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FFS. 
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http://www.egrmagazine.com/news/1694657/full-tilt-hearing-to-take-place-in-private.thtml
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http://www.egrmagazine.com/news/1694657/full-tilt-hearing-to-take-place-in-private.thtml
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Know getting paid at all ! Gutted for those who had thousands or millions in there ??
thought full tilt thread would be pages long---obviously many on here have accepted there losses and dont hold grudges against the CEOs who frauded millions
News Videos Hands Player Twitters Results Live Action Player Profiles Poker Deals Rakeback Forum Buy-in: $3,30Added money: $300Next exclusive tourney:055Start > News and Articles > FTP "A massive ponzi scheme" say US Federal ProsecutorsFTP "A massive ponzi scheme" say US Federal Prosecutors
Written by: JoytoysCategory: Report Full tilt poker, Chris Ferguson, Ray Bitar, Howard Lederer, AGCC, DOJTuesday
September 20, 2011As Full Tilt Poker has been fighting behind closed doors to have its gaming license reinstated by the Alderney Gambling Control Commission over in the UK it seems that matters across the pond have taken a considerable turn for the worse as Manhattan's US Attorney Preet Bhara has today claimed that Full Tilt Poker and its board of directors operated the company "as a massive Ponzi scheme against its own players".
As Forbes.com report;
"Bharara announced the filing of a motion to amend a forfeiture and civil money laundering complaint that was filed in April, alleging that Full Tilt and board members (Howard) Lederer, (Chris) Ferguson and Rafael Furst, together with Full Tilt CEO Ray Bitar, defrauded poker players out of some $300 million by not maintaining funds at the company sufficient to repay players"
It would appear that whilst Full Tilt maintained a facade of being a legitimate business with its players best interests at heart stating that "unlike some companies in our industry, we completely understand and accept that your account money belongs to you, not Full Tilt Poker" that in reality players money was being paid, in vast quantities to the board of directors and other owners of Full Tilt Poker. The amendment actually states that approximately $443,860,529.89 was paid to the board and owners from April of 2007 to April of 2011 with Federal Prosecutors claiming much of these funds have been transferred to accounts in Switzerland and other overseas locations.
The complaint specifies the board members are liable to the 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."
The fact that despite paying themselves nearly $450 million over the past four years that not one penny has thus far been offered up from Full Tilts owners to repay the players from whom they are alleged to have "stolen" the money has left a bitter taste in the mouths of players across the world. At the time of writing Full Tilt Poker still owe players around the world around $300 million. As ever the 2+2 poker forums have gone into overdrive and the condemnation has been almost universal - you can view the ever expanding thread on the topic here
The "ponzi scheme" allegations refer to the shortfall of cash FTP had onhand when compared to the amount of money owed to its players. This has been caused not only by the massive payments made to the companies owners but also by the apparently deliberate funding of players accounts by Full Tilt when it was known that payment processors were not in place to actually take the deposited funds from the players involved. Full Tilt, it is alleged had relied on only a small percentage of its players withdrawing at any one time and that larger sums would continue to be deposited to Full Tilt in the meantime.
The situation certainly looks dire for Full Tilt Poker and the offering to any future investors is looking less attractive by the day.
Further reading on this topic can be found at;
Forbes.com
Subject Poker
ESPN
Written by: JoytoysCategory: Report Full tilt poker, Chris Ferguson, Ray Bitar, Howard Lederer, AGCC, DOJTuesday
September 20, 2011As Full Tilt Poker has been fighting behind closed doors to have its gaming license reinstated by the Alderney Gambling Control Commission over in the UK it seems that matters across the pond have taken a considerable turn for the worse as Manhattan's US Attorney Preet Bhara has today claimed that Full Tilt Poker and its board of directors operated the company "as a massive Ponzi scheme against its own players".
As Forbes.com report;
"Bharara announced the filing of a motion to amend a forfeiture and civil money laundering complaint that was filed in April, alleging that Full Tilt and board members (Howard) Lederer, (Chris) Ferguson and Rafael Furst, together with Full Tilt CEO Ray Bitar, defrauded poker players out of some $300 million by not maintaining funds at the company sufficient to repay players"
It would appear that whilst Full Tilt maintained a facade of being a legitimate business with its players best interests at heart stating that "unlike some companies in our industry, we completely understand and accept that your account money belongs to you, not Full Tilt Poker" that in reality players money was being paid, in vast quantities to the board of directors and other owners of Full Tilt Poker. The amendment actually states that approximately $443,860,529.89 was paid to the board and owners from April of 2007 to April of 2011 with Federal Prosecutors claiming much of these funds have been transferred to accounts in Switzerland and other overseas locations.
The complaint specifies the board members are liable to the 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."
The fact that despite paying themselves nearly $450 million over the past four years that not one penny has thus far been offered up from Full Tilts owners to repay the players from whom they are alleged to have "stolen" the money has left a bitter taste in the mouths of players across the world. At the time of writing Full Tilt Poker still owe players around the world around $300 million. As ever the 2+2 poker forums have gone into overdrive and the condemnation has been almost universal - you can view the ever expanding thread on the topic here
The "ponzi scheme" allegations refer to the shortfall of cash FTP had onhand when compared to the amount of money owed to its players. This has been caused not only by the massive payments made to the companies owners but also by the apparently deliberate funding of players accounts by Full Tilt when it was known that payment processors were not in place to actually take the deposited funds from the players involved. Full Tilt, it is alleged had relied on only a small percentage of its players withdrawing at any one time and that larger sums would continue to be deposited to Full Tilt in the meantime.
The situation certainly looks dire for Full Tilt Poker and the offering to any future investors is looking less attractive by the day.
Further reading on this topic can be found at;
Forbes.com
Subject Poker
ESPN
http://www.rakeback.com/full-tilt-poker/news/2011/9/doj-civil-complaint-tom-...
Think my $50 is gone. Feel sorry for those who had large amounts of money on the site. Can't see anyone getting anything back at this stage. The sums of money are staggering.
Todays New York Times http://on.wsj.com/oLJ9ax
NEVER keep large amounts in ANY online company including betfair
It is a nause but withdrawing and depositing on a regular basis is the safest way.
I have played online poker for 10 years starting with ultimatebet and have never had any problems but have always withdrawn and deposited on a regular basis rather than leave large sums in.
I have also notice over the last few years that new sites often make it VERY difficult to withdraw money if you are new, often requiring copies of driving liscences and passports knowing many will simpy lose that money before they have gone thru the hassle of providing the info.
Be very careful with all accounts , I have a seperate bank accoun that I use only for online poker and bookmakers / exchanges in case the info is not secure and make sure I draw down from that account to keep it at a level not too high
It is a nause but withdrawing and depositing on a regular basis is the safest way.
I have played online poker for 10 years starting with ultimatebet and have never had any problems but have always withdrawn and deposited on a regular basis rather than leave large sums in.
I have also notice over the last few years that new sites often make it VERY difficult to withdraw money if you are new, often requiring copies of driving liscences and passports knowing many will simpy lose that money before they have gone thru the hassle of providing the info.
Be very careful with all accounts , I have a seperate bank accoun that I use only for online poker and bookmakers / exchanges in case the info is not secure and make sure I draw down from that account to keep it at a level not too high
The latest non news:
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http://www.pokernewsreport.com/full-tilt-poker-hearing-day-3-uncertainty-continues-4834
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http://www.pokernewsreport.com/full-tilt-poker-hearing-day-3-uncertainty-continues-4834
Think the only thing that remains to be sorted out is if the software will be sold. Full tilt is gone. Nobody is going to take on the debts (money owed to players plus fines by us govt). Sad to see really. Blame mainly go's to how if was run by the owners but if the land of the free then they would have not had to go down the route they did. Best software out their.
My 13 cents gone. There was me trying to get it up from zero to $10,000.
120m-140m in us player deposits that where not cleared. Unreal. Also US players that had not had the deposits cleared where allowed to withdraw them.
^^^^ seriously? 
Utterly incredible, I'd heard it was a lot but had no idea it was that much. It beggars belief how such a profitable company could be so appallingly mismanaged!
Utterly incredible, I'd heard it was a lot but had no idea it was that much. It beggars belief how such a profitable company could be so appallingly mismanaged!
Staggering amount of money alright. No way back for fulltilt.
Subject:Poker has confirmed that the FBI and law enforcement personnel have been authorized to seize assets belonging to Howard Lederer, Chris Ferguson, Ray Bitar, and Rafe Furst.
Specifically:
■All funds and other property on deposit in account numbered GB81 RBOS 6095 4234087766 held at NatWest, in the name of Raymond Bitar, and all funds traceable thereto;
■All funds and other property on deposit in account numbered 7655741861 held at Wells Fargo Bank N.A. in the name of HH Lederer Consulting LLC, and all funds traceable thereto; and
All funds and other property on deposit in account numbered GB56LOYD30166314010402 held at Lloyds TSB International, Isle of Mann, in the name of Howard Lederer, and all funds traceable thereto;
■All funds and other property on deposit in account numbered 40039049628 held at Citibank N.A., in the name of Chris Ferguson, and all funds traceable thereto; and
■Account numbered CH87 0875 5057068400100 held at Pictet & Co Bankers, Switzerland, in the name of Telamonian Ajax Trust, and all funds traceable thereto.
The inclusion of Rafe Furst’s Telamonian Ajax Trust should put to rest the industry rumors that he’s “the one” who flipped and provided the Fed with some of the detailed information regarding Tilt and its shareholders listed in the civil amendment.
Read more about the seizures
Specifically:
■All funds and other property on deposit in account numbered GB81 RBOS 6095 4234087766 held at NatWest, in the name of Raymond Bitar, and all funds traceable thereto;
■All funds and other property on deposit in account numbered 7655741861 held at Wells Fargo Bank N.A. in the name of HH Lederer Consulting LLC, and all funds traceable thereto; and
All funds and other property on deposit in account numbered GB56LOYD30166314010402 held at Lloyds TSB International, Isle of Mann, in the name of Howard Lederer, and all funds traceable thereto;
■All funds and other property on deposit in account numbered 40039049628 held at Citibank N.A., in the name of Chris Ferguson, and all funds traceable thereto; and
■Account numbered CH87 0875 5057068400100 held at Pictet & Co Bankers, Switzerland, in the name of Telamonian Ajax Trust, and all funds traceable thereto.
The inclusion of Rafe Furst’s Telamonian Ajax Trust should put to rest the industry rumors that he’s “the one” who flipped and provided the Fed with some of the detailed information regarding Tilt and its shareholders listed in the civil amendment.
Read more about the seizures
Just as we were working on a “who could this potential Full Tilt Poker investor be” post–news hits from the French MediaPart online site that Laurent Tapie–son of Bernard Tapie, who used to own the Olympique de Marseille soccer club which won the French League in 1993 but was stripped of its title for match fixing–is part of an investment group in negotiations to buy Full Tilt Poker.
By our estimations, there are few candidates with the capital required to make a Tilt purchase. Based on what Tilt owes players (approximately $330M) and an estimated DoJ pay-off (using the Dikshit/Party example as precedence, say $350M), plus extra financing for operations, you’re looking at around a $750M nut needed to save the company. But hey, if they’re willing to do it, we take back almost everything bad (i.e. everything) we’ve ever said about the French.
By our estimations, there are few candidates with the capital required to make a Tilt purchase. Based on what Tilt owes players (approximately $330M) and an estimated DoJ pay-off (using the Dikshit/Party example as precedence, say $350M), plus extra financing for operations, you’re looking at around a $750M nut needed to save the company. But hey, if they’re willing to do it, we take back almost everything bad (i.e. everything) we’ve ever said about the French.
From a 2+2 thread:
“According to a balance sheet prepared by Full Tilt Poker, as of March 31, 2011, Full Tilt Poker owed players from around the world over approximately $390,695,788 but had only approximately $59,579,413 in its bank accounts. Full Tilt Poker relied on new deposits from players to ensure its ability to fund withdrawals to players’ accounts.”
Well if that is the case, then the term "Ponzi Scheme" would appear to be totally justified
“According to a balance sheet prepared by Full Tilt Poker, as of March 31, 2011, Full Tilt Poker owed players from around the world over approximately $390,695,788 but had only approximately $59,579,413 in its bank accounts. Full Tilt Poker relied on new deposits from players to ensure its ability to fund withdrawals to players’ accounts.”
Well if that is the case, then the term "Ponzi Scheme" would appear to be totally justified
i thought a seperate independant account was required in law
shockingly lax
Yes, the DOJ are going after all the pros who were paid huge sums in dividends with this money that was supposed to be in seperate accounts. Looks like Lederer, Durr, Fergusson etc are going down.
As Hellmuth once said to Durrrr, " lets see if your even around in 5 years son" 
Continued to advertise and get paid by a crooked site even after it was known how they operated?
Even now, after all that has happened, their logo is still on his home page, as well as a download link!
Even now, after all that has happened, their logo is still on his home page, as well as a download link!
Lol, of course he's paying it back, the money he owes Full Tilt is effectively the money several thousand players are owed!
Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement
Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of Groupe Bernard Tapie announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.
This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.
Groupe Bernard Tapie has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.
Read more: http://www.pokernews.com/news/2011/09/full-tilt-poker-acquisition-agreement-...
Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of Groupe Bernard Tapie announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.
This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.
Groupe Bernard Tapie has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.
Read more: http://www.pokernews.com/news/2011/09/full-tilt-poker-acquisition-agreement-...
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