Full Tilt Poker Attorneys Strike BackFull Tilt Poker Is Not A Ponzi Scheme Say Attorneys |
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Attorneys representing Full Tilt Poker have reacted to U.S. Attorney Preet Bharara’s statement that Full Tilt was not a legitimate poker company, but a global Ponzi scheme. This statement was made on Tuesday after the U.S. Department of Justice claimed the site’s board members Chris Ferguson, Howard Lederer, and Rafe Furst worked with CEO Ray Bitar to defraud poker players out of more than $440 million over four years.
Today, according to the Wall Street Journal, Full Tilt’s attorney, Ian Imrich said in response, “While the government has obviously taken issue with the underlying activities of FTP, under any reasonable interpretation, the world-wide operations of the online cardroom are not a so-called Ponzi scheme.”
Jeff Ifrah who represents the company in related litigation and is Bitar’s personal attorney, said, “A Ponzi scheme requires an investment vehicle in order to receive a certain rate of high return. None of those things happened here.” However, he added, “Maybe it was mismanaged.”
The Justice Department has not yet commented on the attorneys’ statements.
This is indeed the latest blow in an ongoing battle, which this week also saw Lederer and Ferguson suspended from the Epic Poker League pending the outcome of the DOJ’s action.
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