Full Tilt Poker is a Ponzi scheme, prosecutors say
NEW YORK (AP) — Prosecutors in New York say an Internet poker company shut down in the spring as part of an online gambling crackdown had operated as "a global Ponzi scheme."
The U.S. attorney revised its civil lawsuit against Full Tilt Poker on Tuesday to include new allegations that the company raided player accounts to fund its operations and make lavish payments to the site's owners.
Investigators say that over four years, the company used $444 million in player money to pay board members.
The poker site had promised players that their accounts were protected and wouldn't be touched. But authorities say that as of March, the company had only $60 million left of the $390 million owed to players.
The company's lawyer was traveling Tuesday and not immediately available for comment.
RecommendedRecent Facebook Activity
Only On 7
-
WIN FREE PIZZA FOR A YEAR FROM ABC7!
"Like" ABC7 on facebook and you could win an entire year of free pizza from ABC7 and Papa John's! Enter by 4pm this Friday! Winner will be announced on ABC7 News at 5 Friday!
TBD Blogs What you need to read
-
@TBD Arts
All you need to know about Congressional Black Caucus Week
-
The Market Report
Starbucks is going to start selling groceries
-
@TBD On Foot
How Germantown evolved into the D.C. metro area
Best of TBD In case you missed it
-
The worst meals in America
Here's a visual look at the eight most delicious, disgusting meals in the country.

1 Comment
Post a Comment