Full Tilt Poker Gets Labeled as Ponzi Scheme
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The U.S. Department of Justice Tuesday released a statement which accuses several famous poker players and executives at Full Tilt Poker of operating a "global Ponzi scheme." as Preet Bharara, U.S. Attorney for the Southern District called it.
The allegations from US Attorney for the Southern District Preet Bharara suggest Full Tilt paid out roughly $444 million to executives including Chris "Jesus" Ferguson and Howard Lederer while shorting its players over $300 million.
Players were under the impression the site was holding their money in an account, while Full Tilt was actually using the money to fund tournaments and payout its top executives.
Mr. Bharara comments that Full Tilt, "insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited with the company."
The allegations from US Attorney for the Southern District Preet Bharara suggest Full Tilt paid out roughly $444 million to executives including Chris "Jesus" Ferguson and Howard Lederer while shorting its players over $300 million.
Players were under the impression the site was holding their money in an account, while Full Tilt was actually using the money to fund tournaments and payout its top executives.
Mr. Bharara comments that Full Tilt, "insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited with the company."
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