Ponzi Scheme Fraud Allegations levied against Full Tilt Poker
September 22, 2011
This week saw the emergence of shocking allegations that Full Tilt Poker has been operating a monumental Ponzi scheme against its players for shareholder benefit. A Ponzi scheme is similar to that of a pyramid scheme which in essence promises high returns on investment in the short term, however in ponzi fraud the funds are not invested and the money is pocketed by the fraudsters involved.
It is alleged that Full Tilt Poker used funds from player accounts to fund various fraudulent activities without ever paying the money back. According to reports, the Full Tilt scheme allegedly involves hundreds of millions of dollars in illicit money transfers and investments in fraudulent activities and Full Tilt poker has racked up quite a list of charges from bank fraud to money laundering while news of the ponzi scheme has sent shockwaves through the online casino and poker industries.
While the case is currently being investigated by both the FBI and US Department of Justice and US federal prosecuting attorneys claim to have an airtight case against the poker room operator, Full Tilt Poker and its operator Chris Ferguson have lawyered up and refuted the claims vehemently.
According to Full Tilt’s lawyer Ian Imrich, “While the government has obviously taken issue with the underlying activities of FTP, under any reasonable interpretation, the worldwide operations of the online card room are not a so-called Ponzi scheme“. Ironically, Full Tilt has however implicated Absolute Poker and PokerStars in Ponzi scheme operations and all three sites have been closed down pending further investigations.
While the case ensues, many poker players from across the globe fear the worst as cashing out funds from Full Tilt Poker has become impossible. According to prosecutors, Full Tilt Poker operated in hope that only a small number of poker players would attempt to withdraw funds at any given time, and that the organisation would receive additional deposits on a regular basis in amounts greater than any pending withdrawal requests.
Full Tilt Poker on the other hand claims that cash deficits are due to a $42 million payment processor fraud and the seizure of over $115 million in cash over a number of years by the US government for which the company then became liable.
As it stands at present though, Full Tilt Poker has a reserve of a mere $6 million while players are owed in excess of $300 million. With that harsh fact in mind it seems like the outcome will be bleak and the reality is that the poker room has defrauded its players of millions in winnings and deposits owing to them.
More than ever before players need to protect themselves and their money, so to avoid fraud by rogue operations, always only play at trusted, honest online casinos like those recommended on our site.
Absolute Poker Casino Game Rigged?
October 20, 2010
Absolute Poker which is part of the Cereus network is no stranger to controversy, fraud and cheating allegations, security issues, software glitches and more. The first issues were reported back in 2007/2008 when the company was embroiled in a major cheating and fraud poker scandal wherein their poker games were compromised by a high ranking consultant who accessed the groups security systems, enabling him to manipulate internal systems and access third-party computers and accounts to view other players hole cards during tournament games, thus ensuring that he could win substantial sums of money throughout the duration of the scam. The case came to an end in 2008 and Absolute Poker paid restitution to all players involved, and was fined $500,000 by the Kahnawake Gaming Commission (KGC), ordered to place a surety with the commission for two years against future conduct as well as to undergo random auditing at their own expense on an ongoing basis.
With the two year probation barely up, earlier this year the group had to deal with an encryption method breach wherein the Cereus encryption methods were shown to be easily hacked and it was then possible for the hacker to hijack a player account and once again see hole cards in real time if the hacker was able to access the users Internet connection. The group acknowledged the security breach and promised to fix the problem.
Just a few short months later it seems the Absolute Poker Casino has yet another potential issue on their hands but this time it’s their traditional Keno casino game that is under scrutiny and allegations being made include that the game is rigged and the results show that Random Number Generator (RNG) is allegedly not random at all and produces very obvious patterns.
While those behind the allegations do note this system may not have been manufactured intentionally they do insist that this is the type of error that should not occur at licensed, reputable casinos and the fact that it exists does allude to incompetence on behalf of the group and the lack of regard for implementing proper procedures. However, it does appear that the Absolute Poker Keno’s RNG or lack thereof may lead to improved results for players in some aspects (as opposed to those in their previous poker tournament debacle). While players still lose, and because the results are not random, the player will have a much lower chance of winning but the losses are lower than they would be in a fair Keno game regulated by a high quality RNG.
While it seems that Absolute Poker has taken action to rectify the problem on their Keno game, the issue has cast speculation on the other casino games offered by Absolute Poker and Unibet (as they run on the same software and could potentially be the same). The group is yet to release a statement.
Stryyke Casino/Poker/Sports Warning
August 24, 2010
As with any industry, there are always entities that operate on the outside of what is considered to be honest and fair. Unfortunately, the online casino industry is no different and from time to time rogue operations do emerge. Yours4Money.com is always on the look out for these types of operations in order to ensure that we can inform our visitors and save them the time and hassle of dealing with dishonest operators and their underhanded practices.
It has recently come to our attention that despite numerous warnings and discussions with industry watchdogs, Stryyke Casino/Poker/Sports continues to be the source of numerous player complaints which cover everything from unjustified closure of player accounts, to non-payment and illegitimate confiscation of winnings and every other unfair and dishonest business practice in between.
There was one stage where we thought that Stryyke’s management had seen the error of their ways and promises were made to “turn things around” but the fruits of those promises have never showed and there seem to be more unhappy players who have been cheated in one way or another by this organisation than ever before.
Yours4Money.com is therefore issuing a warning to all those who would consider playing at Stryyke’s Casino, Poker room or Sportsbook and placing the organisation on our casino blacklist. Why endure the inconvenience of these types of organisations when there are decent, honest and safe places to play at online? Rather visit one of the trusted online casinos featured on our site.
Win Blackjack at Golden Riviera using these simple strategies
February 21, 2009
Golden Riviera uses the award-winning gaming software of Microgaming to entertain its Players time and time again. As part of the Vegas Partner Lounge group of companies, it has a solid reputation for fast cash-ins, enthusiastic 24-hour service, and the most incredible promotions on the Internet. Golden Riviera is licensed by the Lotteries & Gaming Authority of Malta and monitored for fair gaming standards by eCOGRA.
I thoroughly enjoy playing at Golden Riviera. I especially like their Blackjack game offering and use the following strategies to help me on my journey to continuing Blackjack success.
- With no Aces against the Dealer’s 7 or higher, hit until you get 17.
- With no Aces on 4, 5, or 6, stand on 12 or higher.
- With a Soft hand, hit all totals of 17 or lower.
- If a Dealer has a 9 or 10, hit a Soft 18.
- Double down on any 11
- Double down on 10 if the Dealer shows any card, EXCEPT a 10 or Face Card.
- Double down on a 9 when the Dealer shows a 2, 3, 4, 5, or 6.
- Doule down on a Soft 17 when the Dealer shows a 2, 3, 4, 5, or 6.
- Doule down on a Soft 18 when the Dealer shows a 3, 4, 5, or 6.
- Double down on a Soft 13, 14, 15, or 16 if the Dealer has a 4, 5, or 6.
- Split Aces and 8s.
- Split 4s against the Dealer’s 5 or 6.
- Split 9s against the Dealer’s 2, 3, 4, 5, 6, 8 or 9.
- Split 7s against the Dealer’s 2, 3, 4, 5, 6, 7.
- Split 6s against the Dealer’s 2, 3, 4, 5, 6.
- Split 2s and 3s against the Dealer’s 2, 3, 4, 5, 6 or 7.
For winning results, download Golden Riviera Casino and try out our strateigies on their Blackjack game.
Good Luck!
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