U.S. calls online poker site a "global Ponzi scheme"

By Grant McCool

NEW YORK | Tue Sep 20, 2011 

(Reuters) - U.S. prosecutors accused poker website Full Tilt Poker on Tuesday of running a Ponzi scheme in which the company's owners and board members paid themselves nearly half a billion dollars while defrauding players.

The allegations were filed in a proposed amended civil complaint in Manhattan federal court, five months after a criminal indictment was unsealed on April 15.

That indictment accused three Internet poker companies -- Full Tilt Poker, Absolute Poker and PokerStars -- and 11 people, including Full Tilt director Raymond Bitar, of bank fraud, illegal gambling and money laundering offenses.

"In reality, Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440 million since April 2007," the office of Manhattan U.S. Attorney Preet Bharara said in a statement. Read More: http://www.reuters.com/article/2011/09/20/us-poker-fraud-idUSTRE78J5II20110920