The Howard Lederer Files: Part 1

In Part 1 of this exclusive PokerNews.com video interview with Howard Lederer, Lederer discusses why it's taken so long for him to speak publicly, and talks about the creation of Full Tilt Poker, the original Board of Directors of the company, shareholder distributions, and more.
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[@crazywaffleking]

Something is majorly wrong with the system when someone who robs $200 from a gas station goes to jail for many years, but corporations can steal millions and those individuals get away with it.

[@stiandanielsen9969]

if u cant see that howard is bluffing here, you should not play poker

[@Mathijs303]

I can see it man... was googling for some kind of new statement, it's been 7 years

[@squareeyes9540]

It is no coincidence that he didn't do any public interviews since, as this was such a disaster.

[@ujmm]

On an old video binge. See you commenting on many of them both on this account and a different one where u use a w in your name :)

[@mohdamini773]

Loved it when tom dwan busted him with 6-8

[@McGavel1]

Full Tilt still owes me $544

[@usctennisplayer]

Did you ever receive your money after Poker Stars bailed them out?

[@Beast777Mode]

they owed me $2k. My account was frozen for over a year but eventually i got everything back when Pokerstars bought them out

[@urdadshusband781]

Show up at his house and ask for it back

[@baronvonnembles]

The interviewer acts as though his entire family is being held hostage by Howard Lederer

[@dantefalls2156]

Mark Johnson super cold interviewer. Dude must have have seen nothing but the money he lost.

[@markdalby9403]

where can i see the full interview ????

[@si_quest]

Can someone summarise what happened? I kinda missed all of it. I don't play online so I'm not sure what they did.

[@bg147]

Interesting story about John Juanda not liking Bitar. Juanda has always stuck me as an honest person.

[@young321bookie]

Great point.

[@growandgame]

This was extremely entertaining. I was on the edge of my seat.

[@narucy56]

Nice interview work pokernews.

[@sepehr333]

where is the next part?

[@FriedSpicyWings]

Thank you for this interview, even though Howard didn't really answer the questions...

[@jdshearer]

24:30 how can poker pros who are better at bankroll management than most business owners not have separate accounts set up for player holdings and profits/expenses/distributions...this is just crazy

[@jdshearer]

i take it that you suck at poker

[@2011blueman]

You're trolling right? Poker pros are NOT better at bankroll management than most business owners. Most poker pros have a complete disregard for money and are horrible at bankroll management. You must not know many pros.

[@jessecopeman579]

Leggo My Ego They talk about being better at bankroll, and they are. Somewhere in this vid /watch?v=NMETipgz-vs

[@BrandonGates]

Lol that’s because TV tried to make these guys out as smart legitimate business men. In reality even though they have an edge at a lot of poker games these guys are gambler’s.

[@fuckyouvevo123]

I wonder how many hours he spent with his attorneys rehearsing every key question. Very well-spoken man, notice how he rarely implicitly mentions any names. It always begins with "the Company" and"the board". Towards part 5 of the video, he continues doing so even though all evidence indicates that it was him and Ray making the major decisions. Hence his strategy to pretend not to know a question, deny, dismiss and limit any sort of liability. I would highly recommend watching Negreanu's Lederer rant.

[@dominicboileau]

that first licence was from...... Kahnawake!! It was a lot of work.. lol!! If this isn't a joke what is???

[@sunpowerguru3993]

His body language screams, "LIAR!"

[@caligula476]

Summary?

[@Purplene61]

He even folds all of his hands during an interview.

[@rmora37]

WELCOME BACK HOWIE!!!!

[@welvendagreat3654]

can someone explain for me why the site full tilt poker went down and also why people couldnt take out their money? isnt it possible to sue the company of full tilt poker if they take your money?

[@mscolli3]

The US Government shut them down on Black Friday, and they didn't have cash on hand to cash everyone out. They were basically 'floating' the cash deposits into the operating funds. Similar to what banks do (see 'fractional reserve lending')... That or they just stole that sht!

[@welvendagreat3654]

why did the US government shut em down, and is this "black friday" called "black" only because it got shut down on a friday or it got some other meaning to it?

[@Gibraltariano]

mscolli3 I don't think that "They were basically 'floating' the cash deposits into the operating funds." They were just simply taking players funds and giving them to associates/owners.

[@Grumpeljism]

okeafas okdsadsa Google "Ponzi Scheme" it was basically what it was, take money from players and put it in your pocket, take new players money and pay players looking to withdrawl. If you have a consistent stream of new players depositing all is good. However if everyone asks for their money all at once like "Black Friday" you now have a serious problem.

[@welvendagreat3654]

why did goverment shut down the site then?

[@osas]

its ironic cause this guy taught us as poker players how to read a persons body language, and now we can read his body language which screams GUILTY! GUILTY! GUILTY!

[@let88it88be]

this is the first part of a 7 hour interview. I would think he started easy as not to scare him away and turned up the heat later on

[@reymartz12]

Lederer: "management wire me 2 million this month" management: "sir, theres not enough money for payroll if we send you 2 million" lederer: "I dont care, take it from player deposits and ill put it back"

[@MegaTriumph1]

As soon as he said Ray. It was Over from day one. Right you are.

[@Punekovich]

corward folderer

[@tedekm]

Part of the problem with FT, was that they had no professional guidance for corporate governance- they should have had more professionals to provide structural integrity

[@vinyllpreviews9462]

They grew way too big, Ray Bitar is a moron and nobody else was business savvy to see Ray was a moron. Investors were way too greedy taking huge dividends and not leaving the site any money to operate. Then when the site desperately needed money the investors who fleeced the site of all those dividend payments refused to come up with any money to keep the site going and get the players paid. Tom Dwan offered to pay back money he was paid to advertise, but the investors who made millions on these dividend payments didn't offer to give back one cent.

[@iveymatusow]

FULL TILT FOREVER!!!!

[@playinragz]

"No owner would have taken distributions if they knew the money wasent there" BUT THEY DID. Hahahhaha

[@vinyllpreviews9462]

Not one of the owners offered one cent to keep the site up and running. I'm sure they could of raised the cash, bought the company back and kept the site running.

[@theeturnone]

not mine

[@weefeatures]

'Lederer' should be the antonym for charisma

[@weefeatures]

Pretty scary having watched the other clips, how many people in the comments section change their tune about Lederer and actually believe what he's saying. Especially considering half his answers are 'I don't know' to things he simply would know being an owner of the site, what makes people think the rest of what he says is true?

[@reymartz12]

"we hired a CFO and i think his name was Alan, Im terrible with names" lololololSSSSSSSS Howard Lederer

[@BluartStack]

yup. perfectly put

[@raz2102]

you are totally right dude...

[@ushldfold123]

Would love to see Daniel Negreanu do this interview.

[@jakub50000]

exactly

[@Nashtak]

Man that's some solid evidence you got there.

[@MurdockInd]

Would like to see an episode of 'American Greed' cover this issue...

[@malcolmdale]

SD happy I got my money out of Full Tilt before the crash. But how come Chris Howard and Ray aren't in jail yet?

[@lamareaton]

Man it will be awesome next World Series of Poker during 7-card stud final table and Phil Ivey is sitting next to Lederer, Fergurson, Gordon and Andy Block. AWWWWKWWARRRDDDD!

[@TheWorldian]

they were seeing your hold card at fultilt i have full prove and its not the first time it happen . well i would be happy if some of these people start get be headed.

[@crazy3rdgen]

Still learning teach me more please

[@pennywise247]

im surprised hes still in vegas

[@ShredCo]

How did Chris Ferguson put up with Ray Bitar?

[@LEFTaTIP]

Slush Fund , they were getting paid over 300k to 400k a month that's how they put up with each other.

[@picojohnson]

Howard where are you ?

[@TheKane2]

You can tell that he knows more than he is saying.

[@nogimmicks43rd]

LMAOOOOOOOOOOOOOOOOOO... ON MAN im laughing non stop !!!!!!!.yo good shit bro . hilarious... !!!!!! lol

[@Yabusii]

This is your perceptipn. In fact, the interviewer is using communication techniques taught at many universities. The idea of enough pauses between your sentences, is to let the retreiver of your message, digest what your saying. Its a spoken comma. It guarantee´s that the retreiver(lederer) can not percept a question wrong.

[@tuffishlover]

2 and half hours with this chobe. Where can I get the cliff notes version?

[@richardibarzabal260]

pause 12:52-12:54 and replay

[@SwantonSexBomb]

People who tell the truth don't need a good memory, Howard...

[@schweppyweppy9422]

I got screwed too. But I smart enough to Walk away as soon as I sensed some oddness. I was a dealer back then and after seeing tens of thousands Of hands I had a sense of normal play behavior. And there was no normal play behavior on any poker site That was 18 years ago. Online gaming Should be boycotted somehow. Still to this day, I can tell that it’s Still not normal play, somebody or something is tweaking the hands.

[@KingsExecutor]

here at least people got it right. but u guys still don't get it what really happened on 9/11....

[@Clefty09]

Best poker face at 1:27.

[@davidculhane4388]

Lederer and Ferguson became the scapegoats in this scandal, but Howard actually comes off pretty genuine here.

[@vinyllpreviews9462]

He refuses to answer any tough questions. It's mindboggling they never had a separate account for player funds. I've heard rumors they were paying 50 to 60 million a month in dividends. All that money payed out to owners not one of them offered one cent to keep the site running. Yet they ask Tom Dwan for the $1M he's offering back to the players. Money he was paid in advertising.

[@jonnnybensin]

Howard Lederer - you just got called!

[@fightpicker]

nice.. but I don't know.. im just here.. but u put it well

[@Csureable]

Doesn't mean they can not talk to the users of the site for months.

[@tegrehekim]

the interviewer is asking him questions from real accounts from full tilt employees about Lederer actions. "Did Juanda have trips Howard?" "I'm not going to say he didnt, but I wasn't there."

[@VjMax531]

why all the wierd different camera shots and sound changes between questions??? Just doesn't sound real.....

[@poopydoodie11]

does howard give a straight answer at any point throughout this interview? i dont wont to watch the other parts if he doesnt

[@TheMaauw]

Wow.. that is, quite a lot of money.. Hope you will get it back man!

[@thedropshiptool7088]

there was a vid of him having trips. and when everyone folded he said "I had twips." Search it up,should be around

[@C0ND3V1L]

He makes little sense

[@realrazz5885]

so , when PhilIvey gets his site up and running people need to stay away from that?

[@cjshardcorepunkmusicvault8474]

Sure does get dark fast in Las Vegas. 😂

[@CheeseBac]

didn't the U.S gov't take everyone's money after banning the poker sites?

[@Tuxster3]

Yep! Ivey and one too many prop bets!

[@Quantumtalesxx]

owe*

[@paulroos8658]

8:48. Nice gig for 5%. " occasionally get on the phone and discuss how the company was doing"

[@jtg2525]

I don't know...I really don't know...I don't remember...I don't know.

[@jimmelay71]

Good poker players are known for their great memories and can always seem to recall their winning and losing hands from years prior and yet Howard can't remember even the simplest of things like the CFO's name. I was thinking the same thing.

[@motsnrub]

jimmelay71 Poker players always remember their losing hands......

[@TheLandOfTears]

That's the best form of lie, I don't know or I don't recall.

[@Horrorbuff2]

Daniel Negreanu should have interviewed him.

[@bottleracket]

you're def right about that. Not saying anything was a big fuck you to the players which is why everyone's so angry. This horrible interviewer asks Lederer about it at the beginning but then just lets it go. I would have pressed him on it because it was such a huge mistake. All Lederer or Ferguson had to do was make a statement - 'we're working on it.' Anything, and I think people would have given him some slack.

[@Brad_Pittstop]

So Howard is across the street of the Venetian, which means he must have a suite at the Mirage! HOOOOOOOOOOOOOOOOOOOOONEEEEEEY, can you bring my sniper rifle!!!

[@Shane444888]

no he had twips

[@shesbitchingimfishing5302]

Ever pull the wings off a fly

[@MmaSmarty87]

Its true!! =P

[@BluartStack]

ive been out of the loop (if you will) for awhile

[@mikeyyy10000]

and ivey too

[@ramsantosjr]

MR LEDERER YOU ARE A GENIUS ALTHOUGH YOU STOLE MY HARD EARNED AMERICAN DOLLARS

[@gmshadowtraders]

Haha that's the spirit! Give props where props are due, don't hate the player hate the game etc.

[@tubester4567]

gmshadowtraders how is it genius? Robbing a bank by tunnelling in at night without tripping the alarms is genius, what this guy did was straight up thievery. There was no intelligence involved. He had access to other people's money and he stole it. Its like asking your friend to hold your wallet while you go for a swim in the beach, then you come back and your friend and wallet is gone.

[@bottleracket]

20:33 - "talk to me a bit about where the the the inception of the distribution talk began into the first vote to to distribute funds or profits to the the shareholder." UH.....WHAT!?!?!?!?!?

[@IndianShindian]

From Day light to Dark-night he still didn't say that he is guilty. What the point of having interview with them, interview them who suffered this.

[@quality333]

Lederer looks like actor Ethan Hawke from movie traiing day

[@pahakuutti]

What does: "it's not hard to write s a story like that" mean Howard?

[@polok890]

you could only withdraw $1500 a month. youd never be able to get a large amount of money out of your account. plus with the shady banking and it not being legal in the u.s.. people are lucky no criminal charges were pressed for playing online

[@HellehondPoker]

You are F right!

[@polok890]

i had 20 million in play chips there

[@GetOffTheLawn]

The interviewer looks like a chucky cheese robot.

[@urex1717]

It could not have been more obvious than is was, from the start, that this guy (and his sister) was a narcissistic weasel.

[@soju69jinro]

and my friend wanted me to join full tilt poker.... there was something wrong with the site... "too good to be true" hit me... pokerstars all the way.

[@agentsmith413]

+soju69jinro you understand that pokerstars owns full tilt right

[@TubeDeviant]

+soju69jinro Full Tilt has been restructured.. And has been for quite a while now.. And it is correct that Poker Stars owns Full Tilt now..

[@Parboiled]

+TubeDeviant can anyone tell me more lol? Is Full Tilt safe today or what is happening D:

[@TubeDeviant]

MinersTube It's safe.. Once again, it is now owned and operated by Poker Stars.. Poker Stars is the largest online operator out there.. They agreed, as a part of the takeover, to pay out what was owed to players before the shutdown.. There's no more high stakes at Full Tilt anymore though.. A lot smaller games.. So no pros online like the good old days.. Still good games though..

[@Parboiled]

TubeDeviant Ahhh I see.. I prefer high stakes though, but I still play a little on Tilt.

[@wadeemsley5977]

The site could of survived w/o stealing everyone's money. If they had only done it the DNeg way with more rake.

[@mtx2200]

@11:25 "we hired a cfo--i think his name was allan, i don't remember". howard is the president and he can't recall the name of the cfo. wow the company could have been a huge success--but the owners' ineptitude destroyed it.

[@onemoreflight]

17:44 TONYMODERFOKIN"G"

[@SafetyDancerz]

Who the heck is this Puggy Neutron that people keep talking about? Is he part of Full Tilt or something?

[@WornGlobe]

I wish the guy would just ask the bloody question.

[@BluartStack]

can you explain to me this juanda joke t hat i've seen on lik every poker related video lol

[@yppimcolorblind]

a baseball bat dent that served as the warning for him to come clean

[@monte2115]

How long before his body is found in the desert? There are a LOT of young players backed by shady folks that would have no qualms about making him disapear

[@let88it88be]

Can someone please create a video of some of these answers side by side a video of him bluffing. I bet we could spot some of the same tells.

[@beerdonk]

So Juanda did have trips??

[@jeremiahmiller4640]

Juana has quads