Full Tilt Poker, Others, a 'Massive Ponzi Scheme'

[Kyehlar]

The online poker world in the United States was brought to a halt in April as PokerStars, Full Tilt Poker and Absolute Poker were charged with bank fraud, illegal gambling offenses and money laundering. On Tuesday, the Manhattan U.S. Attorney has motioned to amend the forfeiture and civil money laundering complaint to highlight that Full Tilt Poker and its board of directors operated the company as a "massive Ponzi scheme".

The amended complaint explains that while FTP maintained player funds were safe, the company never actually had the represented cash on hand as a result of crediting users' deposits without actually receiving the money. There was a shortfall of approximately $130 million as a result of that process.

The complaint further states that as of March 31, FTP owed players around the world $390 million, but only had $59 million on hand.

Howard Lederer, Chris Ferguson and Rafe Furst named by Manhattan U.S. Attorney in amended Black Friday civil complaint - ESPN

Oh Darthy...you poor boy...so much for that venture, eh?

 

[DarthSikle]

Thanks for looking out for me.

I had all my money off the site since they opened live casinos near me in Pennsylvania.

 

[Kyehlar]

Why didn't you just go to Atlantic City?

 

[DarthSikle]

Why didn't you just go to Atlantic City?

Atlantic City is two and a 1/2 hours away and doesn't have mid stakes games during the week.

The PA casino's are 30 minutes away and have the games i play during the week.