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Full Tilt Poker Was A Ponzi Scheme - "Jesus" & Owners Stole $400MM From Players
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Full Tilt Poker Was A Ponzi Scheme - "Jesus" & Owners Stole $400MM From Players - September 21, 2011, 05:08 PM

These guys better get low and stay out of sight. $400+ Million is a lot of money and I'm sure some people on that site were not of most morally pure fiber and wouldn't give a fuck less about finding one of them and putting a bullet between their eyes.


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Full Tilt Poker, an online poker company that illegally paid its board members over $440 million from its player accounts, was "a global Ponzi scheme," said federal prosecutors Tuesday.

The U.S. Attorney in Manhattan, Preet Bharara, filed a revised civil lawsuit in New York on Tuesday against Full Tilt, PokerStars, Absolute Poker and other businesses that continued to operate in the U.S. even after the 2006 ban of payment processing to offshore gambling websites.

Full Tilt Poker allegedly used its player accounts to fund operations and make payments to its owners illegally. $444 million was used over four years to pay Full Tilt's board members, including famous poker players Christopher "Jesus" Ferguson and Howard Lederer, according to investors.

"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 public alike about the safety and security of the money deposited with the company," Bharara said in a statement, saying that the company was operated "as a massive Ponzi scheme against its own players."

Full Tilt Poker "cheated and abused its own players to the tune of hundreds of millions of dollars" and "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," added Bharara.

The initial complaint, filed in April 2011, alleged that Full Tilt CEO Ray Bitar and board members Lederer, Ferguson and Rafael Furst defrauded players of $300 million by failing to maintain sufficient funds to pay out the players' deposits and winnings.

Prosecuters now accuse the executives of transferring player funds to their own accounts in Switerzland and other offshore locations, according to a Forbes report.

As of March, the company had only $60 million left in its bank accounts while owing around $390 million to gamblers around the world.




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On Wednesday, the Epic Poker League issued a statement concerning the membership status of Howard Lederer and Chris Ferguson, two players named in the amended indictment filed by the Department of Justice against the board of directors of Full Tilt Poker.

EPL Chairman of the Standards and Conduct Committee Stephen Martin said, “The Committee voted to suspend Howard Lederer and Chris Ferguson indefinitely, pending the outcome of the Department of Justice’s action.”

The committee is made up of Martin, Tournament Director Matt Savage, league members Eric Baldwin, Andy Bloch, Chad Brown, Joe Hachem, Mike McDonald, Nick Schulman, Alec Torelli and Commissioner Annie Duke. Duke, who is Lederer’s sister, is a non-voting member of the committee. The committee did not comment on another player named in the indictment, Rafe Furst, presumably because he did not qualify for a tour card this season.

Lederer and Ferguson are the third and fourth players to face disciplinary action by the EPL. The first being inaugural EPL main event champion David “Chino” Rheem, for failing to pay ongoing debts and the second being Pro/Am qualifier Michael DiVita, who was asked to forfeit his tournament entry after it was revealed that he was a convicted sex offender.

Chris Ferguson
Card Player spoke to Martin earlier this month to get his explanation behind the committee’s prior actions.

“The Epic Poker League, as well as every professional sports league, has a player’s code of conduct that includes both in-play rules as well as provisions to professional conduct outside of the game,” said Martin. “If a person violates either league rules or the law, they are subject to discipline. That discipline could range from a reprimand, to suspension or even a permanent dismissal from the league. All of those circumstances are determined on a case by case basis.”

Martin went further, explaining how the EPL’s reach extends beyond violations committed on the felt. “There is a difference between an in-game violation, such as cheating, that directly affects the integrity of the game and a conduct violation, that has the potential to affect poker’s reputation, hurt its growth or damage the community as a whole. I like to compare it to the National Football League (NFL), which has a history of policing its players for the good of the game. There are players who were punished for the use of performance enhancing drugs that affected the actual game play and there were players like Michael Vick and Ben Roethlisberger, who were punished for outside conduct that hurt the league’s reputation.”

According to Martin, the reason the Standards and Conduct Committee exists is to propel poker into a nationally recognized sport.

“The goal of the EPL is to put the players first and to build the professionalism of the sport so that the entire poker community benefits,” Martin said. “In order to raise poker to the levels of a legitimately recognized national sport, there must be a disciplinary body that takes action against those who are going to bring harm to the game.”



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September 21, 2011, 05:11 PM

What does Ted Leonsis have to do with this?


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September 21, 2011, 05:20 PM

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What does Ted Leonsis have to do with this?

That's not Ted. That's the third owner, Ray Bitlar.

Wait...what are you saying? All fat, white guys, with dark goatees look alike? Racist!



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September 21, 2011, 06:25 PM

It all went down hill when they stopped paying their pro players... It was either a red flag or a reason to snitch


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September 21, 2011, 07:06 PM

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It all went down hill when they stopped paying their pro players... It was either a red flag or a reason to snitch
They stop paying them or sponsoring them?



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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September 21, 2011, 07:18 PM

People lost money playing online poker. Whooda ever thunkit?

or

never trust a man with a goatee...


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September 22, 2011, 11:39 AM

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People lost money playing online poker. Whooda ever thunkit?
lol +1


Wait so gambling is profitable for the people who run the games? Shit...


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September 22, 2011, 11:43 AM

hey look, you pay me money for fake money in which you have a chance to win more fake money that has no real monetary value. You'll be rich!


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September 22, 2011, 01:06 PM

I give them 6 months before they get shoot.


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September 22, 2011, 01:22 PM

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I give them 6 months before they get shoot.
I give it less time to find them dead somewhere
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September 22, 2011, 02:08 PM

Their checks to me never bounced...


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I watch a LOT of gay porn.
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September 22, 2011, 02:16 PM

Ive never had a problem cashing out either.


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September 22, 2011, 02:43 PM

When is the last time you had a withdrawal.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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September 22, 2011, 02:46 PM

five or six months ago


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September 22, 2011, 03:55 PM

Yo someone stole my weed, im calling the police!
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