Feds call FTP a ponzi scheme, may or may not be listening to QuadJacks
So much to say on this latest development … which has two former “heroes” of poker on the front page of CNN for their involvement with criminal activity. About to go on QuadJacks to discuss it live.
In the meantime, and while you’re listening, here’s the DOJ press release that calls Full Tilt Poker a $440 million Ponzi scheme.
And read below for a statement from the PPA, calling on the DOJ not to forget about the players as they continue to shut it all down.
PPA Statement on DOJ Amendment to Online Poker Civil Suit
Washington, DC (September 20, 2011) – John Pappas, executive director of the Poker Players Alliance (PPA), the leading poker grassroots advocacy group with more than one million members nationwide, issued the following statement upon today’s amended Department of Justice civil suit claiming that Full Tilt Poker was engaged in a “Ponzi scheme” and defrauded its players.
“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.
“Since Black Friday on April 15th, the PPA has vocally called for Full Tilt Poker to refund player balances. We also issued a guide to our players which provided them legal guidance on what they could do to recover their funds. These new government allegations underscore the sincere need for Congress to act immediately to pass legislation that appropriately regulates Internet poker in the U.S. so that players can be protected from the types of abuses alleged by the Department of Justice today. Today’s news does not change the mission of the PPA – to make player reimbursements and effective federal or state licensing of Internet poker a priority.”
To view the PPA legal guide referenced above, please visit http://theppa.org/resources/legal/guide/.
About The Poker Players Alliance
The Poker Players Alliance (www.theppa.org) is a nonprofit membership organization comprised of over 1,000,000 online and offline poker players and enthusiasts from around the United States who have joined together to speak with one voice to promote the game and to protect poker players’ rights.