The U.S. Attorney of Manhattan has called Full Tilt Poker a massive Ponze scheme against it’s own players. Civil money laundering complaints were filed against Full Tilt and it’s board of directors, alleging that the site improperly used funds of online poker players to pay members of its board of directors, including famous poker players Howard Lederer and Christopher Ferguson, $440 million since April 2007.
This is yet another bad blow to on-line poker, after the bad beat it got back in April from the DOJ. Back in June, there was a lot of talk about Full Tilt when professional poker player Phil Ivey sued Full Tilt and refused to play in the 2011 WSOP until Full Tilt paid all of the players.
At this point, it’s not clear if players can get their money out of Full Tilt but according to the charges, Full Tilt does not have enough money to pay all of it’s players.
At this point, it’s clear that there needs to be governmental regulations to control online poker. It would be safer for players, and with taxes, more money for the government. It would be a no-brainer win-win situation. But of course, this is the government we are talking about so it may take a few decades.