Full Tilt Poker a ponzi scheme, says U.S. attorney
An Internet poker company that was blocked from operating in the U.S. in the spring as part of an online gambling crackdown was not a legitimate poker company, but a global Ponzi scheme, federal prosecutors said Tuesday.
The popular Full Tilt Poker website illegally raided player accounts to fund operations and make lavish payments to its owners, Justice Department lawyers said in a revised civil lawsuit filed in New York.
Over four years, the company used $444 million in player money to p ...
Sep 21, 2011, 8:10 am - Lottery News forum
Three largest online poker sites shut down by FBI
Executives indicted, arrested
The founders of the three largest online poker sites were indicted by the FBI on Friday in what could serve as a death blow to the thriving industry.
Eleven executives at PokerStars, Full Tilt Poker and Absolute Poker were charged with bank fraud and money laundering in an indictment unsealed in a Manhattan court. Two of the executives were arrested on Friday morning in Utah and Nevada. Federal agents are searching for the others.
Prosecutors are seeking to ...
Apr 15, 2011, 4:40 pm - Lottery News forum
Approval for online poker in D.C. seen as long shot
Congress sent a message Wednesday to D.C. officials who this week approved plans for the city lottery to offer online poker: Not so fast.
The D.C. Council on Tuesday, with little discussion and no public notice, voted 11-2 in favor of a budget amendment that would legalize online poker and fantasy sports gambling through the D.C. Lottery as a means of helping plug a $200 million budget gap.
But on Wednesday, Rep. Jason Chaffetz of Utah, ranking Republican on the House subcommittee that ove ...
Dec 9, 2010, 8:06 am - Lottery News forum
Harry Reid pushing to legalize online poker for American casinos, horse tracks
Senator Harry Reid (D-Nev.) is reportedly taking a gamble that would change up the online poker industry.
The popular game may soon be run on the web by casinos in Nevada and across the United States, thanks to legislation being floated by the Nevada senators' staffers, the Wall Street Journal reported.
American financial institutions were banned from processing online gambling transactions in 2006, costing the industry billions in what has been a rapidly-growing American addiction worth $ ...
Dec 8, 2010, 7:58 am - Lottery News forum
Feds freeze online poker champ's winnings
Federal officials order banks to freeze millions in online poker winnings
On the Sunday before Memorial Day, David made the big time.
Winning $10,000 in an online poker tournament made him eligible for the upcoming World Series of Poker, the game's premier event, where hundreds of players amateur and professional descend on Las Vegas from around the world to play for a multimillion-dollar pot.
To register, he simply had to cash a check cut by a company that processed payments for the po ...
Jun 11, 2009, 11:20 pm - Lottery News forum
Online poker group says gov't seized $30M in player payouts
In the latest skirmish in the battle over Internet gambling, online poker advocates say the government has frozen more than $30 million in payouts affecting thousands of players.
The Poker Players Alliance released a statement Tuesday claiming that the U.S. attorney for the Southern District of New York instructed four banks to freeze accounts belonging to online payment processors. John Pappas, the group's executive director, claims the frozen accounts contain funds owed to 27,000 players wh ...
Jun 10, 2009, 7:45 pm - Lottery News forum
How online gamblers unmasked cheaters
In the wild, wild west, when a poker player was caught cheating it was a capital offense, with the punishment quickly dispensed right across the card table. But today if you're caught cheating in the popular and lucrative world of Internet poker, you may get away scot-free.
At least that seems to be what is happening in the biggest scandal in the history of online gambling. A small group of people managed to cheat players out of more than $20 million.
And it would have gone undetected if i ...
Dec 1, 2008, 2:17 pm - Lottery News forum
Outlook for online gambling in U.S. discussed at conference
On the heels of a House Judiciary Committee hearing on a bill proposing an independent study on the feasibility of legalizing and regulating online gambling, former Senator Alfonse D'Amato, chairman of Poker Players Alliance, said he expects the legalization of online poker in the United States within 18 months.
The panelists in the State of the Industry: Internet Gambling at the Crossroads keynote session at Global Gaming Expo (G2E) said pending sanctions by the World Trade Organization due ...
Nov 20, 2007, 11:28 am - Lottery News forum
Employee hacks into online poker site
A leading Internet poker site said Friday that a hacker exploited a security flaw to gain an insurmountable edge in high-stakes, no-limit Texas holdem tournaments the ability to see his opponents' hole cards.
The cheater, whose illegitimate winnings were estimated at between $400,000 and $700,000 by one victim, was an employee of AbsolutePoker.com who hacked the system to show that it could be done, a spokesman for the company anonymously told a reporter.
This is literally a geek trying ...
Oct 25, 2007, 9:43 am - Lottery News forum
U.S. teens hit by poker craze epidemic
More teenagers have started staying home and working on math skills: calculating percentages, identifying patterns, adding and subtracting. They're playing poker Texas Hold 'em. It's probably the hottest craze with teenages going on at this time. There's probably not another activity that they're interested in that's going on right now more than poker-tournament playing, said Pat Fowler, director of the Florida Council on Compulsive Gambling.Since televised Texas Hold 'em tournaments have beco ...
Oct 4, 2004, 3:40 pm - Lottery News forum