Following strong accusations by US federal prosecutors that Full Tilt Poker operated as a Ponzi scheme and stole over $400 million from its players’ funds, a lawyer for the online poker site strongly rejected these allegations.
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Jeff Ifrah, the lawyer (despite claiming to have ceased working with Full Tilt) told the media yesterday that he strongly disagreed with the accusations that Full Tilt Poker operated as a global Ponzi scheme. “Full Tilt Poker have made mistakes, but I see no evidence to support the DOJ’s characterization of it as a global Ponzi scheme,” he said.
On Tuesday this week, US prosecutors announced that they were amending a civil filing, accusing the online poker room of paying its executives over $440 million from money defrauded by players. Top attorney, Preet Bharara said that the prosecution was seeking the forfeiture of funds received by these directors, as well as civil penalties for money laundering.
In April of this year, the prosecutors officially charged Full Tilt Poker executives, as well as those from Poker Stars and Absolute Poker for bank fraud, illegal gambling and money laundering.
The papers filed this week claim that Full Tilt Poker continued to run its business and take money from players even though it knew that it didn’t have any money to cover its liabilities, including payouts to its players. To date, these players have still not received the hundreds of millions of dollars worth of payouts by the poker room, and there is no set date to see them receive the funds.
Full Tilt Poker continues to claim that it is in negotiations with investment groups to buy out the company, so that it can pay out its players.