Full Tilt Poker Lawsuit 2011: Complete Lawsuit Document

Here Are the Details of the Full Tilt Poker Lawsuit Released on Tuesday, September 20, 2011

The U.S. Justice Department has accused Full Tilt Poker of defrauding customers of millions. The Full Tilt Poker 2011 lawsuit alleges that the online poker site was essentially a Ponzi scheme that benefited executives, including well-known poker players Howard Lederer and Chris "Jesus" Ferguson.

Here is an excerpt from the Full Tilt Poker 2011 lawsuit:

"According to a balance sheet prepared by Full Tilt Poker, as of March 31, 2011, Full Tilt Poker owed players from around the world over approximately $390,695,788 but had only approximately $59,579,413 in its bank accounts. Full Tilt Poker relied on new deposits from players to ensure its ability to fund withdrawals to players’ accounts.

Rather than protect player funds as promised, Full Tilt Poker distributed hundreds of millions of dollars to its owners…

Defendant Lederer personally received at least approximately $42 million, including approximately $37,856,010.92 in ownership distributions and at least $4 million in “profit sharing” payments…

Defendant Ferguson was allocated approximately $85,161,305.88 in distributions. Tiltware records reflect that approximately $25 million of this sum was actually transferred to Ferguson’s personal accounts, with the remaining balance characterized as “owed” to Ferguson."

Here is the complete Full Tilt Poker Lawsuit 2011 file (pdf)

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