• Full Tilt Poker a Global Ponzi Scheme According to Prosecutors

    20 September 2011


    More bad news regarding Full Tilt Poker was released today in the form of an amendment to the civil law suit filed against the company. The amendment claims more than 20 owners and shareholders were paid up to $443 million.

    This would include CEO Ray Bitar getting approximately $41 million, Howard Lederer approximately $42 million and Chris Ferguson $25 of a said $85 million allocated to him as “distributions” all the while the company “failed to protect players funds as promised” according to prosecutors.

    Preet Bharara US Attorney for the Southern District of New York described Full Tilt in a statement as “Not a legitimate poker company, but a global Ponzi scheme.”

    According to page 63 of the filing which you can read here in its entirety:

     Full Tilt Poker not only operated an unlawful gambling business and committed the bank fraud, wire fraud, and money laundering as described above, but also defrauded its poker players by paying out hundreds of millions of dollars of player funds to Full Tilt Poker owners while misrepresenting to players that funds credited to their online player accounts were secure and segregated from operating funds.

    In fact, Full Tilt Poker did not segregate player funds from operating funds and did not keep player funds secure and available for withdrawal. Full Tilt Poker used player funds, among other things, to maintain a steady flow of payments to its owners, totaling more than $443 million over the last four years, despite the fact that Full Tilt Poker did not have sufficient funds to repay its players.

    Related News

    • 08 August 2019

      Playson Completes Security Audit, Becomes Fully Certified in Sweden

      Casino supplier and game developer, Playson, has shared news of successfully completing an audit by the Swedish iGaming regulatory body. This means that the developer is now fully certified in the recently reorganized and very lucrative Swedish gaming market. The security audit, as the company explains in a press release, including a rigorous testing process of its engineering, integration and product departments. Fully Certified and Committed:

      Read full article
    • 03 July 2019

      Evolution’s New Live Poker Line-Up Grows with Side Bet City Debut

      Evolution Gaming, the leading provider of live casino solutions, has announced the launch of Side Bet City, a 1980s-themed poker room that promises to give punters a real taste of the 80s. Transporting players back to 1985 it’s a Las Vegas poker room with a stunning setting complete with bright neon lights for an authentic late-night buzz. Fun, Fast-Paced Game:

      Read full article
    • 13 April 2019

      Red Tiger Sees Portfolio Debut at 888 Casino

      888 Casino has just announced that players will now be able to access Red Tiger Gaming's entire portfolio of award-winning slots through their newest partnership with the company. A Match Made in Heaven This is an exciting announcement for both 888 Casino and Red Tiger Gaming. This partnership has been highly anticipated by 888 Casino players, and it benefits both companies significantly.

      Read full article