Endorsed by Gambling911

Full Tilt Poker Executive Director Accused in Ponzi Scheme Settles With DOJ

Written by:

Ace King

Published on:

Nov/29/2012

Full Tilt Poker Executive Director Accused in Ponzi Scheme Settles With DOJ

Rafe Furst, one of three individuals accused of orchestrating an elaborate ponzi scheme while on the Board of Directors of Full Tilt Poker, has settled with US law enforcement and will now surrender his Swiss bank account and pay a $150,000 fine.

In return the US Government has dropped the civil money laundering penalty of $11,706,323.96. A portion of those funds are contained within the Swiss bank account.

Furst was still on the company’s Board of Directors when it went insolvent with over $300 million in customer funds still owed after more than a year-and-a-half period. The Stanford grad settled but did not admit to any wrongdoing.

Furst was named in the civil complaint along with more well known poker pros Chris Ferguson and Howard Lederer. Both men could end up paying millions of dollars in fines.

- Ace King, Gambling911.com

Gambling News

Tom Dwan Wins Biggest Pot in Televised Poker History

Tom Dwan was the ultimate winner as he squared off against Dr.Hash“Wesley” Fei at the final table. It was Wesley they were all talking about over the past weekend with Mike "The Mouth" Matusow calling him a "fraud".

Romário Banned for Life From Football for Gambling

The 28-year-old Russian player was part of an investigation into match-fixing allegations dating back to the 2020 edition of the Grand Slam.

The 2023 WSOP Kickoff Means Promos and Events Galore at Americas Cardroom

Tournaments Include a Mini Online Super Series - $6.4 Million GTD, the Dream Tournament - $100,000 Guaranteed Featuring a Buy-in of Just $2.50 and Don't Miss The Daily Double Promotion.

Chicago Summer Events to Bet On: City Gears Up for First Ever NASCAR Street Race

Locals we've spoken to while Gambling911 is here worry about the lack of transportation and the mess this event is going to create starting as early as the first week in June.

The Ins and Outs of Gambling with Crypto in 2023

Anyone who had been with crypto since the earlier days will know that it has gone from a niche, outside the interest of tech entrepreneurs to a fully-fledged financial sector in its own right. Where once it was strictly traded between handfuls of people for various personal services, now it's common to find things like Bitcoin available for making payments to massive companies like Amazon or eBay.