Online poker sites settle U.S. lawsuit for $731 million

Comment #5

Stack47 — Fri, 03 Aug 2012 23:09:35 GMT

The government never was in off shore gambling, but was very interested in how the U.S. players were depositing and withdrawing money from off shore gambling accounts. When it became known the businesses were laundering the money making it appear like the players were buying products, the Justice Department closed the sites' domains.

Poker Stars had enough money to settle all their U.S. accounts, but Absolute Poker and Full Tilt had borrowed a large percentage to pay huge dividends to their i... [ More ]

Comment #4

four4me — Thu, 02 Aug 2012 00:31:43 GMT

As i recall when this story first broke most people protested that the government should stay out of the off shore gambling business.

Now you see why they stepped in. This isn't the only outfit running games mixed with deception and ripping off players.

Comment #3

time*treat — Wed, 01 Aug 2012 17:44:46 GMT

If they'd also been hosting re(s)election fundraisers for certain insiders, they wouldn't have run into this problem.

Comment #2

LottoGuyBC — Wed, 01 Aug 2012 12:21:32 GMT

Cash Me Out Dealer

Comment #1

mcginnin56 — Wed, 01 Aug 2012 11:02:59 GMT

Another addition to Bernie's Exclusive Club

Online poker sites settle U.S. lawsuit for $731 million

Lottery Post — Wed, 01 Aug 2012 10:42:07 GMT

The Department of Justice announced a $731 million settlement Tuesday with online poker companies PokerStars and Full Tilt Poker to resolve bank fraud and money laundering allegations.

Full Tilt also resolved allegations that it operated a Ponzi scheme, failing to maintain sufficient funds on deposit for players to withdraw. Prosecutors said last year that Full Tilt had used more than $400 million worth of player funds to pay board members and other owners since 2007.

As part of Tuesday's... [ More ]