Full Tilt Poker…yeesh, what a year! 2011 has been quite the rough run. The company has reportedly been bought out, but in the mean time, there is still a lot (and I do mean a very large amount) of hot water to wade through. The Department of Justice (DOJ) has labeled the formerly-respected company as a ‘Ponzi scheme.’ In addition to this unflattering moniker, the DOJ indicted Howard Lederer and Chris Ferguson. The DOJ now has the legal authority to seize all cash, property, and assets owned by those indicted.
Labeling Full Tilt a ‘Ponzi scheme’ was likely a gesture by the DOJ to garner attention for the case. The truth is, Full Tilt was mismanaged to the extreme, and this includes irresponsible and greedy financial practices, but this does not fit the definition of a Ponzi scheme. Regardless of this, every player on the globe has had an opinion on the subject. From Tony G to Daniel Negreanu, below are some of the more colorful responses posted on the web in the past few days:
Brian Hastings (@brianchastings) “Paying players is most important but having words “Ponzi scheme” tossed around in online poker article is very bad for future in U.S.”
Carter King (@ckinglivepro) “the more they diss the illegal sites the more the AGA can say this is why you need us. FTP = speakeasy, AGA = ABC Store.”
Tom Dwan (@tom_dwan) “Super happy with the DOJ’s actions today. Restores a little faith in government for me.”
Josh Brikis (@jbrikis) “It’s hard to believe that the rest of ‘Team Full Tilt’ knew nothing. This is what happens when you leave $443 million in the hands of people who’s maxim all through the 90s was, “if you can’t spot the sucker…”
JC Alvarado (@JCAlvardo) cynical side sees it, this whole mess was foreshadowed a long time ago. “This is what happens when you leave $443 million in the hands of people who’s maxim all through the 90s was, “if you can’t spot the sucker…” he tweeted.
Daniel Negreanu (@realkidpoker) “Not a fan of the Lederer family. That brother, sister duo was behind the two biggest scandals in poker history.”
Tony G: “No mention of Ivey in the documents. I believe we have our inside man.”
Tony Dunst: “Feeling worse by the day about the money in my FTP account. Feeling better by the day that I declined being a red pro. #F***scammers”
Kathy Liebert: “I’m happy I never had any deals with FTP. I still can’t believe all that player money stolen…so wrong.”
So there you have it. Until the new French owners of Full Tilt turn the company around, Phil Ivey speaks out, or pigs fly, there are going to be a lot of rumors, raw emotions, and vast sums of money held in the DOJ’s escrow.