US calls online poker site Fulltilt “a scam from the beginning”

Lederer (Left) and Ferguson (right)(Reuters) – U.S prosecutors made new allegations Tuesday against the site Full Tilt Poker, accusing “Poker Professor” Howard Lederer  and the pro poker player Christopher Ferguson and others of paying themselves more than $440 million while defrauding other players. The prosecutors accuses Fulltilt Poker of running a “Ponzi” scheme that continued after the original warning. Lederer and Ferguson are directors and in the same time owners at Fulltilt Poker .

“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.

“Full Tilt was not a legitimate poker company, but a global Ponzi scheme from the beginning.”

A Ponzi scheme is usually one in which early investors are paid with the money of new clients and it collapses when funds run out

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