U.S. calls online poker site a "global Ponzi scheme"

Yakov

Yakov

Banned
Sep 15, 2011
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Cave where Jesus was buried.
NEW YORK (Reuters) - U.S. prosecutors made new allegations on Tuesday in a probe of the Full Tilt Poker website, accusing self-styled "Poker Professor" Howard Lederer and professional poker champion Christopher Ferguson and others of paying themselves more than $440 million while defrauding other players.

In a motion filed in federal court in New York to amend an earlier civil complaint, the prosecutors accused Full Tilt Poker of running a Ponzi scheme that continued even after the original charges were filed.
Prosecutors unsealed the earlier charges on April 15, accusing three Internet poker companies -- Full Tilt Poker, Absolute Poker and PokerStars -- and 11 people, including Full Tilt director Raymond Bitar, of bank fraud, illegal gambling and money laundering offenses.

Read more here (Yahoo News)
 


sigh, doesn't bode well for regulation in the us. Gives opposition mofos some ammo but eventually it will all be made legal light years after the rest of the world.....
 
US government is pissed that there is a bunch of money that they can't track. And they need to know about EVERY last penny...
 
Honestly, I would rather it be legal and taxed and backed by the FDIC.... Full Tilt has a nice chunk of my change that I will never see again.
 
Airin said:
Honestly, I would rather it be legal and taxed and backed by the FDIC.... Full Tilt has a nice chunk of my change that I will never see again.
Click to expand...

Yeah, a lot of people screwed over by this. I only have 1k left on there because I fortunately cashed almost everything out a week before. I have some friends with up to couple hundred grand on there though. Really feel bad for them.
 
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