ponzi

Full Tilt Poker lashes out at Ponzi scheme claims

Full Tilt Poker has lashed out at the U.S. Justice Department for calling it a Ponzi scheme.

"While the government has obviously taken issue with the underlying activities of FTP, under any reasonable interpretation, the world-wide operations of the online cardroom are not a so-called Ponzi scheme," Full Tilt Poker attorney Ian Imrich told The Wall Street Journal in an interview published today.

Earlier this week, the Justice Department amended an earlier civil complaint against the site's executives, including celebrity poker players Howard Lederer and Christopher Ferguson, charging them siphoning off hundreds of millions of dollars … Read more

Full Tilt Poker cheated players out of $300 million, WSJ says

The U.S. Department of Justice accused celebrity poker players Howard Lederer and Christopher Ferguson and other executives who ran the Web site Full Tilt Poker of defrauding players of more than $300 million, The Wall Street Journal reported today.

The U.S. attorney in the Southern District of New York amended an earlier civil complaint to allege that the players and two other directors of Full Tilt Poker ran a Ponzi scheme, in which the individuals illegally paid themselves with funds that were deposited by players supposedly for safe keeping.

The Web site's domain has been seized by … Read more

Game to let you run your own Ponzi scheme

Online gaming network Cellufun plans to unveil a new mobile game on Monday called MadeOff, which allows players to create their own Ponzi scheme.

The game's name is a play on Bernie Madoff, the recently convicted mastermind behind the biggest known Ponzi scheme in history. Madoff had more than 4,800 clients who invested money in his investment firm, expecting high returns. Instead of investing that cash into real securities, Madoff allegedly pilfered billions of dollars from clients before he was arrested in 2008.

Gamers playing MadeOff will engage in the same basic activity. You can choose to be … Read more