Full Tilt Poker isn’t in a very good position right now due to the legal trouble it has with the government and also the fact that it needs a huge amount of cash to pay back its former players of their funds. Things however, can change as Full Tilt Poker has found a French business tycoon who will possibly purchase the entire company and its assets despite its trouble today.
Full Tilt’s Defense on Ponzi Scheme Allegation
As the operating license of Full Tilt Poker was revoked due to the belief that Full Tilt Poker was running some bogus accounting, unauthorized loans and the failure to report a number of financial events, it was accused of running a Ponzi Scheme. Prosecutors mentioned that it tricked banks into processing financial transactions by setting up sites and disguising these transactions as sales for a number of things. While a number of people believed that Full Tilt Poker was running a Ponzi Scheme which led to the collapse of its balance, one of Full Tilt’s attorneys, Preet Bharara, said that the news is not true, claiming that it was a gambling company and that there is always the possibility of losing. This, in turn, gave Full Tilt a much harder time to find a potential investor that would help it get the sizeable amount of cash needed to pay back the funds of its players. Also, although the license of Full Tilt Poker has indeed been revoked, it can still be reactivated once it finds itself a new owner and management, which, in this case, they are hoping for Tapie to step up to the task.
Full Tilt Poker was in deep trouble as it was having a hard time finding an investor that will enable it to pay back the funds of their players. Now, news is slowly spreading that Full Tilt has made a deal with Groupe Bernard Tapie, although things are not yet a hundred percent certain. Full Tilt however claims that they have come to an agreement that Full Tilt Poker will then be purchased given that the present legal troubles of the poker site should be settled. Full Tilt Poker also said that the agreement made between the two parties will give them the capability to repay the funds of their players who weren’t able to withdraw them since the incident back in April. The thing about Tapie is that he also had a number of problems with the law in the past which may get in the way of success if the regulators of the jurisdiction dictates that the operator is no trustworthy.
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