Full Tilt Poker Accused Of Stealing $440 Million In Giant Ponzi Scheme

[k13]

I'm sure it was rigged as well, we'll find that out soon enough.

People always said, easy profit why would they do this and why would they do that. Simple. Greed. Always.

People and Money should never be trusted. Anything Online is a scam one way or another.

[PaperTrail07]

bring back the old times and hang these *****....

[BarkingToad]

Gee whiz! I'm totally disillusioned. I thought Phil Ivey was Mother Teresa for boycotting WSOP, I didn't think it was for fear people would go after him for their money. All these pros were such great, great, great players and the site made so much in rake, they didn't need to do this, or so I was brainwashed. Everyone said how Full Tilt was like Ft Knox and could be fully trusted with your money, personal info, everything!

What's next, the players on High Stakes Poker on GSN don't use their own money and it's really like the WWE? Just like Pepper Brooks said, I feel shocked!

[ThaWoj]

nobody proved anything about ivey yet. the article only discusses lederer, ferguson, and furst.

the poker shows probably are not fake and the guys use their own money, but the money they are using is probably not rightfully "theirs"

but yeah im sure other poker site pros/owners did the same sh!t, they just didnt get noticed

[P.F.Kasooff]

Ivey will take the fall 'cause he is the black man

[marcojuiceman]

Anytime that there is alot of money involved expect there to be Crooks involved

[Killer_Demo]

this is the exact reason why I only sports handicap and play poker in LV...online gambling is shady at best...

[Bigphil662]

I agree if these people are really crooks they need to be punished. But I am kind of skeptical. This seems like some kind of anti internet gaming propaganda to me. I mean if all the people in my bank went down to take out there money at once the bank would not have the funds. Does that mean they are a ponzi scheme. Chris Ferguason and Phil Ivey are not going to promote the site for free. If all the people took there money out of the stock market at once it would crash to. So I think this is coming from the Justice Department which is biased against online gaming.

[LVHerbie]

Nothing new in in the article as was all info we already knew... Honestly sounds like nothing more then the government posturing to pass their blaim for the millions they stanched up from a sinking ship... What is sad is in the end the players are likely to get nothing while the US government and lawyers eat up what ever little crumbs are left from FT...

[JMUplayer]

The DC poker inititiave has run into some roadblocks as well..............

[P.F.Kasooff]

durrr opens up. If I were him I would STFU

The kid may get hurt

[Bobby D]

Lederer is a jewish name right ?

[jjgold]

I wonder how much Ivy stole??

[nyplayer33]

that is why it needs to be licensed and regulated..this will go down as one of the biggest scams ever. They had money problems in 2010 and still raked in tons of cash..ledeer and ferguson got 400 million dollars....biggest scam ever....absolute poker isnt anything bad like this.

[nyplayer33]

ivey also made a ton

[jjgold]

Ivy is a compulsive gambler
compulsive gamblers steal to stay in action
He is a fukkin thief

[Trident]

nobody proved anything about ivey yet. the article only discusses lederer, ferguson, and furst.

The amended complaint refers to another professional poker player and owner who has not been sued as “Player Owner 1″ who has received $40,078,646.6 in dividends and millions in loans, at least $4.4 million of which have not been repaid.

They don't mention Ivey by name because he is probably cooperating with the DOJ, no doubt what so ever that “Player Owner 1″ is Ivey.

[TyroneGoHome]

Tons of sportsbooks operate the same way, using player funds to operate the business and pay for marketing.

http://calvinayre.com/2011/09/20/legal/doj-calls-full-tilt-poker-global-ponzi-scheme/

"As the DoJ displays its willingness to revise complaints to ensnare the money men who may have thought they’d gotten away with it, one wonders how long it will be before the US Attorneys office in Maryland amends the court papers filed against BetED to include not just the front men/fall guys, but the two men suspected to be BetED’s beneficial owners – Covers.com principals Paul and Joe. Especially as the pair appear to be preparing to lower their bucket back down the well for yet another scoop of players’ cash via TopBet.com. Covers are widely suspected of having passed all the BetED player deposits through to themselves via a huge (up to 80%) revenue share agreement that is believed to have been directly applied to player deposits real-time every month. This is identical to the accusations levelled against Full Tilt ownership in this amended complaint."

[Keelo]

Ivey tring to outsmart the public by pointing the finger and boycotting the WSOP. Pretty sad really. These people could of had nice lives without all the greed.

[CarpeDime]

Lederer is a jewish name right ?

bingo

[wantitall4moi]

I was telling people Ivey was trash a couple years agi and everyone defended the guy like he was their mother or something. Claiming all the money he made/makes and how he is set for life and makes more money than (fill in the blank here). Guys are greedy pieces of shit. Poker was a cesspool about 10 years ago, these guys running ring games and ganging up on rich stooges who didint know any better.

Then Moneymaker wins on a fluke and every sucker ever born becomes a 'professional' poker player. And in the process makes every tournament that wasnt worth shit a very +even proposition. Only maybe 3 or 4 top guys played in more than one or two world series events, now they all play in every one of them. Mostly due to getting backed by n army of people or through scum sites that rob people.

But poer is basically like the touts. These guys sell their name, their look, their photo whatever they can and get money from it. They basically dont need to play anymore because they get hooked up with the scum that isnt afraid to steal money from people.

If this were the old days a couple of these guys would be dead by now. Lederer for sure. But so many people are crooked they just figure it will all even out in the end.

It is just so awesome though that they have all these shows and all the fake shit they do, like Poker after dark, and high stakes poker. total make believe shit right there. But they sell it as the real thing and bring in enough better known 'rich guys' to make it look plausible. Then they have the commercials and the 'boot camp' nonsense and try and make it out like poker is an 'honorable' endeavor. Complete joke. The fact that so many people got suckered by it shows just how smrt even the so caled professioals are. A lot of big name pros are buried by those guys and the only reason a few of them have gotten money is because lederer and a couple others threw them a bone. But some still havent gotten shit.

I am sure some are looking at legal avenues first, but once those come up empty it might be interesting to see some old school tactics get used.

[CMNoney]

durrr opens up. If I were him I would STFU The kid may get hurt

I would too, but I respect what he is doing.

[CMNoney]

http://www.pokernews.com/podcast/

Dwan interview. Starts at the 5:00 mark.

[jjgold]

I was telling people Ivey was trash a couple years agi and everyone defended the guy like he was their mother or something. Claiming all the money he made/makes and how he is set for life and makes more money than (fill in the blank here). Guys are greedy pieces of shit. Poker was a cesspool about 10 years ago, these guys running ring games and ganging up on rich stooges who didint know any better.

Then Moneymaker wins on a fluke and every sucker ever born becomes a 'professional' poker player. And in the process makes every tournament that wasnt worth shit a very +even proposition. Only maybe 3 or 4 top guys played in more than one or two world series events, now they all play in every one of them. Mostly due to getting backed by n army of people or through scum sites that rob people.

But poer is basically like the touts. These guys sell their name, their look, their photo whatever they can and get money from it. They basically dont need to play anymore because they get hooked up with the scum that isnt afraid to steal money from people.

If this were the old days a couple of these guys would be dead by now. Lederer for sure. But so many people are crooked they just figure it will all even out in the end.

It is just so awesome though that they have all these shows and all the fake shit they do, like Poker after dark, and high stakes poker. total make believe shit right there. But they sell it as the real thing and bring in enough better known 'rich guys' to make it look plausible. Then they have the commercials and the 'boot camp' nonsense and try and make it out like poker is an 'honorable' endeavor. Complete joke. The fact that so many people got suckered by it shows just how smrt even the so caled professioals are. A lot of big name pros are buried by those guys and the only reason a few of them have gotten money is because lederer and a couple others threw them a bone. But some still havent gotten shit.

I am sure some are looking at legal avenues first, but once those come up empty it might be interesting to see some old school tactics get used.

Most poker players are broke scums, Ivy has lost so much money gambling it is not even funny
Poker is crumbling except in Europe it is still good because more regulated
No such thing as a pro poker player, game of luck

[nyplayer33]

this is tons worse then absolute poker..tons worse

[BarkingToad]

I was telling people Ivey was trash a couple years agi and everyone defended the guy like he was their mother or something. Claiming all the money he made/makes and how he is set for life and makes more money than (fill in the blank here). Guys are greedy pieces of shit. Poker was a cesspool about 10 years ago, these guys running ring games and ganging up on rich stooges who didint know any better.

Then Moneymaker wins on a fluke and every sucker ever born becomes a 'professional' poker player. And in the process makes every tournament that wasnt worth shit a very +even proposition. Only maybe 3 or 4 top guys played in more than one or two world series events, now they all play in every one of them. Mostly due to getting backed by n army of people or through scum sites that rob people.

But poer is basically like the touts. These guys sell their name, their look, their photo whatever they can and get money from it. They basically dont need to play anymore because they get hooked up with the scum that isnt afraid to steal money from people.

If this were the old days a couple of these guys would be dead by now. Lederer for sure. But so many people are crooked they just figure it will all even out in the end.

It is just so awesome though that they have all these shows and all the fake shit they do, like Poker after dark, and high stakes poker. total make believe shit right there. But they sell it as the real thing and bring in enough better known 'rich guys' to make it look plausible. Then they have the commercials and the 'boot camp' nonsense and try and make it out like poker is an 'honorable' endeavor. Complete joke. The fact that so many people got suckered by it shows just how smrt even the so caled professioals are. A lot of big name pros are buried by those guys and the only reason a few of them have gotten money is because lederer and a couple others threw them a bone. But some still havent gotten shit.

I am sure some are looking at legal avenues first, but once those come up empty it might be interesting to see some old school tactics get used.

Well Said!

[jjgold]

I love all the poker shows how hosts praise the players saying how fgood they are and what great cash game players they are

Its alll a fraud

[BarkingToad]

They don't mention Ivey by name because he is probably cooperating with the DOJ, no doubt what so ever that “Player Owner 1″ is Ivey.

No doubt! I bet he was cooperating with the DOJ well before the scandal and were the ones that advised him to "boycott" the WSOP for fear something may happen to their star witness.

[Scooter]

Lederer is a jewish name right ?

As is Bitar and Ferguson.

Sharp observation.

[I/O]

I was telling people Ivey was trash a couple years agi and everyone defended the guy like he was their mother or something. Claiming all the money he made/makes and how he is set for life and makes more money than (fill in the blank here). Guys are greedy pieces of shit. Poker was a cesspool about 10 years ago, these guys running ring games and ganging up on rich stooges who didint know any better.

Then Moneymaker wins on a fluke and every sucker ever born becomes a 'professional' poker player. And in the process makes every tournament that wasnt worth shit a very +even proposition. Only maybe 3 or 4 top guys played in more than one or two world series events, now they all play in every one of them. Mostly due to getting backed by n army of people or through scum sites that rob people.

But poer is basically like the touts. These guys sell their name, their look, their photo whatever they can and get money from it. They basically dont need to play anymore because they get hooked up with the scum that isnt afraid to steal money from people.

If this were the old days a couple of these guys would be dead by now.Lederer for sure. But so many people are crooked they just figure it will all even out in the end.

It is just so awesome though that they have all these shows and all the fake shit they do, like Poker after dark, and high stakes poker. total make believe shit right there. But they sell it as the real thing and bring in enough better known 'rich guys' to make it look plausible. Then they have the commercials and the 'boot camp' nonsense and try and make it out like poker is an 'honorable' endeavor. Complete joke. The fact that so many people got suckered by it shows just how smrt even the so caled professioals are. A lot of big name pros are buried by those guys and the only reason a few of them have gotten money is because lederer and a couple others threw them a bone. But some still havent gotten shit.

I am sure some are looking at legal avenues first, but once those come up empty it might be interesting to see some old school tactics get used.

I'd be interested in hearing any stories (or links) about this.

[I/O]

Ivey will take the fall 'cause he is the black man

Isn't "Ivey" a Jewish name?

[oiler]

well they gamble their whole lifes so this isnt nothing they cant handle.probably gave them a great high screwing people over and seeing how far they can take it

[Degenerate]

Tom Dwan has done the right thing, hopefully more of the FTP pros will do the same.

[P.F.Kasooff]

durrr opens up. If I were him I would STFU

The kid may get hurt

I would too, but I respect what he is doing.

I found it interesting how Tom inadvertently, I believe, disclosed his net worth. Not near as much as many think.

[wrongturn]

I am happy I gave up poker years ago, otherwise I am very likely in a huge hole right now.