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Full Tilt Poker Charged As Ponzi Scheme


Parsad
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I read about Full Tilt today. Never deposited more than $100 there (for deposit bonus). Luckily, this was early on, around 2005. I had no problem taking out my initial deposit + money I won. Looking back, I'm glad I never attempted to make a serious run. I still play for small change, but not on Full Tilt.

 

I guess casinos are safer places to poker. Makes me want to go to Brantford or Niagara!

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Actually, the ponzi scheme (or FRB scheme :P) is not news to the poker community. The fact that they didn't have the player funds separated has been out there since just after the FBI clamp down. Glad to see Ferguson and Lederer finally taking some real heat, though. I was lucky and only had scraps deposited on FTP as my main game always has been on euro sites.

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Looks like a run on the bank. How come we allow banks to do it but not poker site is just a matter of perception...

 

BeerBaron

 

Run on the bank is when a banks assets are illiquid and they can't convert them to cash fast enough to pay out depositors.  Full Tilt had negative book value due to the fact that they stole customer money.  There were no tangible assets when the music stopped.  The whole thing is nuts.

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