Fulltilt owners pocketed $500million...

**jeeza** · 09-20-2011 12:52 PM

Lederer and Ferguson.JPG

Here it is http://www.subjectpoker.com/2011/09/ftp-civil-amended/
http://www.forbes.com/sites/nathanva...-ponzi-scheme/

**Chipless Wonder** · 09-20-2011 01:51 PM

Wow. That has to be one of the most depressing articles I have ever read.

As more facts come out, these guys are going to have to put some serious thought into hardcore personal security.

**Shoecrew22** · 09-20-2011 02:00 PM

Gah you beat me here! Justice Dept. accuses Lederer, Ferguson, others of defrauding poker players out of $300,000,000 - Poker News - News, Views and Gossip

SOOOOO SICK

**Shoecrew22** · 09-20-2011 02:01 PM

Originally Posted by Chipless Wonder

As more facts come out, these guys are going to have to put some serious thought into hardcore personal security.

Federal Prison should keep them safe just fine, cant same the same for their A$$****s though.

**Ivan_Drago45** · 09-20-2011 04:56 PM

Wow......I mean, wow. I can't even come up with anything say. What a bunch of morons. Owning an online casino is like a license to print money and these fools managed to screw it up. Looks like Worm is going to have some more competition in those prison card games.

**PokerBroker** · 09-20-2011 05:13 PM

Are these guys going to be able to show their faces in a card room after this? Would be like Madoff chilling at a Mets game enjoying a nice cold one... in a 24k gold goblet.

**Ivan_Drago45** · 09-20-2011 06:59 PM

Q&A: Durr answers questions about FTP - Poker News - News, Views and Gossip

Some interesting stuff that Dwan is making public. Nothing Earth shattering, but interesting if you guys want to read.

**Jifsrt8** · 09-21-2011 03:22 AM

Just finish lookin at the top CNN news on my phone
and I come to this article.
Poker site accused of $440 million Ponzi scheme

I had no idea is it all true ?

**FrankJones** · 09-21-2011 03:39 AM

This is a crock of shit. The articles all state that the problem only began when the U.S. government prevented Full Tilt from withdrawing money from the bank accounts of willing players. Before that, they were perfectly solvent. They may be guilty of misappropriation of funds, but so what? Most businesses don't have more than a fraction of its customers money on hand. In fact, this system of fractional reserve banking is the basis for our entire banking system. Unless a massive bank run happens, there is no need to have more than 3 - 8 percent of customers' money on hand. And, historically, bank runs have only happened when the government interferes with the free market.

Full Tilt is no different. If players' account funds total $100,000,000.00 there is no need for the site to have more than $10,000,000 on hand. The only things that would cause that reserve ratio to be insufficient would be government meddling.

In other words, the problem right now exists only because the government got involved in the first place. History is full of similar examples of catastrophic consequences of government meddling (The Great Depression, the recent housing/mortgage/banking crisis, etc.)

**Houdini9** · 09-21-2011 05:40 PM

Originally Posted by FrankJones

This is a crock of shit. The articles all state that the problem only began when the U.S. government prevented Full Tilt from withdrawing money from the bank accounts of willing players. Before that, they were perfectly solvent. They may be guilty of misappropriation of funds, but so what? Most businesses don't have more than a fraction of its customers money on hand. In fact, this system of fractional reserve banking is the basis for our entire banking system. Unless a massive bank run happens, there is no need to have more than 3 - 8 percent of customers' money on hand. And, historically, bank runs have only happened when the government interferes with the free market.

Full Tilt is no different. If players' account funds total $100,000,000.00 there is no need for the site to have more than $10,000,000 on hand. The only things that would cause that reserve ratio to be insufficient would be government meddling.

In other words, the problem right now exists only because the government got involved in the first place. History is full of similar examples of catastrophic consequences of government meddling (The Great Depression, the recent housing/mortgage/banking crisis, etc.)

You must have missed the part where they stated ALL PLAYERS MONEY is kept SEPERATE from Operating Revenue. They are not a BANK. Banks are backed by each other and are able to borrow to cover demands. This little thing is called "The Overnight Rate". etc, etc. There is no such thing for Poker Rooms. Get real.

These clowns were running a Ponzi Scheme and anyone who defends what they did can spend time in the cell next to them as far as I'm concerned.