Poker ‘Ponzi Scheme’ Bagged $440 Million, Says DOJ
Federal prosecutors Tuesday accused Full Tilt Poker, an online gambling operation, of running a global Ponzi scheme that siphoned $444 million from player accounts to pay off celebrity board members and cover business expenses. (more)
Federal prosecutors Tuesday accused Full Tilt Poker, an online gambling operation, of running a global Ponzi scheme that siphoned $444 million from player accounts to pay off celebrity board members and cover business expenses.
Prosecutors say that Full Tilt in March owed players 6.5 times the amount of cash held by the company.
The Justice Department is pursuing a number of gambling sites accused of operating in violation of U.S. law, but this charge raises the stakes, so to speak. — PZS
Your support is crucial…AP via The Washington Post:
In its revised lawsuit against Full Tilt, Justice Department lawyers said that even though the company had assured players that those accounts “are segregated and held separately from our operating accounts,” they were actually drained regularly for other purposes, including paying the company’s owners and board members.
[Top Full Tilt executive Raymond] Bitar got $41 million and [professional poker player and board member Howard] Lederer got $42 million, the lawsuit said. [Professional poker player and board member Christopher] Ferguson was supposed to get $87.5 million, although he may have only received $25 million of that amount so far, federal prosecutors claimed.
With an uncertain future and a new administration casting doubt on press freedoms, the danger is clear: The truth is at risk.
Now is the time to give. Your tax-deductible support allows us to dig deeper, delivering fearless investigative reporting and analysis that exposes what’s really happening — without compromise.
Stand with our courageous journalists. Donate today to protect a free press, uphold democracy and unearth untold stories.
Politics
Democrats spent the last four years running away from police reform — handing a dangerous man an even stronger police and surveillance state.
Prison Reform
Many incarcerated women in the state are trapped in prison for crimes committed by men or abusive partners.
Media
If you say “many Americans are worried about crime,” then many Americans are going to worry about crime — even when it’s in a steady 30-year decline.
Social Justice
Some state legislators want to establish permanent victim services funds.
Editorial Cartoons
Ear to the Ground
Examining serial killers past and present and how marginalized groups tend to be their most likely victims.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.