Full Tilt Poker Releases Statement About Potential Ponzi Scheme

Full Tilt Poker is in the midst of one of the biggest falls from grace that many people would be able to remember, and they have decided to make a statement about the recent accusations that they are a Ponzi Scheme, instead of an actual online poker site.  The statement was straight forward, and while it was a bit long, it was essentially that “Full Tilt Poker is not a Ponzi Scheme”.  The exact statement was as follows:

“On September 19, 2011, the Department of Justice issued a release stating that Full Tilt Poker was ‘A Global Ponzi Scheme.’  While the government has taken issue with the underlying activities of FTP, under any reasonable interpretation, there is no way to characterize the operation of Full Tilt Poker’s virtual online card room as a global Ponzi scheme.”

There was a bit more to it, but the general idea behind the statement is that while Full Tilt has been called a Ponzi Scheme, Full Tilt Poker still continues to make attempts to find an investor and also the funds to pay back the investors and players on the site.

The Ponzi Scheme statement came from Preet Bharara, who is the United States Attorney in this case; and he made this comment in a press release last Monday.  The general idea behind what is going on is that big named players Howard Lederer, Chris Ferguson, and Rafe Furst, have been said to have received around $79 million from the company.

This is the first statement that Full Tilt has released on this topic, and it will be interesting to watch and see what the outcome of this case against Full Tilt Poker is.