Joined: Jan '09
Location: Italy
Age: 53 (M)
Posts: 3871
Posted by MIGO14:
Posted by magatt966: Charles Ponzi: a tipical example of italian export He frauded firstly other italian immigrants and then the whole nation (about 40 thousands people): started with $2 and grew them to more than 15 millions $$$$$
I always thought that Italians are the the persons behind all this. I guess the Mafia brought up FullTilt to wash their money from other business
Joined: Oct '08
Location: Germany
Age: 49 (M)
Posts: 2025
Posted by magatt966: Charles Ponzi: a tipical example of italian export He frauded firstly other italian immigrants and then the whole nation (about 40 thousands people): started with $2 and grew them to more than 15 millions $$$$$
now i know how ferguson managed to make from $0 into $10.000 within a month
he said he started with freerolls but in fact he just transfered the player deposit in his account
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
i dont think they are a ponzi scheme but definitely had a careless management and greedy owners who took the players money for personal use. most likely they'll endup in jail, but lets see.
Joined: Oct '08
Location: Germany
Age: 49 (M)
Posts: 2025
ponzi scheme or not. calling that a "bad management" or careless are in my eyes soft words. what they have done is simply criminal. i wonder, when my boss does a inventory and notice that money is missing, if he will call it bad management or say straight to me "fkin thief". but...like some other mentioned before, thats just like how our financial system works, and that has to be changed - but thats another theme.
Joined: Oct '09
Location: Spain
Age: 60 (M)
Posts: 2851
Another definition, just to give it a name: "A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors to keep the scheme going.
The system is destined to collapse because the earnings, if any, are less than the payments to investors. Usually, the scheme is interrupted by legal authorities before it collapses because a Ponzi scheme is suspected or because the promoter is selling unregistered securities. As more investors become involved, the likelihood of the scheme coming to the attention of authorities increases."
All comes down to the same thing. Greedy bastards. Take as much as you can get before the thing collapses, and leave everyone else to suffer the consequences. "puke"...
Joined: Feb '11
Location: Canada
Age: 39 (M)
Posts: 1660
Definitely not even close to the definition of a ponzi scheme (They are much worse, designed to screw everyone from the get go). This sounds (if the allegations are even true) far ore like direct theft/imbezzlement for certain, as previously mentioned.
I think they should pay all owing money back, and also, all players regardless of their bankrolls should get some kind of remuneration if that fraud was taking place.
Joined: Mar '11
Location: Canada
Age: 44 (M)
Posts: 1490
Posted by Mober: You can call it any thing you like. The result will be the same. Site is closed with our money in and doubtful if we will ever get them
Yes, but labelling it a "Ponzi scheme" is far more libelious, and will have a far more ominous tone than calling it bad management or theft. By trying to label it as a "Ponzi scheme" the DOJ has put it in peoples heads that that's what it is, even though anyone with half a brain knows what a ponzi scheme is, most people don't or won't bother to google it. All they know is it's done the trick, and any shred of reputation Full Tilt may have had left was soundly destroyed when that accusation was made.
A guy accused of rape, even if he DIDN'T do it, is far less likely to get a date in the future, just due to the accusation. Even if he's exonerated, in some peoples minds the accusation is enough to peg him forever as a rapist, and he'll never fully recover his reputation.
This is why people need to THINK before they say s**t like that, because its not something that can be taken back once it's said. The DOJ knew what they were doing though, they want to completely destroy Full Tilt to set an example that "they mean business".
