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  1. Just saw this on CNBC: US attorney in Manhattan says FT a Ponzi Scheme.

    “Full Tilt was not a legitimate poker company, but a global Ponzi scheme,” Bharara said in a statement.”

    Not sure how this changes things for the masses but it could be bad for all the pros that were on the FT payroll.

    It wasn't a story but just a pop up on the screen. I'm sure more details will follow.

    http://www.forbes.com/sites/nathanva...-ponzi-scheme/
    Edited By: Cabo Sep 20th, 2011 at 05:26 PM
  2. Howard Lederer, Chris Ferguson, and Rafe Furst are now defendants, about fucking time
     
  3. You better be 100% positive of this before posting a thread sir. I want more evidence or a link or this thread should be deleted.
     
  4. http://www.subjectpoker.com/2011/09/ftp-civil-amended/

    edit: this link has nothing to do w cnbc

    and this is from wall street journal:

    News
    • The U.S. Justice Department accused poker celebrities Howard Lederer and Christopher Ferguson among other executives of a major poker web site of defrauding poker players out of more than $300 million.

    heres another:

    http://www.forbes.com/sites/nathanva...-ponzi-scheme/
    Edited By: Iplaythabored Sep 20th, 2011 at 05:19 PM
     
  5. ya i just posted this on the Poker Sites thread regarding the FTP hearing.

    http://www.businessinsider.com/full-...innings-2011-9

    They are kinda vague in all of these articles...is the US Attorney's office going to try and sue them to REPAY us? Or is this just going to be them looking to prevent FTP from ever operating again, and we never see the $$ (since the site will never be able to run again and they have proven they have little to no capital now)
     111
    10

    the_dean22 is an instructor at PocketFives Training . To get more of his advice and to watch his training videos, click here.

  6. Unregulated, off-shore company managing billions of dollars?

    :0

    To quote the eTrade baby: " I wanna show you something; it's my shocked face".
  7. Manhattan’s U.S. Attorney Preet Bharara claimed on Tuesday that Full Tilt Poker and its board of directors operated the company “as a massive Ponzi scheme against its own players.”
    Federal prosecutors in Manhattan said on Tuesday they were filing legal papers as part of a civil money laundering complaint that alleged Full Tilt Poker improperly used funds of online poker players to pay members of its board of directors, including famous poker players Howard Lederer and Christopher “Jesus” Ferguson, $440 million since April 2007.

    http://www.forbes.com/sites/nathanva...?feed=rss_home
  8. was just on long segment CNBC
    charged with Ponzi scheme. Numbers off top of head what remember, had 60 million of cash on hand, owed 390 million. allowed people to continue to deposit even though money wasnt taken out of account, and paid winners with money from accounts where deposits went thru. Board of directors took out $400 million before this occured.
    Lederer and Fergison among those charged
     
  9. awesome fucking news
  10.  
    Originally Posted by the_dean22 View Post

    ya i just posted this on the Poker Sites thread regarding the FTP hearing.

    http://www.businessinsider.com/full-...innings-2011-9

    They are kinda vague in all of these articles...is the US Attorney's office going to try and sue them to REPAY us? Or is this just going to be them looking to prevent FTP from ever operating again, and we never see the $$ (since the site will never be able to run again and they have proven they have little to no capital now)

    Interesting question. Hopefully some sort of settlement arises from this and players are paid back at least a portion of their balances. From everything that's transpired, it seems highly unlikely that FTP will be able to operate ever again. Just my opinion though.
  11. Lock 'em up with Skilling
  12. meh there's a lot of people in OT that are poker players but never leave OT. Pretty sure you don't have to open the thread if you don't want to
  13. how many of my friends lifes these people have fucked. i would rather not see them in person for fear of doing something stupid
    4
  14. lololol was wondering what you would say, joking obv.

    I always hated Fulltilt, guess I was kinda right. What's next I wonder.
  15. "Had 60 million of cash on hand, owed 390 million"

    LOLOLOLOLOLOOLOOLOLOLOLOLOOL
     
  16. This is why I moved to OT goddamnit. Too much depressing shit in pd
     
  17.  
    Originally Posted by dolphin13 View Post

    meh there's a lot of people in OT that are poker players but never leave OT. Pretty sure you don't have to open the thread if you don't want to


    yea i havent been to pd in over a year. In other news this prompted me to check out 2p2 NVG and everybody there thinks kevmode is even more retarded than we do.
    Edited By: mattg1983 Sep 20th, 2011 at 05:52 PM
  18. Wonder how much prison time Lederer and Ferguson are facing?
  19.  
    Originally Posted by OHBEEVEE View Post

    "Had 60 million of cash on hand, owed 390 million"

    LOLOLOLOLOLOOLOOLOLOLOLOLOOL

    How is it funny? Explain to me how this situation is funny in one bit? Do you even have any money on Full Tilt?
     
  20. means they are going to be doing some time in jail...have fun crooks.

    its funny kev because you still havent realized ftp wasnt going to pay. this may actually be a chance we actually get pennies on the dollar. also means the Todd Terry lawsuit claiming that players were defrauded has a real chance at players being repaid. this is about as much justice as the players are going to see at this point, watching all these owners sit in jail 10 yrs, it shows these guys were flat out stealing from players.
    Edited By: MarkFSU1 Sep 20th, 2011 at 06:01 PM
  21. lederer and ferguson should get 20 years+ for this. phil ivey comes to mind also, with his 8 figure "loans" and "advances".

    but it really shouldnt come as any big surprise, ftp was a poker site that was owned by degenerate gamblers, while stars was owned by actual businessmen. fundamentally, a professional gambler is going to be a scumbag. its a prerequisite almost.
  22. money gonzo! all this time they had no intention of paying anyone back. ponzi scheme excuses till the bitter end. somebody needs to get madoff time in prison!
    Edited By: jediwithaces Sep 20th, 2011 at 06:00 PM
    Reason: typo
  23.  
    Originally Posted by MarkFSU1 View Post

    means they are going to be doing some time in jail...have fun crooks.

    +1
  24.  
    Originally Posted by kevmode View Post

    How is it funny? Explain to me how this situation is funny in one bit? Do you even have any money on Full Tilt?

    Yeah I have plenty of money on Full Tilt, and these motherfuckers that you constantly defend and support (fucking loooooooooooooooooool @ that) may face some justice for being epic crooks. I've chalked that money as a loss for quite a while now b/c it's been quite obvious that that money isn't coming back. Meanwhile, you literally support the people that take vacations with your bankroll, it's a damn joke. So yes I'm laughing and hope these fucks get put away like they should.
    Edited By: OHBEEVEE Sep 20th, 2011 at 06:03 PM
     
  25. If these guys actually get good hard jail time, it will be worth the $3500 I'm out.
     
  26. kev you should read bro:

    It goes on to say that Full Tilt’s Board of Directors, allegedly Ray Bitar, Howard Lederer, Chris Ferguson, and Rafe Furst, paid to themselves and other owners “approximately $443,860,529.89″ from April of 2007 to April of 2011 and that payments to owners only stopped after April 15, 2011.1 It continues, “As of the date of this Amended Complaint, neither Full Tilt Poker nor the individual owners who received over $443 million in distributions have repaid any of the more than approximately $300 million the company owes to players around the world.”

    The FTP Insider Defendants are liable to the Government for a sum of money representing the amount of property, funds, or monetary instruments involved in the money laundering offenses described above, in an amount that is no less than $40,954,781.53 for Bitar; $41,856,010.92 million for Lederer; $25 million for Ferguson; and $11,706,323.96 million for Furst.

    There is 115M owed to players the govt is seeking in retribution...
    Edited By: MarkFSU1 Sep 20th, 2011 at 06:07 PM
  27.  
    Originally Posted by kevmode View Post

    How is it funny? Explain to me how this situation is funny in one bit? Do you even have any money on Full Tilt?

    i didnt have any money on ftp cuz i was backed, but ur bugging out like if u had 75K on there. i kno people with worthy life rolls on there who r taking this more lightly than u. shit will get solved. chill out
  28.  
    Originally Posted by kevmode View Post

    You better be 100% positive of this before posting a thread sir. I want more evidence or a link or this thread should be deleted.

     
    Originally Posted by kevmode View Post

    How is it funny? Explain to me how this situation is funny in one bit? Do you even have any money on Full Tilt?

    You are real , thats pretty funny .
  29. kevmode may be one of the least intelligent posters on this site. besides that, obviously this is bad news but i hope some sort of resolution can come up where players at least see a portion of their money given back to them..

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