Full tilt poker ,,U.S.: Online gaming site is Ponzi scam

According to the complaint from U.S. Atty. Preet Bharara, Full Tilt Poker and its board, including Lederer and Ferguson, "defrauded players by misrepresenting that their funds on deposit in online gambling accounts were safe, secure, and available for withdrawal at any time." "In reality, Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members

i lost over a hundred bucks even though i had won money gambling..!!!

i started with only "lunch-money" ($20.00) so its not like i lost a house payment,, but still..

many people all around the world lost their "winnings" in a scam that traversed the globe!

BIG STORY coming to a-head

www.q13fox.com...



Full Tilt owed $300 million to players around the world but only had $6 million to pay them--- all that, and my bag of chips!

If it sounds too good to be true, it probably is.
Know this, and you are invincible to the internet.

Oh... The gold ol' Money Train.


How everyone wants a ride...

reply to post by SpongeBeard


in all fairness, why would a poker site seem "too good to be true"?

it's not like they were saying the money was free. or like it's a site where you play slots.

poker's a game. i'd never bet money on online play but i see no reason why somebody would think it was a scam.

they must have managed this site very, very poorly. i remember reading how lucrative the poker sites were at one point. so much so that the gov't got interested.

reply to post by godWhisperer

they must have managed this site very, very poorly. i remember reading how lucrative the poker sites were at one point. so much so that the gov't got interested.

Interesting , you should mention that...here's an interesting article about Poker Stars and the FBI

www.onlinepoker.net...

reply to post by darrman


as this story moves to the "over-looked" file



i find solace in posting about the loss of my lunch money..

dangy bully s

Originally posted by darrman
reply to post by darrman

 

as this story moves to the "over-looked" file



i find solace in posting about the loss of my lunch money..

dangy bully s

Look at the bright side..you only put in 20..and were owed 100..

There's probably a few out there who lost way more than their lunch money..

I think its great you posted this, because it might send an alert to some who think they are getting rich with all the poker winnings they have stashed on some poker site...

So..you can find solace in the fact that you may have helped others see a scam before they lose a lot more than 20 bucks.

reply to post by darrman


You realize this is exactly how our banks ACTUALLY work, right?

What Full Tilt was doing was illegal anyways..it shouldn't be illegal, but it was. So why would anyone trust that company?

But anyways they did pay people...just like the banks do. I'm pretty sure that Full tilt kept more reserve money than the banks have to...

The UIGEA was passed as a last minute addition to a port security bill in 2006.
In fact it doesn't as I understand it outlaw internet gambling.
It prohibits banks to facilitate financial transactions between gambling sites and US citizens.
The sites worked their way around this by some pretty shady innovations.
Instead of depositing straight to the site, you would deposit to someone in the Phillippines or China and they would deposit the money for you.
The withdrawal method would be similar.
People began to figure out that you could make a deposit and it would automatically go to your account.
You could then close your bank account before it worked it's way through the system and get away with committing fraud.
The owners of FTP knew this was happening and did nothing to stop it, losing millions of dollars.
In addition they continue to pay themselves huge dividends and ended up with a major cash shortfall.
So, it wasn't really a ponzi scheme, more of a case of terrible management.