Full Tilt Poker is an Online Ponzi Scheme, Feds Say

[Gerry]

HUGE NEWS!

Heavily advertised and sponsorship for poker games and shows, Full Tilt Poker, investigated by FBI and called an online Ponzi scheme.

Since 2007, the government claims Full Tilt Poker enriched its board members and owners with $443 million in payouts, while telling players they could withdraw from their accounts at will.

Full Story here

 

[Mike Cruz]

Wasn't FTP located in Toronto? And I definitely do not remember the UI looking anything like that image in the article.

I made approximately $35k in one year playing at FTP so I am not at all upset with them, lol.

 

[dcristo]

I'd hate to be a FTP sponsored pro right now.

 

[draggar]

A Ponzi scheme - people pay into it and the "managers" pay back a (small?) percentage of that money to the "investors".

How is that different from any casino?

 

[Mike Cruz]

A Ponzi scheme - people pay into it and the "managers" pay back a (small?) percentage of that money to the "investors".

How is that different from any casino?

They are acting as a bank with only $65 million in cash, with $443 million in play.

If everyone decided to with drawl at the same time, it would never happen. They don't have that money. Just like they were suppose to pay back $150 million and guess what... they can't. The exec's, partners, etc. took it all or most of it and walked away, players got zero.

If and when Online Poker comes back, PokerStars is going to monopolize the industry as they actually paid back their U.S. based players.

 

[dcristo]

If and when Online Poker comes back, PokerStars is going to monopolize the industry as they actually paid back their U.S. based players.

I think you mean to say the U.S. brick and mortar casinos.

 

[draggar]

They are acting as a bank with only $65 million in cash, with $443 million in play.

If everyone decided to with drawl at the same time, it would never happen. They don't have that money. Just like they were suppose to pay back $150 million and guess what... they can't. The exec's, partners, etc. took it all or most of it and walked away, players got zero.

.. and that's exactly how our banks work so they're Ponzi, too.

 

[Mike Cruz]

.. and that's exactly how our banks work so they're Ponzi, too.

I understand, that is why I said like our banks. But our banks are regulated and online poker is not, even though again, I know our banks get away with very similar things, but they are taxed, and then that starts another debate.

 

[randomo]

U.S. bank deposits are insured (up to a certain limit) by the FDIC, so if the bank fails, you still get your money. I don't think the government is insuring poker-site deposits.

 

[Raider]

Old news, The recent charges are an amendment to the earlier charges that date back to April of this year... If they get a conviction which I think they will, Howard Lederer and Chris Ferguson are going to spending some serious time in Federal prison.

If only the Federal Government could file charges against themselves for committing the same crime with Social Security, they'd all be in Jail.

 

[Gerry]

No shit, Sanctus Domainus? Old News?

I think a great deal of us are aware of the seizure and shutting down of the site by the feds earlier this year, along with many members on this very forum posting that "old news" and many members expressing their past or present participation with Full Tilt Poker (and watching the Poker After Dark series).

Got another "old news link" describing FTP as a "ponzi" scheme? Because prior to this story being posted, I am not aware of the allegations referring to FTP as a "ponzi scheme". Then again, it would not surprise me at all if your holiness already knew this.

 

[Raider]

Because they call it a Ponzi Scheme" that makes it HUGE NEWS!!!... LMAO!

"investigated by FBI and called an online Ponzi scheme"

Investigated is new news?

I think we all knew about the seizure of the web sites, but the EARLIER civil complaint filed on April 15th?, somebody must of reading Playboy instead of Sports Illustrated;


Three online poker companies face fraud, illegal gambling charges
Friday April 15, 2011 9:05PM ; Updated: Saturday April 16, 2011 11:47AM


NEW YORK (AP) -- Federal authorities busted the three largest online poker websites in the United States on Friday with charges of bank fraud and illegal gambling against 11 people, accusing them of manipulating banks to process billions of dollars in illegal revenue.

Prosecutors in Manhattan said they've issued restraining orders against more than 75 bank accounts in 14 countries used by the poker companies, interrupting the illegal flow of billions of dollars.

U.S. Attorney Preet Bharara said the defendants "concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits."

The companies, all based overseas, were identified as PokerStars, Full Tilt Poker and Absolute Poker. The indictment sought $3 billion in money laundering penalties and forfeiture from the defendants.

MORE >>>

Read more: http://sportsillustrated.cnn.com/2011/more/04/15/poker.web.sites.ap/index.html#ixzz1Ybl4t03r

 

[Gerry]

When there are millions of members, when they sponsor mega million dollar events, when they have celebrity games, when they line up the top players and celebrities as their spokespersons...yeah, that's huge news.

Aside from Madoff and Perry's ascertain that social security is a ponzi scheme, you don't see or hear "ponzi scheme" used much in the news.

How many celebrity spokespersons did madoff have? How many online events did he sponsor? How many vegas events did he sponsor?

Yes, its huge news to the members, sponsors, advertisers on their shows, and hosts.

 

[Mike Cruz]

Because they call it a Ponzi Scheme" that makes it HUGE NEWS!!!... LMAO!

"investigated by FBI and called an online Ponzi scheme"

Investigated is new news?

I think we all knew about the seizure of the web sites, but the EARLIER civil complaint filed on April 15th?, somebody must of reading Playboy instead of Sports Illustrated;


Three online poker companies face fraud, illegal gambling charges
Friday April 15, 2011 9:05PM ; Updated: Saturday April 16, 2011 11:47AM


NEW YORK (AP) -- Federal authorities busted the three largest online poker websites in the United States on Friday with charges of bank fraud and illegal gambling against 11 people, accusing them of manipulating banks to process billions of dollars in illegal revenue.

Prosecutors in Manhattan said they've issued restraining orders against more than 75 bank accounts in 14 countries used by the poker companies, interrupting the illegal flow of billions of dollars.

U.S. Attorney Preet Bharara said the defendants "concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits."

The companies, all based overseas, were identified as PokerStars, Full Tilt Poker and Absolute Poker. The indictment sought $3 billion in money laundering penalties and forfeiture from the defendants.

MORE >>>

Read more: http://sportsillustrated.cnn.com/2011/more/04/15/poker.web.sites.ap/index.html#ixzz1Ybl4t03r

The fact that these people only held $65 million and had $443 million in play is the news, as well as the amount of profits the executives, partners and featured players were pulling away from the 'poker room'. None of these details were ever released, at least with amounts.


I think someone is bored.

 

[Gerry]

The fact that these people only held $65 million and had $443 million in play is the news, as well as the amount of profits the executives, partners and featured players were pulling away from the 'poker room'. None of these details were ever released, at least with amounts.


I think someone is bored.

Her posting the "Old News" again is Old news. It had already been posted on this forum and discussed, as I pointed out.

Fraud is fraud. But you don't hear the Ponzi Scheme verbiage used much

Let's face it Mike. Sanctus Domainus wants to see us burn in domainers hell. She is a troll of the lowest sort going around the forum and making a post in nearly every thread we have posted in and simply stirring up shit. She'll deny it, say it is her right, and pull the censorship bullshit again.

And now this...verbatim copying a thread comments which someone else posted (just yesterday) "old news" in another thread of mine. Mother Eva knows full well what I am talking about and which thread I am referring to yet she will claim she has no idea what I am talking about.

And you are correct...boring.

To post a headline in this thread and pretend as if it were new news to all of us is simply pure bullshit and a waste of her highness's time to find the story, well...I can actually say that we've been there. done that.

http://www.dnforum.com/f247/poker-domains-restored-money-returns-thread-453503.html
http://www.dnforum.com/f247/poker-gambling-domains-seized-again-thread-456285.html
http://www.dnforum.com/f17/online-poker-companies-indicted-thread-453031.html
http://www.dnforum.com/f247/doj-seizes-online-poker-site-domains-thread-453033.html

 

[Raider]

Let me get this straight, someone else posted "Old News" in another thread?.. That's too funny, but NOT the least bit surprising!

I have to ask; was this one of Father Gerry's attention seeking threads with the usual WOW! factor? the kind that grabs the attention of the reader for the purpose of replies like "Your Brilliant Doc" satisfying his pathetic deep need for admiration?, A thread that made him look superior than everyone else or unique from everyone else? Was it one of those OR was is it a panic thread? Like when Father Gerry created the thread titled; "Earthquake!" which in his estimation measured 3.0 to 3.5, LMAO!!!

I wasn't going to post anymore in this thread but since Father Gerry chose to attack me personally, it deserves a response... This is not a case of Raider disrupting a thread, this is a case of a old man bunching up his panties over 2 words; "OLD NEWS" and being the first one in his own thread to cry like a sissy and launch personal attacks. Over what? over the FACT that Full Tilt Poker has been under investigation by the Justice and a Federal grand jury in Manhattan since April 2010?.. The fact these recent charges are AMENDMENTS to an indictment that was unsealed by the Department of Justice on April 15, 2011? Obviously so. :yes:

Making a post in nearly every thread? I don't have to deny it, anyone can check and find for themselves what a outright LIE this is... And considering the number of threads you post in every single day, not to mention the 17,000 Post mark your breaking today, which has to be a DNF record, it's hard to find a thread your NOT in.

As for "stirring up shit", Isn't this what you've done for the past 3 years in my threads? jumping into threads your not even subscribed to and posting jabs and insults directed at me? This is NOT me retaliating, this is me treating you with the SAME level of respect that you treat me. I'm not a vindictive piece of sh*t like you are, I don't feel the need to mock or reference anyone in my signature, I laugh at the fact that I got that far under your skin for you to do that, or the time you photoshopped my avatar and inserted a 4 letter word, You think your hurting me but in reality all you've done is hurt yourself.