No Deposit Bonus : SlotsLv casino currently is offering everyone a $22 no deposit bonus. New Players Only. Fully Cashable. USA and Canadian Players are welcome. Please see our SlotsLv review page for the no deposit bonus info. SlotsLv Review
Best USA Casino Bonus
Big Casino Bonus : All USA Players Welcome: Bovada Casino the #1 USA Online Casino offering all new signups a $3000 table game and slots bonus + weekly cash back. All new accounts qualify thru our link. No codes needed. For full bonus information please see our Bovada Bonus review.
Fulltilt Poker Getting Massive Media Coverage
Wednesday September 21, 2011 : Shock and dismay at extent of player prejudice as 'Ponzi Scheme' allegations continue.
European players and industry people awoke this (Wednesday) morning to widespread mainstream media reports on the latest Full Tilt Poker bombshell, dropped by US enforcement authorities after the close of business in Europe.
The Justice Department additions to its civil claim against Full Tilt Poker claiming that the company was in effect a Ponzi scheme caught the attention of news media everywhere, with the word "ponzi" dominant in most headlines.
Particular attention was given to the Justice allegation that FTP had assured players that their account deposits were “segregated and held separately from our operating accounts,” when, it is claimed, the online poker company was actually draining away finances regularly for other purposes, including paying the company’s owners and board members tens of millions of dollars.
The new revelations claim that defendant Ray Bitar got $41 million and top poker player and alleged co-founder Howard Lederer got $42 million. Chris Ferguson was supposed to get $87.5 million, although he may have only received $25 million of that amount so far, federal prosecutors claimed. The rest was characterised as monies owed to him by the company.
And it is alleged that millions of the money that was distributed to these individuals was transferred by the board members and owners to accounts in Switzerland and other overseas locations.
Rafe Furst, who allegedly received $11.7 million, was added to the defendant list as well, and an accusation of money laundering was made against the defendants, with a request for penalties ranging from $12 million for Furst to $42 million for Lederer.
Federal prosecutor Preet Bharara's strong language in the amendment was widely quoted by the media, especially his comment that:
“Full Tilt was not a legitimate poker company, but a global Ponzi scheme. Full Tilt insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited.”
The Justice amendment also makes confident claims regarding the ownership of FTP, saying: "At all times relevant to the Amended Complaint, Bitar, Lederer, Ferguson, and Furst were among the founders of Full Tilt Poker, as well as part-owners of Tiltware, LLC, a California Limited Liability Company that was the beneficial owner of all other Full Tilt Poker entities.
"In total, approximately 23 individuals owned shares in Full Tilt Poker. The FTP Insider Defendants specifically owned the following approximate percentages of Tiltware LLC: Bitar (7.8%), Lederer (8.6%), Ferguson (19.2%), and Furst (2.6%).
“The FTP Insider Defendants were also, at all relevant times, members of the Board of Directors of Tiltware LLC, and Ferguson was Chairman of the Board of Directors."
The sums of money detailed in the Justice Department amendment are staggering; the document asserts that as of March 21, 2011, FTP owed approximately $390 million to players around the world, with $150 million owed to U.S. players alone.
Yet FTP only had $60 million on deposit in its bank accounts, meaning well over $300 million is owed to players worldwide.
And it is alleged that between April 2007 and April 2011, Bitar, Lederer, Ferguson and Furst lined their own pockets with approximately $443,860,529.89 of players’ money.
Explaining the deepening crisis at FTP, the amendment outlines:
“The company faced increasing difficulty attempting to collect funds from players in the United States. Rather than disclose this fact, Full Tilt Poker simply credited players’ online gambling accounts with money that had never actually been collected from the players’ bank accounts. Full Tilt Poker allowed players to gamble with - and lose to other players - this phantom money that Full Tilt Poker never actually collected or possessed.”
The defendants will no doubt be concerned at the new developments, which could lead to personal law suits...and that might include property attachments..
The issue of whether FTP misled its players into believing that their deposits were safe at the Alderney-licensed site when deposits were in fact not ring-fenced as is the case with the Isle of Man-licensed rival Pokerstars, is attracting major attention.
The amendment comes at a time when the Alderney Gaming Control Commission has been widely criticised for continuing to hold its hearing into the suspension of FTP's licence in camera.
The hearing re-commenced on September 19 and the AGCC has not been communicative as it moves into its third day today (Wednesday). One can only imagine the impact of yesterday's Justice Department announcement must have had on the Alderney Commissioners.
The amendment is quite specific in giving examples of how players were led to believe their deposits were safe. Emails and posts made on poker forums were quoted, such as this one from FTPDoug on July 19 back in 2008:
“Players' funds at Full Tilt Poker are kept in several deposit accounts throughout the world, all of which are separate and distinct from our operating accounts. Funds are transferred from the players' deposit accounts to Full Tilt Poker's operating accounts only after we have earned them. This is not done each time we earn rake or even daily, but as our earnings accumulate, we make periodic transfers of those earnings from the deposit accounts to our operating accounts."
Among the early reactions to the new disclosures was one from John Pappas, executive director of the Poker Players Alliance, who said in a statement:
"This is a sad and disappointing day for American poker players. If true, these allegations detail a massive betrayal of player trust which will cause financial hardship for thousands, if not millions, of individual poker players, none of whom are accused of doing anything wrong.
“We call on the Department of Justice to certify that the proceeds of any settlement or seizure that may result from this action will first be dedicated to reimbursing players. We further call on Full Tilt Poker, its management, directors and owners to take all available steps to ensure the prompt payment of players as their first priority."
Full Tilt management has thus far not commented.
Limited time offer for all our Readers. All Countries. A brand new No Deposit Bonus. No Max Cashout. Claim It Here.
Gambling News :
William Hill Chairman Not Stepping Down -
There are no plans for Gareth to step down. He is leading the CEO search process, which is well advanced, and is working with Philip Bowcock to deliver the key priorities for the business.
Canadian Lottery Looking at Online Gambling -
The reaction of other provinces is not known, but the Newfoundland and Labrador government was apparently less than enthusiastic about the prospect, which it did not regard as a priority.
Red Riding Hood Online Slot Launched -
The game, which has already attracted much preview interest, is part of the developers Fairytale Legends series, which the company plans to expand with further titles in 2017.
Super Heroes Slot Launches -
When the feature is triggered, two of the heroes appear on each side of the screen to boost winnings. During free spins, heroes are triggered on every spin, with their super powers growing stronger each time.
Playngo in Deal With Betclic Everest Group -
Swedish online gambling games developer Play’n GO has signed an agreement with the Betclic Everest Group that will see its full suite of games rolled out across the French group’s online casino brands.
2016 Italian Poker Tour main event in Malta -
After besting a field of 775, many of them respected aces, Austrian poker pro Ismael Bojang claimed the main prize of Euro 101,940 over the weekend in the eighth edition of the Euro 1,100 buy-in Italian Poker Tour main event in Malta.
Betradar in Deal with OPAP -
Sports betting data and analytics provider Betradar has inked a live betting supply deal with the major Greek licensed retail and online gambling operator OPAP.
2016 888poker Make It Big Tournament -
A relatively unknown Hong Kong poker player, Ka Him Li (21), claimed victory after a two-way chop in the main event at the inaugural 888poker “Make It Big” live poker festival at the Aspers Casino in London over the weekend, earning the top prize of GBP 45,300.
Please Note : Gambing might not be legal in your area. We bring you www.recentpoker.com as an information and gambling news site only. We hope that you find all the information and gambling news found in www.recentpoker.com to your liking. Please tell your friends about us and visit us again soon.