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Full Tilt Poker Still Under Scrutiny for Lack of Payouts

Written By: PokerNet.com | March 20, 2012 | Posted In Poker News

Issues surrounding frozen account balances on the site Full Tilt Poker of its members are not taking a turn in the right direction, amidst rumours that the site will be bought out by a new group.

The website Full Tilt Poker came under the scrutiny of United States government officials during an event known as ‘Poker Black Friday’. During the month of July 2011, Full Tilt Poker had their license suspended which was later revoked in September that year.

Since then the U.S. Department of Justice has filed a civil suit against the company, accusing them of $300 million fraud under the premise that it was a ‘Ponzi Scheme’. A ‘Ponzi Scheme’ effectively negates the award of profits from the business to the investors but rather uses the money from the investor or other subsequent investors. In simple terms, profit is not made and money invested is given to other investors to imply that a profit is made but it is just simply rearranging invested funds.

In particular, other prominent figures have been caught out using such schemes to deceive investors, including Bernie Madoff who was the former non-executive chairperson of NASDAQ and considered to be the operator of the largest financial fraud in United States History.

Full Tilt Poker is currently embroiled in such a scam that has not only affected the business itself but the many investors and members of the site who have had their accounts frozen and are now unable to withdraw their funds.

Current professional poker player Daniel Negreanu, who represents Poker Stars.net has exclaimed his opinion on the issue and states that he believes the sale of the site to Group Bernard Tapie will show no merit to returning money to Full Tilt Players.

An avid blogger alongside his professional poker career, Negreanu is considered amongst the professionals to be one of the most frank about his opinions, where others have been more inclided to share their views in a politically correct manner.

Negreanu not only blasted the site but feels that his opinion gives a strong representation for many players who have been wronged by the improper dealings of Full Tilt Poker. When interviewed about FTP, he gave his strong and harsh opinion on dealings currently underway.

“The players are not getting paid,” Negreanu insisted. “It’s over. It’s gone. Forget it. I’m telling you now. Tapieain’t paying nobody. This deal is falling through. You lost your money. It’s just not gonna happen.”Stated Negreanu in his 25 minute interview with Poker Strategy.

There are still doubts as to whether or not the sale will go through by sceptical players of online poker and whether or not any form of compensation will arise. Despite Negreanu’s pessimism, he did admit that “this is one of the few times that I’d be really be happy to be wrong.”

Source: Poker News Report

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