Lederer, Ferguson, Furst, Bitar and other owners looted player and Full Tilt for $443 million

It's all over the news right now that the US DOJ has amended their filing in the civil money laundering complaint to assert that Full Tilt was run by its owners as a massive Ponzi scheme against its own players having "distributed" $443 million to owners since 2007 leaving the company in a dire situation.

Preet Bahara, the lead district attorney for New York DOJ office added “Full Tilt was not a legitimate poker company, but a global Ponzi scheme. Full Tilt insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited.”

Now they are going after the owners like Howard Lederer, Chris Ferguson, and Rafe Furst ""Insider Defendants are liable to the Government for a sum of money representing the amount of property, funds, or monetary instruments involved in the money laundering offenses described above, in an amount that is no less than $40,954,781.53 for Bitar; $41,856,010.92 million for Lederer; $25 million for Ferguson; and $11,706,323.96 million for Furst."


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axistilt23
axistilt23 Silver 2
2223d ago

Wow this is crazy. The Full Tilt "saga" just keeps getting more and more interesting. How far down does the rabbit hole go?

zzbigstackzz
zzbigstackzz Silver 2
2223d ago

I read a little bit about this last night, has anyone heard any comments from Phil Ivey regarding this latest news? I'm really interested to see what he thinks about this alleged Ponzi scheme involving a group of guys he used to work with.

77timmy1986
77timmy1986 Silver 2
2223d ago

bigstack, check this out. It doesn't have a response from Ivey but its a good article. http://www.pokerinside.com/content/news/is-phil-ivey-the-inside-man

TedHeris
TedHeris Silver 3
2221d ago

incredible! Cheaters! Jail them!

PF_pitboss