DMB
21 Sep 2011, 02:32 PM
FYI
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8777839/Full-Tilt-Poker-was-a-Ponzi-scheme-claims-US-government.html
Full Tilt Poker, a Dublin-based online poker company, has been accused by US authorities of being a "global Ponzi scheme" that used players' money to enrich its directors.
Full Tilt is alleged to have credited players' accounts with $390m (£248m) it did not have, according to a lawsuit filed in New York on Tuesday by the US government.
Full Tilt's founder, Raymond Bitar, and other board members are also accused of paying themselves $440m from funds belonging to players between 2007 and April 2011.
"Full Tilt was not a legitimate poker company, but a global Ponzi scheme," said US attorney Preet Bharara.
Mr Bitar is already one of 11 defendants named in an April indictment by US authorities seeking $3bn in penalties and alleging crimes including illegal gambling, money laundering and bank fraud.
Absolute Poker and PokerStars, which is based in the Isle of Man, were also among the companies named in the April indictment.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8777839/Full-Tilt-Poker-was-a-Ponzi-scheme-claims-US-government.html
Full Tilt Poker, a Dublin-based online poker company, has been accused by US authorities of being a "global Ponzi scheme" that used players' money to enrich its directors.
Full Tilt is alleged to have credited players' accounts with $390m (£248m) it did not have, according to a lawsuit filed in New York on Tuesday by the US government.
Full Tilt's founder, Raymond Bitar, and other board members are also accused of paying themselves $440m from funds belonging to players between 2007 and April 2011.
"Full Tilt was not a legitimate poker company, but a global Ponzi scheme," said US attorney Preet Bharara.
Mr Bitar is already one of 11 defendants named in an April indictment by US authorities seeking $3bn in penalties and alleging crimes including illegal gambling, money laundering and bank fraud.
Absolute Poker and PokerStars, which is based in the Isle of Man, were also among the companies named in the April indictment.