The executives of a website called Full Tilt Poker were accused of running a Ponzi scheme because they were found to be illegally keeping over $440 million dollars which should have actually gone to the board members and owners of the site. The scam seems to have affected other poker celebrities namely Christopher Ferguson and Howard Lederer, according to the Attorney’s Office for the Southern District of New York.

The official compliant from Preet Bahara, a US Attorney, stated that Full Tilt Poker and its members participated in fraudulent acts by stating that their deposits on the online gambling sites were actually safe and secure when in fact, were far from the opposite. They even stated on the site that the deposits would also be available for deposit any time, when those who operated the site as well as Lederer and Ferguson were taking part in fraudulent acts to keep large sums of the money. What was actually going on was that the site did not keep sufficient funds which were required to pay the winning players.

The poker champions are being charged with money laundering, and they will be required to pay the fines for these crimes. There are other defendants who are also being accused with illegal gambling, money laundering, and bank fraud.

It has been declared that the website Full Tilt Poker is not at all a legitimate gambling operation but rather a Ponzi scheme. The operators of the website have been shown to be pocketing money from the site’s loyal customers, innocent people at that, while blatantly lying to the public about the reliability of the company.

Full Tilt Poker is establishing measures to play the payers back, such as through attracting investors, and the only reason why it is still alive and operating is for the sole purpose of paying them back. The site, along with PokerStars, has been shut down officially by the Justice Department of the United States. However, investigations have showed that Lederer and Ferguson still operate sites which are inviting other poker players to challenge them at the games, although their representatives could not be located for comment. PokerStars is still operating outside the United States as the company is located in the Isle of Man.

Prosecutors of Full Tilt Poker have also added that the site’s operative measures were based on false images of financial stability and security, misleading all its players and members online. Anyone who participated on the site was in fact playing with phantom money and when a loss occurred, the financial shortfalls began to manifest themselves.

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