Full Tilt Poker A Ponzi Scheme According To U.S. Attorney |
Age: 77 Joined: 21 Nov 2005 Posts: 1488 Likes: 681 321540.00 NLN Dollars
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http://www.huffingtonpost.com/2011/09/20/full-tilt-poker-ponzi-scheme_n_972349.html?icid=maing-grid7%7Cmain5%7Cdl3%7Csec1_lnk3%7C97511
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.
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Age: 66 Joined: 17 Feb 2008 Posts: 1244 Likes: 345 Location: Minnesota 152261.00 NLN Dollars
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Joined: 11 Mar 2006 Posts: 101558 Likes: 46883 Location: Gambleville 3096871.10 NLN Dollars
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Yes well I read this... it is an interesting theory. Full Tilt was always crooked, but players were paid when they cashed out. It occurs to me if they are a ponzi scheme then many businesses and certain governments are bigger ones.
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Age: 66 Joined: 17 Feb 2008 Posts: 1244 Likes: 345 Location: Minnesota 152261.00 NLN Dollars
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« TDTAT » wrote: Yes well I read this... it is an interesting theory. Full Tilt was always crooked, but players were paid when they cashed out. It occurs to me if they are a ponzi scheme then many businesses and certain governments are bigger ones. Amen!
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Joined: 11 Mar 2006 Posts: 101558 Likes: 46883 Location: Gambleville 3096871.10 NLN Dollars
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This just shows that we need regulation and legalization!
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