In June of 2011, the world of online poker was turned UPSide down when the Department of Justice unsealed an indictment against Full Tilt Poker. The company and its executives were accused of running a Ponzi scheme that defrauded players out of millions of dollars.
Full Tilt Poker was once the second biggest poker site in the world. But after the indictment was unsealed, the site quickly began to crumble.
Players were unable to withdraw their money, and Full Tilt Poker was eventually forced to shut down.
So what happened to Full Tilt Poker? The company’s assets were eventually sold off to repay its debtors. Its executives, including CEO Ray Bitar, faced criminal charges.
PRO TIP:Full Tilt Poker is no longer in operation following the Black Friday events of 2011, when the US Department of Justice seized the poker site’s assets. The site has since been acquired by PokerStars and all players have been refunded their funds.
Bitar eventually pleaded guilty and was sentenced to time served.
As for the players who were defrauded by Full Tilt Poker, many of them have still not been repaid. The DOJ has been working to return their money, but it has been a slow and difficult process.
The story of Full Tilt Poker is a cautionary tale for anyone considering playing online poker. While there are many reputable sites out there, there are also some that are not so reputable.
Before playing on any site, be sure to do your research and make sure that it is a safe and reliable place to play.
10 Related Question Answers Found
In 2011, the online poker world was rocked by a scandal that came to be known as “Black Friday.” On that day, the U.S. Justice Department unsealed an indictment against the three largest poker sites operating in the United States at the time: PokerStars, Full Tilt Poker, and Absolute Poker/UltimateBet. The indictment accused the sites of bank fraud, money laundering, and violating gambling lAWS.
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