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!