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BankrollMob Poker News

sep
22

Full Tilt management accused of taking $440m from its players

Tags: black friday, chris ferguson, full tilt poker, howard lederer.
Posted on 22 September 2011 by "T".

Chris "Jesus" Ferguson and Howard "the Poker Professor" Lederer are now getting further involved in the Full Tilt Poker scandal. Together with a few other persons in the Full Tilt management they are accused of taking 440 millions from their players and to have put them in their own pockets. 

According to what the New York lawyer Preet Bhararar said to the Financial Times, Full Tillt Poker was an illegal poker company, but a global "Ponzi scheme". Earlier this year the founders of Full Tilt Poker, PokerStars and Absolute Poker were accused of bank fraud and money laundering - while the authorities took control of the sites web sites and bank accounts and sued the companies for 3 billion dollars.

The scandal is now getting worse as Chris Ferguson and Howard Lederer, 2 founders of Full Tilt Poker, are accused of taking 25 respectively 42 million dollars from the company. And according to the prosecutor, Full Tilt Poker has apart from that let some customers play for money they didn't deposit themselves, which has made the site's finical state even worse.

In March Full Tilt Poker owed its customer 390 million dollars, but only 60 million dollars in the bank account.

 


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29 comments for "Full Tilt management accused of taking $440m from its players"

 SuperNoob22/09/2011 08:03:12 GMT
this new statement will surely affect the decision of AGCC and any potential investors. either way doesnt look good for the players, dont see them getting their money this year
 MIGO1422/09/2011 08:53:10 GMT
don´t see that players will get any money back...
I guess Fulltilt will never be back in the business.
Which investor will now give them fresh money ?
 T3ddyKGB22/09/2011 09:27:41 GMT
Posted by MIGO14:
don't see that players will get any money back...
I guess Fulltilt will never be back in the business.
Which investor will now give them fresh money ?

i doubt anyone will see a cent..
i also dont think they will find some crazy investors to invest in the FT brand.
the software will be sold with a new name and new logo..
 B1gfoot22/09/2011 10:25:28 GMT
Actually its looking like they do have a investor.

 shoveandtilt22/09/2011 12:43:22 GMT
Allez les bleu, allllezzz les bleu
 Fakiry22/09/2011 12:47:51 GMT
I have centered my attention in a single quote from the text: "according to the prosecutor, Full Tilt Poker has apart from that let some customers play for money they didn't deposit themselves, which has made the site's finical state even worse". This is a NDB, right? But noone can withdraw NDB withouth playing it, which means one has to "pay" the NDB with generated rake playing that money. I know that if i decide to pick my NDB and enter a cash table and loose it all in a single hand, i havent generated enough rake and that money entered in circulation in the site. Maybe most of the NDB never gets to be "payed", but considering the extraordinary huge amount of money FTP did only with the rake from ring games, i cant believe NDB would mean some kind of relevant cost to the company.

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I have centered my attention in a single quote from the text: "according to the prosecutor, Full Tilt Poker has apart from that let some customers play for money they didn't deposit themselves, which has made the site's finical state even worse". This is a NDB, right? But noone can withdraw NDB withouth playing it, which means one has to "pay" the NDB with generated rake playing that money. I know that if i decide to pick my NDB and enter a cash table and loose it all in a single hand, i havent generated enough rake and that money entered in circulation in the site. Maybe most of the NDB never gets to be "payed", but considering the extraordinary huge amount of money FTP did only with the rake from ring games, i cant believe NDB would mean some kind of relevant cost to the company.
 SuperNoob22/09/2011 12:55:49 GMT
Posted by Fakiry:
This is a NDB, right?

No
i think these are the uncredited deposits.
e.g. someone from US deposits 600$, depending on the processor it will take lets say 2 weeks to get to fulltilt. but fulltilt lets the player play with 600$ instantly.
now if for some reason that money never reaches fulltilt, they are 600$ down

its something like this, but im not 100% sure
 IslandJack22/09/2011 13:08:26 GMT
Posted by B1gfoot:
Actually its looking like they do have a investor.



Guess I´ll keep reading. Smile
 Davoodoo22/09/2011 13:37:23 GMT
"Full Tilt Poker has apart from that let some customers play for money they didn't deposit themselves, which has made the site's finical state even worse."

Like phil ivey, durr, and antonius playing heads up with someone elses money to create publicity ??? Blink
 Jibberish22/09/2011 13:53:09 GMT
i always knew there was something wrong with fulltilt when i saw their poorly designed platform
 DaCapo7122/09/2011 14:10:38 GMT
Oh man, they waste our time...
I belie...ve we have no chance to get our money back. FT need a new owner verry rapidly...
 Funope22/09/2011 18:48:37 GMT
I wonder what the other pro poker players think about Chris and Howard.
 Macubaas23/09/2011 01:01:24 GMT
If there will be an investor there will be a completely new management team of course and the new site will keep just the name and software from the old one.

The evidence that was published lately show a really negative image about full tilt poker, now we don't know if all is true but i'm sure around 80% is true...

Lets hope they'll be able to sell the site Confused
 juxtox23/09/2011 17:59:28 GMT
I will my money back from this bad site.
 LooseKiddie24/09/2011 07:32:09 GMT
Well, the same FTP sh*t every day. I'm just shocked as hell that Ferguson could've stolen $25M... He is (or was?) my favourite player but now... Full Tilt is down and I don't think they will be up again anytime soon - perhaps never.
 bobbyneight24/09/2011 16:54:00 GMT
fortunately I didn't played much on FullTilt. After a few months I played at FT I went to pokerstars and now I have all my money there. I hope that PS is safe.
 ladere26/09/2011 07:26:20 GMT
come on fulltilt let's get back online,it's the best poker site,better then jokerstars
 MANUEDO26/09/2011 15:53:59 GMT
Can't believe it. If true, who would play online poker more ? And waht about these famous testimonials ???
 magatt96626/09/2011 16:11:35 GMT
Posted by MANUEDO:
Can't believe it. If true, who would play online poker more ? And waht about these famous testimonials ???



yes it's true....to be more accurate 440 millions and 450 dollars ......mine Big Smile Big Smile Big Smile

welcome back old spoon ....from time to time I play on partypoker but can't never see you online: are you still playing there?
 Caperinexile27/09/2011 13:25:38 GMT
I'm not sure who writes these articles for your site but English is obviously not their first language. Have any of them ever heard of something called spell check or grammar? I mean a grade 8/9 student in my country could do a better job than this, it makes your website look like a bit of a joke. If you're going to write a report on something in English you might want to at least consult a native speaker guys, come on.....
 dawka242527/09/2011 13:38:43 GMT
 pochui28/09/2011 12:16:16 GMT
oh wow- who would ever thought so: Full Tilt= Global Ponzi Scheme!
nice profit for the founders- Jesus-25 mil. Professor- 42 mil. Great payday. And they didn't have to sweat it at the poker tables lol...really worried about the players and their chances of grtting something back form tilt...
 tripleHHH28/09/2011 18:51:17 GMT
cant see anyone want to play on ftp if it ever gets a investor does not matter the site name is damaged beyond repair
 pochui29/09/2011 19:47:50 GMT
man now is a great time to be part of full tilt management Dollar Big Smile the players though Sad not gonna get very much i'm afraid...but it depends who and for how much are gonna buy the brand for further operations... Question
 edyholdem21/10/2011 09:08:12 GMT
WHO IS THE RIGTARD NOW????? Smile
 SuperNoob21/10/2011 09:30:41 GMT
Posted by edyholdem:
WHO IS THE RIGTARD NOW????? Smile


not your fault, if you had the intelligence to know what 'rigged' means you might not be a losing player.
anyway gl making fool of yourself in forums Big Smile
 FlashBeck51508/12/2011 23:28:19 GMT
PokerStars is not safe, you shouldn't have a big amount of money there
 Doberhain09/12/2011 11:16:41 GMT
Posted by edyholdem:
WHO IS THE RIGTARD NOW????? Smile


edy forget about kidding around with any heaven was blue believers here (or ex-affiliates), that dont gets you far - justice is coming up for FT. just watch and enjoy like I do.

till the end I hoped they would come back some day and get another try, but theres so much shit swimming down the river now. I hope they gonna burn in hell for what they have done to their faithful players.
 todd331109/12/2011 12:18:41 GMT
YES I SEE POKERSTARS BEING NEXT.SO DONT HAVE BIG MONEY IN YOUR ACCOUNT BECAUSE YOUR GOING TO LOSE IT AND THERES NOTHING YOU CAN DO ABOUT IT BUT CRY,,,SO IF YOUR GOING TO PLAY AT POKERSTARS DONT BE SURPRIZED WHEN THEY CLOSE,,

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plus it blows me away when i see over 200.000 players playing at pokerstars wow thats going to be a ton of money they fu...k from there players when they close there doors,because its going to happen,,,,PLUS you never see pokerstars offering any kind of deposit bonus like deposit 50 get 10$ or 15$ insantly never they dont offer shit but take take take,,JUST BE WEAR ALL

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