A Layman's Translation of the Recent Full Tilt Poker Statement
Full Tilt Poker released another statement today.
In it, they claim they are not a Ponzi scheme. The release is as follows:
"Full Tilt Poker is not a Ponzi Scheme
"On September 19, 2011, the Department of Justice issued a release stating that Full Tilt Poker was âA Global Ponzi Scheme.â
"While the government has taken issue with the underlying activities of FTP, under any reasonable interpretation, there is no way to characterize the operation of Full Tilt Pokerâs virtual online card room as a global Ponzi scheme.
"A âPonziâ scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi schemes do not involve any legitimate investment, but rather use the new investor funds to pay âdividendsâ to the initial investors.
"Despite recent events, FTP remains committed to identifying a suitable investor and paying back its players in full."
Layman's translation of the Full Tilt statement:
We are not a Ponzi scheme. Please ignore the fact that we only had $60 million to cover $390 million in player funds in March and had only $6 million left in June.
Please ignore all the distributions to our owners using player funds.
We are not a Ponzi scheme. We just suck at running our company.
Btw, we are still trying to pawn this company off on someone with enough cash to save our asses.
We will issue a statement regarding a future statement when we have a statement ready to state.
Please don't suspend our license AGCC. We promise to be good.
Full Tilt "We Are Not a Ponzi Scheme" Poker