Full Tilt Accused of Being a Global Ponzi

California Online pokerFull Tilt Accused of Being a Global Ponzi

It is now being suggested by a US attorney that Full Tilt Poker would at times credit the accounts of their players with non-existent funds. Preet Bharara filed a motion stating that Full Tilt allowed its players to play poker with phantom currency, letting them lose to other players’ money that was never collected in the first place. According to records, Full Tilt owed $390M with only $60M showing in their accounts.

US Poker Players

With new charges and civil suits opening against the company, US poker players may have a better opportunity to collect on lost funds, but the financial situation for Full Tilt Poker is obviously very bleak. US Attorney Bharara is quoted as saying, “not only did the firm orchestrate a massive fraud against the (US) banking system… (they) also cheated and abused its own players to the tune of hundreds of millions…”.

Hundreds of Millions

The ponzi scheme allegation derives from Full Tilt allegedly using FTP member’s money to pay its board members Howard Lederer and Christopher Ferguson. Full Tilt executives Raymond Bitar and Nelson Burtnick are still wanted by authorities.

September 20, 2011 by : posted in Featured News No Comments