Over four years, the company used $444 million in player money to pay board members, including well-known professional poker players Christopher Ferguson and Howard Lederer, investigators said.
The poker site had promised players that their accounts were protected and wouldn’t be touched. But authorities say that, as of March, the company had only $60 million left in its bank accounts to cover the $390 million it owed to players. It routinely co-mingled player money with its own finances, and took cash from some customers to pay out winnings due to others, prosecutors said.
Full Story: Feds: Full Tilt Poker site was Ponzi scheme, customer accounts were looted of $440 million