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

Lock-Poker-091312L.jpg

 

Gambling News

The Impact of Gambling on Local Economies

Gambling is one of the fastest-growing sectors in the digital entertainment industry, bringing significant economic benefits to many regions. Although the impact of casinos on the local economy can be evaluated from various perspectives and viewpoints, it can be clearly stated that it has significant positive aspects.

New Trends in Live Casino Technology

Visitors comparing the best live casinos online will immediately notice that today’s tables look nothing like the grainy webcam streams of the mid-2010s.

Syndicate