full tilt poker ponzi scheme news article

pinkfloyd

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not sure what thread this belongs in but some news on full tilt poker

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"" international online gambling site Full Tilt Poker stole $US440 million ($431.29 million) from players around the world in a Ponzi scheme used to pay lavish fees to board members, US prosecutors say.

Full Tilt "defrauded players by misrepresenting that their funds on deposit in online gambling accounts were safe, secure, and available for withdrawal at any time", the US Attorney's office for Southern Manhattan said on Tuesday.

"In reality, Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440 million since April 2007."
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