Ponzi scheme anyone?
U.S. attorney charges poker sites for operating Ponzi scheme - Sep. 20, 2011
NEW YORK (CNNMoney) -- Federal prosecutors on Tuesday accused the operators of the online site Full Tilt Poker of operating like a Ponzi scheme, siphoning more than $440 million in gambler winnings to board members and owners....
NEW YORK (CNNMoney) -- Federal prosecutors on Tuesday accused the operators of the online site Full Tilt Poker of operating like a Ponzi scheme, siphoning more than $440 million in gambler winnings to board members and owners....
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But Amway is Multi-Level Marketing.
Did you read the DoJ summations? Or maybe listen to the Fan590 today? They had Chris Tessaro (sp?), a pretty decent poker writer, especially at explaining things to the layman, on to discuss the FTP developments. I'll paraphrase a few of the more notable tidbits.
FTP was a profitable business until the owners started looting the till
Lederer, despite Bitar having the title, was running the day to day operations
FTP owes US players approx. $130M, globally $400M, but only had approx. $60M available on Black Friday
Ivey is most likely assisting the DoJ, based on the data in the summations (they mention help from a player/owner who borrowed $$$ in amounts eerily close to those mentioned when Ivey was threatening and withdrawing his lawsuit).
Very interesting and depressing interview. Will probably be a podcast soon for those that missed it.
Oh, and the actions of those named in the indictment are definitely those of people running a ponzi scheme.
http://pmd.fan590.com/audio_on_demand/Interview_Chris-Tessaro-PTS-20110921.mp3
Don't really know much about it all tbh, read Dwans statement regarding the Ponzi Scheme accusations, thats about it.
To me it just seemed like FTP was being run by people who had no idea how to run a business. Anyways hope they get there sh*t together cause I got some loot on there and a ton of value in the Rushes.
Hope Stars can get ahold of the patent for Rush. Though seems doubtful for anytime in the near future.
Stars is working on a rush version.
There is suppose to be a site who already has like rush poker going on with players pooled, lol everybody is getting in on it now. I think the site is Terminal poker, I just read the email like 5 minutes ago and have not checked it out to see if it is true or not.
Chris definitely knows the inner workings of the industry, he has had made twitter remarks against the grain on other subjects that prove to me he has his finger on the pulse and then some.
very good podcast, thanks for the link.
http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf
André Wilsenach, Executive Director, stated:
[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]"I am pleased that the FTP hearing will continue as scheduled, as was argued on my behalf. However, I am disappointed with the tribunal’s decision that, notwithstanding my arguments to the contrary, the hearing will be held in private. I believe the public has a right to know the reasoning behind the decisions to suspend FTP’s licences and call a hearing, and to hear the evidence that will be put forward on my behalf. It is my understanding that the tribunal conducted a difficult balancing exercise of the interests of the various parties, taking into account the legal arguments for and against further postponing the hearing, and for and against allowing the public to attend the proceedings."
[/FONT][/FONT]As a consequence of the tribunal’s decision members of the public will not be able to attend the hearing. A further statement will be made at the earliest possible opportunity.
Issued by: Andre Wilsenach (Executive Director, AGCC)
Even the AGCC knows this was a shady outfit, the publc had a right to know why, and full tilt is hiding it all, you losers are 10 times worse than UB.