Click here for linkThe U.S. Justice Department on Tuesday accused poker celebrities Howard Lederer and Christopher Ferguson among other executives of a major poker website of defrauding poker players out of more than $300 million.
The U.S. Attorney in the Southern District of New York filed a motion Tuesday to amend an earlier civil complaint to allege that Mr. Ferguson, Mr. Lederer and two other directors for the website, Full Tilt Poker, operated what the Justice Department says was a Ponzi scheme that allowed the company to pay out $444 million to themselves and other owners, which included other famous poker players.
Wait a minute! Wait a minute! This sounds so familiar. It's coming to me. Oh yeah, sounds just like the Social Security Trust Fund. The US government runs the best Ponzi scheme ever. I bet Full Tilt got the idea from Social Security! Yeah, Yeah that's the ticket!
In the motion to amend the complaint, the government alleges Full Tilt executives
misrepresented to the website's players that the money the company was supposed to be holding in player accounts was safely held when it was actually being used for other purposes, including owner profits.
Total Members: