Full Tilt Poker Meltdown Has Now Begun
September 21, 2011 8:58 amThe s**t really seems to have hit the fan at Full Tilt Poker, with particularly grave consequences for its board members, in the light of the latest accusations levelled against the once mighty online poker room by the Manhattan’s US Attorney Preet Bhara.
Moving to add new allegations to the April civil forfeiture filed against the company, Full Tilt paid board members now stand accused of lining their pockets with their customers’ money, thus contributing significantly towards the financial meltdown of the company.
Whereas Full Tilt had tried to lay the blame on the US government’s clampdown on the online poker industry and an unreliable payment processor, this time the blame is being levelled squarely at the feet of the owners of the company, which includes Chris “Jesus” Ferguson, Howard Lederer, Rafael Furst and Ray Bitar.
In the latest accusation, the US Attorney for Manhattan had stated that Full Tilt was operated along the lines of a global Ponzi scheme and that $443,860,529 had been paid to the board from April 2007 to April 2011.
The claim then goes on to state that much of the money had been channelled to various overseas accounts, such as Switzerland. At present it is claimed that the owners owe the US government “in an amount that is no less than $40,954,781.53 for Bitar; $41,856,010.92 million for Lederer; $25 million for Ferguson; and $11,706,323.96 million for Furst.”
In the meantime, Full Tilt Poker is currently in the middle of a licence hearing to see whether it will have his suspension revoked by the Alderney Gambling Control Commission (AGCC).
However, with the latest amendments to the DoJ indictments, it appears more likely that Full Tilt will have its licence taken away altogether. Furthermore, the indications are that the US DoJ will now be going after all the assets of Full Tilt Poker, as well as the personal ones of the company directors.
Its fair to say the situation is now looking pretty dire at Full Tilt Poker.