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I just got finished publishing an article about this – with a link to the source.
Basically, the DOJ document says:
As of March 31, 2011, Full Tilt Poker owed approximately $390 million to players around the world, including approximately $150 million owed to players in the United States.
At that time Full Tilt Poker had only approximately $60 million on deposit in its bank accounts. As of the filing of this Amended Complaint, Full Tilt Poker still owes players over $300
million.Meanwhile, from approximately April 2007 until April 2011, Full Tilt Poker, and its Board of Directors, Bitar, Howard Lederer (“Lederer”), Christopher Ferguson, a/k/a “Jesus”(“Ferguson”), and Rafael Furst (“Furst”), all owners of Full Tilt Poker, distributed approximately$443,860,529.89 to themselves and other owners of the company. Payments to the Full Tilt Poker owners stopped only after April 15, 2011.
Full Tilt Poker a Global Ponzi Scheme According to Prosecutors | Online Casino News and Information
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.
OMFG… thats just absolute madness.
My memory is a little hazy here, were some of Tilts frozen accounts outside of the US? I am guessing yes.
Absolute madness! Just more and more of this story unravels.
Seriously, does anyone have any insight on what will happen next???
Isn’t full tilt claiming the payment processor guy from Australia bilked them out of all of the money?
Too bad the US won’t be baililng out full tilt with a stimulus package.
What are the odds that online wallets like Moneybookers and Neteller are not keeping their word and keeping client funds in segregated accounts?
A bit of a stretch to call it a ponzi scheme, but I can definitely see the connection. No doubt it also resembles a typical pyramid scheme as well.
@arkyt 231765 wrote:
A bit of a stretch to call it a ponzi scheme, but I can definitely see the connection.
How is it a bit of a stretch? This is a classic ponzi scheme at its finest; albeit the players are the “investors” in this scenario. Me thinks Bitar will be sharing jail cells with Bernie Madoff soon.
@Warren 231769 wrote:
How is it a bit of a stretch? This is a classic ponzi scheme at its finest; albeit the players are the “investors” in this scenario. Me thinks Bitar will be sharing jail cells with Bernie Madoff soon.
“albeit the players are the “investors” in this scenario”
Thats the “bit of a stretch” … bit = not much – as I said I see the connection. I also agree that all the key players should be in jail, including all the big name poker pros who have made millions off the project that stiffed players and affiliates!
I posted this on facebook and got the following comment:
Its probably the equivalent of fractional banking practiced by every bank. Fractional reserve banking – Wikipedia, the free encyclopedia
but in this case it sounds more sensational to call it “Global Ponzi Scheme”. One big difference is that the deposits at the banks are normally insured by the FDIC or equivalent. Apparently these guys did not have the same protections. It also sounds like once the ship was sinking they ran out of reserves quickly when people started making withdrawals and simply ran out of capital. I doubt its as nefarious as folks are making out.
$40M USD… nice chum change haha.
Did anyone read Rafe Furst’s response found at found at Open Letter – The Emergent Fool ?
OPEN LETTER
By now you’ve no doubt heard about the allegations against me in a Federal civil suit regarding Full Tilt Poker. Because of the seriousness of the allegations I’m not able to comment at all about the pending case, much as I would like to. From a moral, personal and interpersonal perspective I feel I’ve got nothing to hide. And since I trust in our system of justice and have the utmost respect for my legal counsel, I will refrain from talking about the case until it’s resolved.
What I would like to express here is concern for my family, friends, colleagues and supporters who believe in me and who feel my pain as if it were their own. It sucks to have to endure the character assassination and potshots being taken at me in the media and social networks without being able to defend myself. Privately though I have received incredible support from many of you, and I can’t tell you how much it means to me. May you never have to endure something like this, but if you do, I hope you have friends as good as mine.
To the skeptics, please consider that not everything you read is true, and our society is built on a presumption of innocence until proven otherwise. It’s difficult to take back hurtful things that you might later regret, when the damage has already been done.
To those of you who have asked what you can do to show your support, I am grateful for the offer. My only request at this time would be to not let the naysayers and haters be the only voices out there expressing their opinion of me. My twitter is @rafefurst, and I’d love to hear from you publicly.
With Respect and Love,
Rafe
Interesting!
This is certainly interesting.
I definitely appreciate his candor- both him mentioning he has nothing to hide and sharing how difficult it is with the “personal attacks.”
I can’t even imagine…
Interesting too how Vegas is right there – all kinds of ways they are communicating that this wouldn’t happen if online poker was regulated.
The plot continues to thicken…
@Dominique 231807 wrote:
Interesting too how Vegas is right there – all kinds of ways they are communicating that this wouldn’t happen if online poker was regulated.
The plot continues to thicken…
Touche Dom… Touche!
Some interesting insights into Rafe Furst’s letter were shared HERE today. Just curious on how the poll results will come out… What are people’s opinions on Rafe?
