Manhattan US Attorney accuses firm of operating as $444 million Ponzi scheme

[banned from Kos]

http://online.wsj.com/article/SB10001424053111904106704576582741398633386.html?mod=googlenews_wsj

"Full Tilt was not a legitimate poker company, but a global Ponzi scheme," said Preet Bharara, U.S. Attorney for the Southern District, in a statement.

In the statement, Mr. Bharara said Full Tilt "cheated and abused its own players to the tune of hundreds of millions of dollars" and that "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 with the company."

[PoliticAverse]

1. Wow. n/t

[HappyMe]

2. Holy crap!

:wow:

[sinkingfeeling]

3. Could the US Attorney please explain what a Ponzi scheme is to Gov. Perry?

[closeupready]

4. Wow, if true, that's shocking.

K&R