Wednesday, September 21, 2011


AN online poker company, formed and run by former card sharks was nothing more than "a giant ponzi scheme" federal investigators have claimed. 
Full Tilt Poker, formed by among others, world champion players Howard Lederer and Christopher Ferguson stand accused of "picking the pockets of loyal customers."
According to investigators, the company only had $60 million of the $390 million it owed its players in March and over the years they had allegedly used $444million of player funds to pay board members and other owners.  
U.S. attorney Preet Bharara said: "Full Tilt insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited with the company."
The announcement came as prosecutors re-evaluated the ongoing lawsuit against the company, which saw them charge 11 individuals involved with the company, including one board member, were charged with illegal gambling, bank fraud and money laundering back in April.
They have now added more money laundering charges.   
It's unclear what if any role Lederer and Ferguson, who are major players in the poker world, having won two and one World Series of Poker Championships respectively, played in the scam. 
But the duo were among the six poker stars to form the company in 2004.

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