Full Tilt Poker

King of Queens · Post by **King of Queens** » Tue Sep 20, 2011 5:17 am

Manhattan US Attorney accuses Full Tilt Poker of operating "as a massive Ponzi scheme" and representing to players that winnings were real money, when it didn't have that money:

http://www.forbes.com/sites/nathanvardi ... zi-scheme/

http://www.businessinsider.com/full-til ... ngs-2011-9

Tom Kessenich · Post by **Tom Kessenich** » Tue Sep 20, 2011 5:19 am

Sounds sadly familiar.

King of Queens · Post by **King of Queens** » Tue Sep 20, 2011 5:21 am

Originally posted by Tom Kessenich:
Sounds sadly familiar. More than perhaps you realize:

http://www.wcofs.com/site/wcoff/article ... wcoffpoker

Tom Kessenich · Post by **Tom Kessenich** » Tue Sep 20, 2011 5:22 am

Originally posted by King of Queens:
quote:Originally posted by Tom Kessenich:
Sounds sadly familiar. More than perhaps you realize:

http://www.wcofs.com/site/wcoff/article ... wcoffpoker [/QUOTE]Wow.

Greg Ambrosius · Post by **Greg Ambrosius** » Tue Sep 20, 2011 5:28 am

This is certainly going to make it difficult to legalize online poker and just tax it. Or maybe this is a perfect example of why the government should just legalize online poker, regulate it like it does Las Vegas gambling, and tax it.

Anyway, from Darren Rovell of CNBC: "Manhattan US attorney says that Full Tilt Poker had $60 million in April, but owed players $390 million. Manhattan US Attorney accuses Full Tilt Poker board of pocketing $440 million of players winnings."

matthickok · Post by **matthickok** » Tue Sep 20, 2011 6:46 am

WOW!!!

This is disgusting! Howard Lederer used to be my favorite poker player! This really sucks as I used to enjoy losing so much money online playi....wait, nevermind. I think I see the silver lining here.

Just goes to show you how great Greg and Tom are with regard to being trustworthy (even if TK does ban me )

We appreciate you guys!

particra · Post by **particra** » Tue Sep 20, 2011 7:09 am

That's the last time I put my trust in the Isle of Man regulatory authorities!!!! (shakes fist at clouds)

Diesel · Post by **Diesel** » Tue Sep 20, 2011 8:25 am

How about this for advice...

Outside of the NFFC and FFPC, and maybe a few small entry contests like RT Sports and CDM games, do NOT trust your money with anyone.

All gambling websites/poker sites are former bookies that have elevated to online status. I know some guys growing up, that were great bookies. They were fair guys and good business men...But I'm not sure if I would hand them 400 million to hold on to.

This all started in the early 90's when your local "bookmaker" phone number became a new number that was now in the Phillipines. Your LOCAL bookmaker.

You all know by now, in your gut, what is safe and what's not. Go with your gut. Every time.

BLACKHAND · Post by **BLACKHAND** » Tue Sep 20, 2011 8:34 am

come on marc. let me hold 400 million for ya.

Diesel · Post by **Diesel** » Tue Sep 20, 2011 8:59 am

Originally posted by THE_BLACKHAND:
come on marc. let me hold 400 million for ya.

You got it Frank. BUT can I give it you you, $1 a week, for 400 million weeks? LMAO