Poker Online

Category: Poker Online

The players, or should I say former players, of Full Tilt Poker haven’t heard the last of the online poker website. Full Tilt has grabbed the spotlight yet again, and it isn’t for the right reasons this time either. The latest shocking new claims state that the FBI and US Department of Justice are vigorously investigating whether or not Full Tilt Poker was acting as a massive international Ponzi scheme for investors. The new revelations that have cropped up estimate that hundreds of millions in illegal money transfers and investments made their way into fraudulent activities.

Fill Tilt Poker was initially accused of having created hundreds of fake accounts via payment processors and used players money in their names for purchases of golf balls and jewellery.  It looks like the worst fears of several international players are coming true, they might not be able to get their money out of FTP. Ponzi fraud is like a pyramid scheme where high returns are promised on investments in a short period of time. The funds are never invested they are just pocketed. In FTP’s case, the funds from player accounts were used to pay salaries and other expenses to operators and administrators. At present the company holds cash reserves of $6million and it owes players an enormous $300 million plus and it looks like they have no intention of paying it back either.