Full Tilt Poker Website shut down by US Dept of Justice

  1. Stacie L profile image86
    Stacie Lposted 13 years ago

    Associated Press

    NEW YORK  An Internet poker company that was blocked from operating in the U.S. in the spring as part of an online gambling crackdown was "not a legitimate poker company, but a global Ponzi scheme," federal prosecutors said Tuesday.

    The popular Full Tilt Poker website illegally raided player accounts to fund operations and make lavish payments to its owners, Justice Department lawyers said in a revised civil lawsuit filed in New York.

    Over four years, the company used $444 million in player money to pay board members, including well-known professional poker players Christopher Ferguson and Howard Lederer, investigators said.

    The poker site had promised players that their accounts were protected and wouldn't be touched. But authorities say that, as of March, the company had only $60 million left in its bank accounts to cover the $390 million it owed to players. It routinely mingled player money with its own finances, and took cash from some customers to pay out winnings due to others, prosecutors said.
    http://online.wsj.com/article/AP5fced34 … 0e238.html
    any online poker players think they were victims of this group?

    replyreport
  2. paradigmsearch profile image62
    paradigmsearchposted 13 years ago

    Pretty much seems to be one scandal after another with these guys. That's what happens when you don't make it legal and regulate the heck out of it. smile

    replyreport
 
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