Quoc Truong Jailed

Gambling Cons, Scams and Scoundrels Howard Lederer Apologises for Full-Tilt Collapse

Howard Lederer Apologises for Full-Tilt Collapse

Howard lederer, prefessional poker player and former board member of the disgraced Full-Tilt online poker has issued a public apology through Daniel Negreanu's poker blog. This has come just days after the defunct site that partially merged with PokerStars was finally closed down, with it's players being transferred over to it's sister site.

I am writing to apologize to everyone in the poker community, especially to all the players who had money on Full Tilt Poker on April 15, 2011. When Full Tilt Poker closed in 2011, there was a shortfall in funds, a distressed sale to recover those funds, and a long delay in repaying players. Throughout this period, there was little explanation for the delay, and no apology. Players felt lied to. They trusted the site, and they trusted me, and I didn’t live up to that trust.

I take full responsibility for Full Tilt’s failure to protect player deposits leading up to Black Friday. The shortfall in player deposits should never have happened. I should have provided better oversight or made sure that responsible others provided that oversight. I was a founder in the company that launched Full Tilt, and I became the face of the company’s management in the poker community. Many of our players played on the site because they trusted me.

Even though I was no longer overseeing day to day operations, my inattention in the two years leading up to Black Friday imperiled players’ deposits. My involvement in Full Tilt from 2003-2008 put me in a unique position of trust—a trust that I disappointed by failing to ensure that Full Tilt was properly governed when I stepped away in 2008. My failure to make sure proper oversight was in place when I left resulted in the situation that began to unfold on Black Friday. Players were not able to get their money back for a minimum of a year and a half, and, for many, it has been much longer. I’ve been a poker player my entire adult life. I know the importance of having access to one’s bankroll. The lost opportunity, frustration, and anxiety many of FTP’s customers experienced in the intervening years is unacceptable. I cannot be sorry enough for what happened.

During Full Tilt’s rise, I received a lot of praise. I couldn’t see it at the time, but I let the headlines change me. In the first couple of years after Black Friday I made lots of excuses, to my friends, my family and myself, for why I wasn’t the bad guy or big-headed or wrong. In the months immediately following the crisis, I focused a lot of energy on trying to refute allegations that were factually untrue. I convinced myself that I was a victim of circumstance and that criticism was being unfairly directed toward me instead of others. I was missing the bigger picture.

At a wedding in the fall of 2014, I was sitting with a friend, talking about Full Tilt. I was grumbling about how unfair my lot in life had become. My friend didn’t let me off the hook. I’m paraphrasing here, but he said, “Howard, it doesn’t matter whether you knew about the shortfall or what you did to help players get paid. These players feel like you lied to them. You were the face of the company in the poker community. Thousands of players played on the site because they trusted you. Many pros represented the site because they thought you were in control. And you happily accepted the accolades while falling short of their trust.

At the time, my friend’s response felt like a slap in the face, but it is clear to me now that it was fair. An apology is not enough, but it is what I am able to offer to the poker community in the wake of a travesty that I should not have allowed to happen. I am sorry.

Howard Lederer

Gambling Cons, Scams and Scoundrels

Howard Lederer Apologises for Full-Tilt Collapse

Gambling Cons, Scams and Scoundrels

Card Counting Phuong Quoc Truong Jailed

Pedro Grendene Bartelle scoops $1.2 Million on number 32

Court Overturns Phil Ivey's Borgata Baccarat Decision

Now that is luck!

Skins Gambling Site Prosecuted For Allowing Under-Age Gambling

Ted Forrest Facing Felony Charges Over $215,000 Debt

Video: 'Suk_Mike_Hok' Trolls Online Dealers

Mobster Skinny Joey Banned from Pennsylvania Casinos

Pentagon Officials using Expense Accounts for Escorts and Gambling

Normandie Casino $1 Million Fine for Shielding High-Rollers

Gus Hansen Back Playing Poker

SkyCity Croupier Steals Over $45,000

West Ham E-Sports Player Welches on Bet

Sorel Mizzi Caught Cheating Again

High Stakes Poker Pro Doug Polk's $10K Challenge

Video: Peter Ness Trolls Online Live Casinos

Former Ambassador Marcel Luske Sues Pokerstars

Gambling and Hookers Charged to Australian Defence Expense Accounts

Tabcop Worker Steals $650,000 in Uncollected Winnings

High Velocity Roulette Ball Hits Player in Face

Illegal Online Website Busted in Cambodia

Blackjack Player Leaves Table, Rob Banks, Plays Blackjack Again

Charles Byrnes Hits the Bookies for Millions

Marina Bay Sands $1 million Fake Chips Fraud

Professional Poker Players take on Professional E-Sports Players

Martin Demichelis fined for Football Betting

Illegal Poker Closed Down in London

Howard Lederer Apologises for Full-Tilt Collapse

Fruit Machine Bandits Caught

Dan Bilzerian Wins $1.2 Million Bet

U.S. Homeland Security After 5 Dimes

Dan Bilzerian trains with Lance Armstrong

Navigate

Find Us

Online Casino Strategy