Feds Call Full-Tilt Poker a ‘Global Ponzi Scheme’

I was quite shocked when I heard this but the popular (and heavily advertised) poker website Full-Tilt Poker was sued today by the US government, following an investigation that revealed it to be a massive Ponzi Scheme. The principals in the company set up a complicated system to direct funds from subscribers’ poker accounts into their own bank accounts. This was in contravention of their own claim that users’ money was untouched. Players’ accounts amounted to $390 million, but the company only has $60 million in the bank, having over time distributed $440 million to its own directors and executives.

I have been one of their affiliate for a long time and this news just hurts. I sucks to hear that a company whose products you’ve promoted turned out to be a big scam. I hope the directors and executives connected with full tilt poker get what they deserve – a nice long jail sentence. I do also hope that their assets get frozen and used to pay back the players they defrauded.

To those of you who signed up as a full tilt poker affiliate as a result of my site(s) I gravely apologize. I had no way of knowing full tilt poker was a ponzi scheme and I assure you I never had any bad intentions.

Cheers,
Alan

–Edit– Look like Full Tilt Poker is back! They’re now owned by PokerStars, so if you join the full tilt poker affiliate program you won’t be dealing with the old full tilt poker crew. Hopefully this means a clean start and no more future funny business.

4 thoughts on “Feds Call Full-Tilt Poker a ‘Global Ponzi Scheme’”

  1. This story leads me to wonder what the motive of the USA gov is for claiming such BS….
    What is claimed here does not make full tilt a ponzi scheme….Sure the owners are crooks and stole members funds but that don’t make it a ponzi…

    And Kudos to Phill Ivey who boycotted the WSP this year and who has begun legal procedings claiming $150million from full tilt…

  2. Well the US gov is anti online gambling for sure, but I think they’re misusing words and using scare tactics. By the pure definition of a ponzi scheme full tilt poker was not, but it definitely was a scam as the executives were stealing from their customers.

  3. They calling it a ponzi because full tilt could not access the funds of those in the USA….So if a player in the USA wanted to withdraw they sent them the money deposited from lets say a player in Australia…

    Either way they all going to jail…

    Also makes you wonder how many other scams they ran…many people reported that the tournys were rigged….Go all in and the person with the larger stack normally won…
    Also got to wonder how many bots there were playing on behalf of the house…

    Real shame all this cos I miss rush poker…

  4. Yeah who knows man, they could’ve operated many other scams. Either way it sucks things turned out like this for both me and you. If you search I’m sure you’ll find another poker site to play at but having experienced this it makes one a bit more apprehensive as to whom you trust your money to. Have you looked at PartyPoker?

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