Full Tilt Poker Accused of Being a Global Ponzi Scheme

New York, NY: Celebrity poker players Christopher Ferguson and Howard Lederer together with other executives who ran the popular Internet gambling site Full Tilt Poker stand accused by the US Department of Justice of having defrauded players of more than $300 million, in what is being called a global Ponzi scheme.

Preet Bharara, the U.S. attorney in the Southern District of New York, has said that Full Tilt is not a legitimate site but rather a global Ponzi scheme, and has amended an earlier civil complaint to allege that the players and two other directors of Full Tilt Poker ran a Ponzi scheme, in which Ferguson, Lederer and others illegally paid themselves with funds players had deposited for safe keeping. Among the charges brought by Bharara against Full Tilt, PokerStars, Absolute Poker and other businesses and 11 people, are bank fraud, money laundering and illegal gambling.

Full Tilt Poker's domain was seized and its online gaming rooms closed on June 30, by the Federal Bureau of Investigation.

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Published on Sep-21-11