Archive for September 21st, 2011

The Full Ponzi Poker Scheme

September 21st, 2011 3 comments
FTP Ponzi

We all got screwed by the Full Ponzi Poker Scheme

I’m not sure what all the hours that I logged on Full Tilt Poker are worth anymore.  It appears as though the Department of Justice wishes that time that I spent, and the money that I deposited to be viewed upon in the same manner as a purchase of a PlayStation game.  I could spend countless hours clicking buttons, claiming that there was a skill element in my wins, and then walk away with nothing but time wasted.

The Department of Justice opened old wounds in poker players’ souls yesterday and then poured salt directly on them.  The most recent revision to the civil complaint originally filed on April 15th now includes the names Howard Lederer, Chris “Jesus” Ferguson, and Rafe Furst.  The last one bothers me the most.  The DOJ’s chief lapdog, US Attorney Preet Bharara went so far as to call the Full Tilt Poker concept a full fledged Ponzi Scheme, aimed at taking away customer money without the intent of giving it back, and instead distributing it among it’s chief board members and owners (of which there are purportedly 19). “Full Tilt was not a legitimate company, but a global Ponzi scheme.  Full Tilt insiders lined their own pockets with funds from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited,” said Bharara.  This giant mess got even messier, if that was even possible.

Let’s try and summarize the list of events: Read more…

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