US Justice Department Alleges That FullTiltPoker Was A Ponzi Scheme
According to WSJ.com, the Justice Department amended the charges already filed against Full Tilt Poker and some of the executives, alleging that Full Tilt Poker was a “Ponzi scheme that allowed the company to pay out $444 million to themselves and other owners, which included other famous poker players.”
“The government alleges Full Tilt executives misrepresented to the website’s players that the money the company was supposed to be holding in player accounts was safely held when it was actually being used for other purposes, including owner profits.”
“Full Tilt was not a legitimate poker company, but a global Ponzi scheme,” said Preet Bharara, U.S. Attorney for the Southern District, in a statement.
You can check out WSJ.com for more info.