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United States

Submission + - Full Tilt Poker a Ponzi Scheme? (myfoxphilly.com)

OverTheGeicoE writes: The US Government's battle against online poker is escalating. The US Justice Department on Tuesday accused poker celebrities Howard 'The Professor' Lederer and Christopher 'Jesus' Ferguson and other executives of Full Tilt Poker of defrauding poker players out of more than $300 million. Their Web site was allegedly a Ponzi scheme: 'the government alleges Full Tilt executives misrepresented to the website's players that the money the company was supposed to be holding in player accounts was safely held when it was actually being used for other purposes, including owner profits.'
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Full Tilt Poker a Ponzi Scheme?

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The meat is rotten, but the booze is holding out. Computer translation of "The spirit is willing, but the flesh is weak."

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