PPPoker Said to be Insolvent, a Ponzi Scheme Claims Pro Chase Bianchi

Written by:
Nagesh Rath
Published on:
  • Poker pro claims PPPoker online poker owner won't pay players

  • Two players said to be owed a total of $60K

  • Adnan "NYPokerKing" Mohamad owner accuses players of cheating but has begun making partial payments


Poker pro Chase Bianchi has accused the PPPoker Internet poker room of essentially running a ponzi scheme.

He tweeted January 2:

Adnan "NYPokerKing" Mohamad's online poker room appears to be insolvent and won't pay players. Two contacted me, they are owed $40,000 and $20,000. Chat logs and full explaination on 2p2 thread

Adnan "NYPokerKing" Mohamad enjoying Vegas in 2017

HighStakesDB.com's Andrew Burnett writes:

The shady poker room works essentially as a Ponzi Scheme, whereby players winnings are paid (if they are paid at all) from the deposits made by new or existing players.

A lengthy thread on the 2+2 forum offers the following cliff notes on the situation: ‘TLDR: NYPK's poker room not paying players. One player owed $40,000+, another owed ~$20,000. Communication now stalled/cut off. Signs of insolvency and player funds not segregated.’

Multiple other posters have added their accounts of the scummy approach taken by Adnan ‘NYPokerKing’ Mohammad, a man who was convicted of grand larceny in 2012 and sentenced to 5 years’ probation, 50 hours' community service and $23,700 in restitution.

Mohamad has accused the players owed money (said to be in the thousands of dollars) of cheating but has begun sending some of the funds.   

PPPoker is said to be run by AceKing Tech Limited, a multinational technology corporation registered in Anguilla (U.K.).

From the PPPoker site:

“We aim to drive the development of poker, a competitive sports game, to a brand new level with our advanced technology and marketing strengths.

“Its core and individual brand---PPPoker, has been published in more than 100 countries worldwide. We have provided millions of poker lovers with unique and reliable poker service on mobile end through collaboration with many reputable local partners.”

- Nagesh Rath, Gambling911.com

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