21 Sep 11
Jeff Ifrah on the 'Ponzi Scheme' + FTP License Revoked? + EPL Suspensions
The iGaming Post is reporting that the Alderney Gambling Control Commission will be permanently revoking the License held by Full Tilt Poker. Additionally, the Epic Poker League has suspended Howard Lederer and Chris Ferguson.
Full Tilt Lawyer Jeff Ifrah on the 'Ponzi Scheme'
Full Tilt Lawyer Jeff Ifrah spoke to PokerStrategy.com on the topic of Preet Bharara's comments, in which Bharara called Full Tilt Poker a "massive Ponzi Scheme."Ifrah stated, "I don't understand the Ponzi Scheme comments that were made. There is no reference to the words 'Ponzi Scheme' anywhere within the complaint itself, and Full Tilt hasn't been accused of being one.
This was more similar to a bank that failed- there were mismanaged accounts, bad decisions made, and poor investments. Would anyone call a failed bank a Ponzi Scheme?"
Additionally, as Tom Dwan and others have pointed out, it would be inaccurate to call Full Tilt a Ponzi Scheme based on the sheer fact that they had a legitimate source of income.
Full Tilt License Revoked Permanently?
The iGaming Post is reporting that the Alderney Gambling Control Commission will be permanently revoking the License held by Full Tilt Poker.Please note that this is still an unconfirmed rumor, as they were told this information by "sources close to the hearing in London."
They also believe that the AGCC is still discussing how to proceed with the company from this point on.
We will keep you updated on this as developments occur, but please remember this is still unconfirmed.
EPL Suspends Lederer/Ferguson
The Epic Poker League's Standards & Conduct Committee has decided to indefinitely suspend Howard Lederer and Chris Ferguson from participating in any of the league's events.Their complete release on the topic can be found here.
Exclusive Information Soon on PokerStrategy.com
Please keep your eye on PokerStrategy.com, as we anticipate being able to provide exclusive new information related to Full Tilt in the immediate future.Here are some of the recent news pieces we have released on this topic:
All Major Updates over the Last Two Days Summarized
How the Media has Reacted to the FTP Story
Our Forum Thread with a Backlog of our FTP Coverage Since Black Friday
by Matt Kaufman
#1
gsergiul, 21 Sep 11 21:04
THIS FEELS GOOD MANAT LEAST THEY'RE GETTING PUNISHED
#2
zobupasts, 21 Sep 11 21:10
lol at this being a punishment! They deserve prison for what they've done.#3
MarcPS, 21 Sep 11 21:14
#2 - it's a start. with the charges levelled against them I think you can expect jail time and a hefty fine for all indicted.#4
zobupasts, 21 Sep 11 21:18
#3 Yeah, sure! The first screaming comment just made me laugh out loud. That's all.#5
SilverFace, 21 Sep 11 21:19
all the story aside, FTP will be missed...#6
pavels4444, 21 Sep 11 21:21
1.) they should be suspended from any major tournaments such as WSOP, EPT, NAPT and so ...2.) they should be fined properly
3.) put in prison, at least for little bit
#7
Anger86, 21 Sep 11 21:35
How about ... they cut their hands off as in old times, when you get caught stealing.#8
boboistina, 21 Sep 11 22:05
2004-2011 RIP FulltiltHad a quite good time and a nice bankroll there, you will be missed.
#9
gsergiul, 21 Sep 11 22:12
All hate aside do you guys think someone will buy the soft? I'd play on a platform just because I became so fond of it.#10
boboistina, 21 Sep 11 22:29
similar to failed bank due to missmanaged accounts, i didnt know filling their pocket with our money falls into missmanaging accounts.#11
surfwell1818, 21 Sep 11 23:21
Should have been called "FULL TILT PONZI" but that would have been too obvious.#12
noulispa, 21 Sep 11 23:21
i always hate lederer this BS professor ..well done sir ..#13
keoghh, 22 Sep 11 00:31
Miss the software... and nothing else about FTP#14
VorpalF2F, 22 Sep 11 00:50
@#1: Far from being a punishment, by openly using inflammatory language the DoJ opened the door to a dismissal of the case in its entirety. By indicating such prejudice it will be easy for FTP to argue that they will be unable to get a fair trial. Case dismissed.#15
JBCD71, 22 Sep 11 01:50
Such a sad day for poker..scandal after scandal when will it end.Poker needs a LEADER to take the game to a new level of Integrity,Respect,Honor,Loyalty,Transparency.I am that player or want to be.This will take years and years of recovery or perhaps more.People who dont play poker must look at the game in such a bad light...due to players ...owners..mangers..CEO s..companies...thanks alot guys for ruining the game..hope you happy with yourselves.Greed!!!!!!!#16
neelton, 22 Sep 11 01:53
http://www.subjectpoker.com/2011/09/french-investors/#17
tehChipDonk, 22 Sep 11 07:27
i hope they like chris and howard's game in prison, nice and tight#18
Avatars91, 22 Sep 11 10:23
Why is no one commenting on the fact that there are potentially credible rumours that their license will be revoked? This might mean that there is huge hope.#19
Avatars91, 22 Sep 11 10:28
Forget #18, I am so bad I misunderstood the meaning of the word "revoke". Imagine how that got my hopes up. Jesus.