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Full Tilt "Ponzi Scheme" Rantings

23 September 2011, By: compncards
Howard Chris PPA 430x285
Howard Chris PPA 430x285

Since the US DOJ released their amended complaint on Tuesday and called Full Tilt a "Ponzi scheme" there has been a ton of outcry, speculation, rumors, interview, etc from all over the poker world.

Here are a few tidbits that I have been personally contemplating.  A few I have expressed, and some I have not.

First, am I really one of the only people that finds it both ironic and almost hypocritical that the Poker Player's Alliance is being so vocal during all of this.  Have most people forgotten that the PPA was heavily funded by Full Tilt and that Lederer and Ferguson were on the PPA board?

The PPA is calling for Full Tilt managers to return funds so they can be paid back to players.  When I asked the same of them via twitter, the PPADailyAction account quit following me.  Gee, shocking.

It has been pointed out to me that the PPA may go broke if they repaid the money FTP gave them.  As I replied, "Is that a bad thing?"

Next, I know many people are trying to jump on board the "Rafe Furst is a good guy" bandwagon after he sent out his open letter regarding the situation.

I've seen a couple of people quote, "Don't believe everything you hear."

Exactly.  Just like, "don't believe a guy just because he claims he is innocent."  If these charges are proven true, Furst will be just as guilty as the others.  This is a nice PR spin, but in my opinion, that is all it is.

Speaking of PR spin, it would have been nice if Tom Dwan would have maybe spoke with a publicist or even a lawyer before doing his media tour.  While I applaud him for stepping up and speaking on the matter, there are times that he comes off as naive, somewhat clueless, and sometimes he seems to be hiding things.

I don't really think he is, but some of his interviews, including the CNN one, I think were of little value.  A little more coaching from a publicist or a lawyer may have helped.  However, I still commend him for speaking on the matter when so many others did not.

Mike Matusow - you complain because Full Tilt didn't pay you the money they had promised you.  Did that not clue you in that something was up?  Or did you need the money that badly.  I love listening to you rant, but when you said that on QuadJacks the other night, my bullshit radar went off.

Finally, some of you out there need to actually sit down and read the damn complaint.  I have seen too many stories reporting the fact wrong or substituting facts in the wrong spot.  The complaint did not call Full Tilt a Ponzi scheme, that was Bharara.  Next, players aren't out $440 Million, they are out $390 Million.  The $60 Million figure was from March, and per the complaint, Lederer said there was less than $6 Million left in accounts.  (We don't know yet how much the DOJ seized.)

 

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