Full Tilt Poker Site Defends Business, Not a Ponzi Scheme

Poker Site Defends Business, Not a Ponzi Scheme

By SUSANNA KIM 

Sept. 22, 2011 

abcnews

The operators of online gambling site Full Tilt 

Poker, charged with running a $440 million 

Ponzi scheme by federal authorities, say what 

happened to them was simply 

mismanagement, not a scam.

http://winsgame.com/poker

"Banks fail for not having sufficient revenue to 

cover customer deposits all the time. No one 

refers to such failures as Ponzi schemes. And 

there was no Ponzi scheme here," said Jeff 

Ifrah, an attorney for Full Tilt Poker. 

"Players were not investing in any company-

run investment vehicle. Players were never 

promised any type of high rate return. Players 

just wanted to play poker and the company 

offered that service," he said. Ifrah explained 

that in late 2010, the company suddenly 

found itself unable to meet the player 

withdrawal demand. 

Full Tilt was shut down in April by federal 

authorities. "Full Tilt was not a legitimate 

poker company, but a global Ponzi scheme,"  

Preet Bharara, the U.S. Attorney for the 

Southern District of New York, said in a 

statement Wednesday.

The site told players their gambling accounts 

were secure and available for withdrawal at 

any time when in fact, "Full Tilt Poker did not 

maintain funds sufficient to repay all players," 

Bharara said. The operation allegedly used 

player funds to pay board members and other 

 owners more than $440 million since April 

2007.

The complaint named board members 

Raymond Bitar, Howard Lederer, Christopher 

Ferguson and Rafael Furst as defendants. 

"Full Tilt insiders lined their own pockets with 

funds picked 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 with the 

company," according to the DOJ statement.

Ifrah said the individuals added to the civil 

complaint will "certainly have comments on 

the allegations against them." If they received 

distributions at a time when the company was 

underwater, the individuals will need to 

defend whether the distributions are subject 

to seizure as the amended complaint alleges. 

On April 15, 2011, the Justice Department 

 

Poker Site Defends Business, Not a Ponzi Scheme

 filed a complaint for money laundering, fraud, 

and violating the 2006 Unlawful Internet 

Gambling Enforcement Act against 11 

individuals who ran PokerStars, Full Tilt Poker 

and Absolute Poker.

"But even if the government can prove that 

case and forfeit such distributions, such a 

case simply does not amount to a 'global 

Ponzi scheme' as the US Attorney stated in his 

press release," Ifrah told ABC News. "The 

inflammatory description by NY's lead federal 

prosecutor has nothing to do with the 

allegations in the amended complaint and the 

timing of these comments is most 

unfortunate."

Ifrah conceded that Full Tilt may have been 

mismanaged, and the company "may have 

made poor decisions." 

The Justice Department's shutdown of online 

poker sites has affected millions of poker 

players and the poker industry.

In June, Phil Ivey, one of the world's best poker 

players, announced he was suing his sponsor, 

Full Tilt, in June for $150 million and 

boycotted this year's World Series of Poker 

(WSOP).

Full Tilt Poker Gaming License Suspensed

29 June 2011  FOR IMMEDIATE RELEASE

Media Release

http://rakeback.diguk.com

Alderney Gambling Control Commission (AGCC) has today issued Hearing Notices under 

Regulation 46 of its Regulations to Vantage Ltd, Oxalic Ltd, Filco Ltd and Orinic Ltd, 

collectively trading as FULL TILT POKER.

In addition, AGCC has issued Suspension Notices under Regulation 47 to the above named 

companies requiring them to suspend all operations with immediate effect.

The decision to suspend these licenses follows a special investigation prompted by the 

indictments unsealed by US Attorney General’s Office in the Southern District of New York 

on 15 April 2011, during which grounds were found to indicate that these licensees and their 

business associates were operating contrary to Alderney legislation. The nature of the 

findings necessitated the taking of immediate action in the public interest.

Andre Wilsenach, the Executive Director of the Alderney Gambling Control Commission 

says: ‘The decision to suspend the eGambling licence was in the public interest and, because 

of the seriousness and urgency of the matter, it required that immediate action be taken ahead 

of the regulatory hearing.’

Any further announcements on this matter can be found on the website of AGCC at 

www.gamblingcontrol.org

Ends

NOTES TO EDITORS

Due to the nature of the forthcoming judicial proceedings no further comment can be made at 

this time. The regulatory hearing will be held on Tuesday 26 July 2011 in London.

Further media requests should be directed to Jim Delbridge of LR&D: Jim@LRandD.com or 

call 01481 246668.

Issued by:  André Wilsenach (Executive Director)

Alderney Gambling Control Commission

Alderney,

Channel Islands

Date issued: 29th June 2011

Full Tilt Poker Launches Steps Tournaments

Full Tilt Poker Launches Steps Tournaments

DUBLIN, April 16, 2010 /PRNewswire/ -- Full Tilt Poker is pleased to announce the launch of Steps Tournaments, offering players the chance to win entry to larger buy-in tournaments - and claim shares of bigger prize pools - by working their way up the steps of a progressive series of tournaments.

Starting with buy-ins as low as $3.30, Steps Tournaments play like regular tournaments, except that players compete for Tournament Tickets to the next Step in the tournament series. Even if players don't advance to the next step, Steps Tournaments also award seats at the same level or a lower level. Players can also buy in directly at any step they choose or purchase Tournament Tickets.

Tournament Tickets are another option for players to buy in to their favorite tournaments, featuring a wide range of denominations and tournament options. Each Tournament Ticket is worth a specific buy-in amount and can be used to buy in to any tournament for the face value of that Tournament Ticket.

Players can win Tournament Tickets through Steps Tournaments, a variety of Satellite Tournaments and promotions, including Full Tilt Poker's Steps to the Main Event tournaments, offering players the chance to win a $12K WSOP* Main Event prize package for as little as $3.30.

To learn more about Steps to the Main Event go to http://www.fulltiltpoker.com/steps-to-the-main-event .

For information about Steps Tournaments, Tournament Tickets and other New Releases go to http://www.fulltiltpoker.com/newClientFeatures.php

About Full Tilt Poker

Full Tilt Poker(TM) is the host of a worldwide virtual poker cardroom service. It is not in the business of betting or wagering and does not participate in the games as a player. It merely provides a service to those who wish to test their skills against others for fun, prizes or money. It is duly regulated and licensed by the Alderney Gambling Control Commission. With innovative graphics, superior customer service and a safe, secure interface, the software is geared to enhance and personalize the online poker experience. Although virtual poker is legal where the games are hosted and played, it may not be legal where individual players are located. Players at all skill levels may download the software at www.fulltiltpoker.com but it is their responsibility to determine if participating in the games is permitted under the laws of the jurisdiction where they are located.

http://rakeback.diguk.com