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Showing posts with label howard lederer. Show all posts
Showing posts with label howard lederer. Show all posts

Wednesday, September 21, 2011

DoJ Alleges that Full Tilt was “Global Ponzi Scheme”

The Wall Street Journal is reporting that the situation at Full Tilt Poker is far worse than expected:

On Tuesday, the U.S. Justice Department in a civil suit accused Messrs. Lederer, Ferguson and Furst, and another director of the company behind the Full Tilt Poker website, of defrauding thousands of online poker players out of more than $300 million that is still owed to them. The government said that, in total, the 23 owners of the site had taken out $444 million in distributions over the years.

The Justice Department's civil suit against Full Tilt alleges that in 2010, Full Tilt began having trouble accepting new bets from players, thanks to U.S. efforts to crack down on payment-processing services for online gambling. But the U.S. says that Full Tilt's owners kept paying themselves millions of dollars anyway, fraudulently depleting the player funds on deposit with the company.

Friday, July 14, 2006

A Prohibition on Online Gambling

I'm sure all of you are aware (you are aware aren't you) that a bill recently passed the House of Representatives banning online gambling. Ok, well, it doesn't actually ban all online gambling... Betting on horse, lotteries and fantasy sports is still Ok...

On July 11, 2006 the House passed HR4311 which provides a partial ban on online gambling. Exempted are horse betting, interstate lotteries and fantasy sports. The bill now moves on to the senate and if passed there will force banks to police electronic funding to prevent gambling funding and will force ISPs to block certain content, which is Ok because I wasn't feeling close enough to big brother on year 6 of the Bush administration.

Party Poker and Full Tilt Poker are promoting membership in the Poker Player's Alliance, a lobbying group to represent the interests of internet poker players. Howard Lederer recently joined their board, so they do have at least some thoughtful people behind them. Their t-shirts are fairly decent as well.

The big question on my mind with regard to this bill is "why is anyone behind it." For the morally superior who believe that gambling is bad, this bill has gaping holes to allow various forms of internet gambling to continue and of course a ban on internet gambling won't satisfy this bunch anyhow. Perhaps a ban on all gambling and sweet foods and women in bikinis and... well enough about the Middle East.

Personally I depend on internet poker for a portion of my income, but I also have the advantage of living in Southern California so I can go to the Commerce or Bicycle casinos (about 15 minutes away) and play live. A lot of people don't have that option and I think this skill based game of poker which has analogs in just about everything in life is a boon that should be promoted by our country--not prohibited.

If you play poker on the internet and would like to continue doing so I recommend contacting your state senators and letting them know how you feel. There are resources for doing that on the Poker Players Alliance link above.

Other Resources
2+2 Forum Thread on H.R. 4777
Daily Show Lampoon of H.R. 4777 passage in the House

I know that this atmosphere of fear, which allows the bitter and frustrated people to come out of the woodwork and promote their vitriolic agendas under the guise of morality or patriotism, will end soon. I just wish "soon" would hurry up and get here.

Sunday, July 18, 2004

On Full Tilt

Take Chris Ferguson, Howard Lederer, Phil Ivy, Erik Seidel, John Juanda, Erick Lindgren, Andy Bloch, Phil Gordon and Clonie Gowen and add an innovative and fun poker client and you've got Full Tilt Poker (Full Tilt). In the last few days they've opened the doors for real money play and each of these pros will be playing a minimum of 10 hours a week there so if you want to sit down with the best and win (or lose of that matter) you can do it now.

It's worth a visit just to check out the fun and humorous avatars they have and the clean user inteface of the clients, and each pro that plays there has a custom avatar that looks like a boardwalk caricature of them. Very nice!

Good luck to them all!