Well, not quite – the US Department of Justice (well, really, it was US Attorney for the Southern District of New York, Preet Bharara) leveled an accusation against Full Tilt Poker, saying that they were guilty of running a global Ponzi scheme. For those who need to brush up on fraud: a Ponzi scheme is an investment fraud that involves payment of purported returns to existing investors from money contributed by new investors. The accusation was worded as follows: "Full Tilt was not a legitimate company, but a global Ponzi scheme".
Full Tilt Poker was quick to issue a general statement that it was – under no reasonable interpretation – involved in a Ponzi scheme. Of course, Full Tilt Poker is busy lining up new investors, and trying to get its license from the Alderney Gaming Control Commission (AGCC). Of course, the AGCC has given Full Tilt an extension of the suspension, rather than fully revoking their license. If the latter happens, Full Tilt could argue that it was AGCC that prevented them from paying back its players.
To be continued, and we will be tracking this one closely….