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Annenberg School of Communication and Journalism University of Southern California

Authorities Investigating "Full Tilt Poker" As Global Ponzi Scheme [Updated]

Federal prosecutors have forced the online gambling site to fold

[Updated | Sept. 29, 5:30 p.m. PDT: The Alderney Gambling Control Commision revoked the licencse of Las Vegas Full Tilt Poker Thursday. The site was misleading to officials concerning their financial operations.]

 The  poplular site was first shut down in April by the Alderney Gambling Control Commision. Since this the ADGCC has put in plan for Tilt fo repay millions of dollars in players funds.

Full Tilt Poker, an online gambling website, is being blocked from operating in the U.S. as federal authorities investigate the site for illegal activity in a global ponzi scheme.

The website displays a banner which reads, "This Domain Name has been seized by the Federal Bureau of Investigation...issued by the United States District Court for the Southern District of New York."

Justice Department lawyers are pointing to Full Tilt Poker's invasion of user accounts to fund operations, pay owners, and pay board members like professional poker players Christopher Ferguson and Howard Lederer.

According to authorities, in March the poker company owed its users $390 million, but only had $60 million in its bank accounts.

The lawsuit against Full Tilt Poker is also part of a broader lawsuit against many online poker websites in the United States, like PokerStars and Absolute Poker.

It is a crime in the U.S. to accept money from unlawful gambling, but online gambling sites operate under the table by using off-shore methods of processing payments.

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