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.
–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.