The biggest news of this past week in the gaming law arena has to be the accusations against Full Tilt Poker. The U.S. Justice Department has deemed Full Tilt a global Ponzi scheme that defrauded countless online poker players to the tune of over $300 million.
It has been said that the 23 owners of the site took out $444 million in self payments. Receiving the largest amount of this money were Howard Lederer, Chris Ferguson, Rafe Furst, and Raymond Bitar. They allegedly received $38 million, $24 million, $12 million, and $40 million respectively.
The Department of Justice states that on March 31st of this year, Full Tilt Poker owed its players $390 million but only had $60 million in its bank accounts. Furthermore, Lederer apparently told other Full Tilt insiders that the company had only $6 million in the bank but had liabilities of over $300 million.
It comes as no surprise that the Alderney Gambling Control crypto gambling is rumored to be planning to revoke Full Tilt Poker’s gaming license for good. This would likely be the end of the gaming site as it would then be nearly impossible to find an investor.
American Gambling Association President Looking for Poker Regulation
The president of the American Gambling Association (AGA), Frank Frank Fahrenkopf, is trying to find out exactly how long Full Tilt was robbing its players for. He also wants to know exactly for how much. He would use these figures to help lobby for U.S. laws that …