Justice Dept. accuses Lederer, Ferguson, others of defrauding poker players out of $300,000,000 - Poker News

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Justice Dept. accuses Lederer, Ferguson, others of defrauding poker players out of $300,000,000

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09-20-2011 , 12:10 PM

rob554

centurion

Join Date: Dec 2007 Posts: 120

Breaking now on Wall Street Journal home page.

The U.S. Justice Department accused poker celebrities Howard Lederer and Christopher Ferguson among other executives of a major poker web site of defrauding poker players out of more than $300 million.

09-20-2011 , 12:12 PM

XTPCZ

journeyman

Join Date: Jul 2011 Posts: 231

Link from SP:

http://www.subjectpoker.com/2011/09/ftp-civil-amended/

09-20-2011 , 12:13 PM

xmykro

adept

Join Date: Mar 2007 Posts: 1,068

I knew these guys were crooks!!

09-20-2011 , 12:13 PM

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

If someone wants to be super awesome and find me/write me a script that can take two PDFs and compare the text in them (e.g. like linux's diff function), I'll give you a cookie.

09-20-2011 , 12:14 PM

rakemeplz

Carpal \'Tunnel

Join Date: Feb 2006 Posts: 12,648

howard and chris eh? Fraud eh? Woah.

09-20-2011 , 12:14 PM

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

Jesus, they paid out $443M in dividends?

09-20-2011 , 12:15 PM

Notachance

banned

Join Date: Aug 2011 Posts: 78

Does this help speed up the return of players' missing FTP funds?

09-20-2011 , 12:15 PM

tercet

Carpal \'Tunnel

Join Date: Mar 2006 Posts: 8,001

443 million over 4 years

ohdeargod.gif

09-20-2011 , 12:16 PM

Huck Fellmuth

newbie

Join Date: Sep 2009 Posts: 16

Feds call Full Tilt Poker a Massive Ponzi Scheme:

http://www.forbes.com/sites/nathanva...-ponzi-scheme/

09-20-2011 , 12:16 PM

#10

CrazyNL

banned

Join Date: Aug 2010 Posts: 3,377

GG FullTiltPoker no way you recover form this.

LOL @ Forbes picture of Lederer

09-20-2011 , 12:17 PM

#11

alwaysjam

centurion

Join Date: May 2010 Posts: 144

does this mean US players could get paid back from the DOJ?

09-20-2011 , 12:17 PM

#12

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

FTP? No. Players? I think maybe so now. Just how hard is it going to be to track down those funds...

09-20-2011 , 12:17 PM

#13

Turb0Licious

aka Turb0

Join Date: Jul 2009 Posts: 5,054

Wow, their shady antics continue. Hope they see a cell for sure.

Ferguson shocks me, but ofc he'd roll with it.

09-20-2011 , 12:18 PM

#14

3betu

old hand

Join Date: Jun 2008 Posts: 1,927

This is great news. Hope they enjoy federal prison

09-20-2011 , 12:18 PM

#15

Neuman101

journeyman

Join Date: Oct 2006 Posts: 295

these guys need to go to jail for a long long time...especially ferguson and lederer, i hope they get 20 years minimum

09-20-2011 , 12:18 PM

#16

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

Quote:

Originally Posted by 3betu

This is great news. Hope they enjoy federal prison

+9999999

This is awesome, these guys are going away for a loooooong time. KARMA'S A BITCH.

09-20-2011 , 12:20 PM

#17

LostOstrich

Carpal \'Tunnel

Join Date: Jan 2008 Posts: 15,933

this is, how you say, interesting

09-20-2011 , 12:20 PM

#18

Uglyowl

Carpal \'Tunnel

Join Date: Nov 2002 Posts: 6,384

Quote:

Originally Posted by Huck Fellmuth

Feds call Full Tilt Poker a Massive Ponzi Scheme:

http://www.forbes.com/sites/nathanva...-ponzi-scheme/

In before the long debate on the definition of Ponzi scheme.

09-20-2011 , 12:20 PM

#19

CrazyNL

banned

Join Date: Aug 2010 Posts: 3,377

Lederer is packing IMO

09-20-2011 , 12:20 PM

#20

Neuman101

journeyman

Join Date: Oct 2006 Posts: 295

does anyone know where these guys are rightnow? Are they in the US? They must be absolutely petrified.

09-20-2011 , 12:21 PM

#21

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

I thought FTP had about a 20% chance of recovery leading into today.

Now...I mean, 5% or less. This is so bad.

09-20-2011 , 12:21 PM

#22

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

Quote:

Originally Posted by Neuman101

does anyone know where these guys are rightnow? Are they in the US? They must be absolutely petrified.

Funny how these things come full circle... finally they get to experience what thousands of us around the world have been going through for months.

09-20-2011 , 12:21 PM

#23

SmokeyQ123

Carpal \'Tunnel

Join Date: Nov 2007 Posts: 6,583

holy ****

09-20-2011 , 12:21 PM

#24

IWEARGOGGLES

Carpal \'Tunnel

Join Date: Mar 2005 Posts: 7,352

Is there anything to be said about the timing of this release?

09-20-2011 , 12:22 PM

#25

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

Quote:

Originally Posted by SGT RJ

I thought FTP had about a 20% chance of recovery leading into today.

Now...I mean, 5% or less. This is so bad.

I give FTP a <1% chance of recovery, but I think our equity just went WAY up.

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