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Thread: Online Poker Turns Out To Be Global Ponzi Scheme

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    Online Poker Turns Out To Be Global Ponzi Scheme

    The online poker world in the United States was brought to a halt in April as PokerStars, Full Tilt Poker and Absolute Poker were charged with bank fraud, illegal gambling offenses and money laundering. On Tuesday, the Manhattan U.S. Attorney has motioned to amend the forfeiture and civil money laundering complaint to highlight that Full Tilt Poker and its board of directors operated the company as a "massive Ponzi scheme".

    The amended complaint explains that while FTP maintained player funds were safe, the company never actually had the represented cash on hand as a result of crediting users' deposits without actually receiving the money. There was a shortfall of approximately $130 million as a result of that process.

    The complaint further states that as of March 31, FTP owed players around the world $390 million, but only had $59 million on hand.

    http://espn.go.com/poker/story/_/id/...ivil-complaint

    That sucks...I used to play but then stopped once the government made it clear that we weren't allowed. I didn't agree with the decision but you can't fight Uncle Sam Never did I think that there was fraud on this level...cheating sure, but this is bad. A lot of people lost a lot of money. They won't be getting those millions back, I'm sure a lot has been spent. Some of the BoD owe more than 40M to the government alone!

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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Glad I never played! I haven't played cards in ages, actually.
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    I bet there are some with AS who are great Poker players. Keen observation plus a skill with numbers.

    I feel badly for the people who lost a lot but at the end of the day it was a risk to begin with.

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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.

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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Quote Originally Posted by Conlette View Post
    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.
    How is that tracked? For example, I walk into a casino and win $5K. Is there a paper trail?
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.
    How is that tracked? For example, I walk into a casino and win $5K. Is there a paper trail?
    Yes. I think it is for sums over $600 (same as filing a 1099-MISC) -- you have to provide ID and sign some stuff to get your winnings. The casino files it with the IRS just like a W2.

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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Quote Originally Posted by Conlette View Post
    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.
    How is that tracked? For example, I walk into a casino and win $5K. Is there a paper trail?
    Yes. I think it is for sums over $600 (same as filing a 1099-MISC) -- you have to provide ID and sign some stuff to get your winnings. The casino files it with the IRS just like a W2.
    $2000 here....has to be under. Also like when coming into the US. Have to declare anything over 5k cash.
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Quote Originally Posted by Conlette View Post
    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.
    How is that tracked? For example, I walk into a casino and win $5K. Is there a paper trail?
    Yes. I think it is for sums over $600 (same as filing a 1099-MISC) -- you have to provide ID and sign some stuff to get your winnings. The casino files it with the IRS just like a W2.
    Swine. >
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


    ~Alain de Benoist


  9. #9
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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.
    How is that tracked? For example, I walk into a casino and win $5K. Is there a paper trail?
    Yes. I think it is for sums over $600 (same as filing a 1099-MISC) -- you have to provide ID and sign some stuff to get your winnings. The casino files it with the IRS just like a W2.
    Swine. >

    Trying to tempt our Pork-Brutha are ye?
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

  10. #10
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    Re: Online Poker Turns Out To Be Global Ponzi Scheme

    Quote Originally Posted by Midwest Media Critic View Post
    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Quote Originally Posted by Mister D View Post
    Quote Originally Posted by Conlette View Post
    Land casino winnings are taxed...why not legalize it online and collect there as well? It's a sin tax like any other.
    How is that tracked? For example, I walk into a casino and win $5K. Is there a paper trail?
    Yes. I think it is for sums over $600 (same as filing a 1099-MISC) -- you have to provide ID and sign some stuff to get your winnings. The casino files it with the IRS just like a W2.
    Swine. >

    Trying to tempt our Pork-Brutha are ye?
    I used to have Muslims neighbors when I was renting. I saw their girl out front one day wearing a pro-Palestinian shirt. It read, "One Land, One People". From that day forward I was making suicide bomber jokes about them. ;D
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


    ~Alain de Benoist


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