Looks like Aces & 8’s for Full Tilt Poker, originally established in 2004 with the help of a number of high profile professional poker players, has quickly became one of the best known online poker rooms in the industry. Full Tilt Poker has successfully managed to create a dominating presence within the online poker community.
Now the US Department Of Justice has charged the company with running a Ponzi Scheme. Guilty or Not, the US government will likely destroy the company.
Poker celebrities Howard Lederer and Christopher Ferguson among other executives of the major poker website of defrauding poker players out of more than $300 million.
U.S. Attorney in the Southern District of New York, Preet Bharara, filed a motion on Tuesday to amend an earlier civil complaint that alleges Mr. Ferguson, Mr. Lederer and two other directors for the Online Business, operated what the they say was a Ponzi Scheme that allowed the company to pay out $444 million to themselves and other owners, which included other famous poker players.
The governments complaint alleges that Full Tilt executives misrepresented to the website’s players that the money the company was supposed to be holding in player accounts, was actually being used for other purposes, including owner profits.
In a statement Bharara said, “Full Tilt was not a legitimate poker company, but a global Ponzi scheme.” He went on further to say, [Full Tilt] “cheated and abused its own players to the tune of hundreds of millions of dollars” and that “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 US Government has had it in for Online Gaming for some time. Recently they shut down the web sites of three largest Internet gambling sites operating in the United States, PokerStars, Full Tilt Poker and Absolute Poker. Now it’s time for a precedent-setting showdown, where courts will determine if this kind of gambling is legal or not. PokerStars and Full Tilt are currently up with the following message for US residents. AbsolutePoker.com is totally offline.
Former Senator Alphonse D’Amato of New York, who is the chairman of the gambling group “Poker Player’s Alliance”, told The New York Times, “We are shocked at the action. Online poker is not a crime and should not be treated as such.”
So what’s your opinion about Online Gaming sites?