The Full Tilt Ponzi Scheme

I have been playing poker for a number of years - mostly for free and when I played for free I played like really money was riding on the line.  I always played on Full Tilt, but because they didn't accept credit card payments from US players, I never had money on the site. I just played with Play Money.  It wasn't until I learned of sending money via Western Union that I decided to put money on the account and play for some real chips - or so I thought.


Full Tilt always had the reputation of being the only legitimate poker sites around. (You can read the history of Full Tilt here: History of Full Tilt).

Before joining Full Tilt, I did extensive research and Full Tilt was always in the top 10, so I finally gave in and did my first Western Union transaction with them and boy was I excited. I played ring games at first, no limit. After losing, I decided to play limit games. Although a slow climb up, I was doing OK. My next move was to get involved in SNG (Sit n Go's) and from there get involved in real tournaments. Some that allowed you to advance to a bigger one or one that paid out to the top, let's say, 20 players out of, again let's say 500. I did good in both areas, so I figured my best bet is to play in SNG's or tournaments. The few months I played I thoroughly enjoyed myself. So much so, that I finally hit the live tables in Vegas and in a city near me. Which reminds, I need to get involved in their Sunday Tournaments.It had been knowledge among us poker players that there was a chance that we would end up in a Blackout, meaning all the poker sites (Full Tilt, Poker Stars and Absolute Poker) would be shut down.  The Blackout, from my knowledge was suppose to last only 15 months.  Knowing about the strong possible Blackout to take place I decided to play like nobody's business (basically get rid of my chips, because that's all it is now, chips) and of course I was winning.  Not big, but winning just the same.One day I tried to get on Full Tilt and was unable to do so.  I tried from a different computer and a different laptop.  I tried three times and even had a friend try and and finally she received the message that Full Tilt was currently down and explained why. I should add that before the Blackout started I tried to get my money off the account but the only way it would allow you to do that is to give them your bank account information. Well that wasn't about to happen. There was another way, but it was some long draw out thing, that by the time I received my money, I would have forgotten where it came from that's the reason I decided to play like there was no tomorrow - and guess what, there wasn't.


Several months had passed and a few times I have received emails from Full Tilt claiming they were working to get our money to us and for us to hang tight. A few months after that I received another email stating the same thing. I was going to write them after a couple of weeks asking for further information, but figured they would just refer me to their email, so I didn't bother. I thought I would wait it out.


Today I decided to look up the latest on Full Tilt and the payback of funds to its players and came cross this article talking about how Full Tilt was never a legitimate gambling site, but rather, a Ponzi Scheme: Online Poker Site Running Ponzi Scheme

From what I have red, Phil Ivey is now suing, or has sued the sponsors (Full Tilt) for $150 million (which he can share with the rest of us) and refuses to play in this year's WSOP (World Series of Poker). I am not sure what the outcome was of the suit or if he played. I basically stopped following anything poker related since the Blackout, which I shouldn't have done, but I'm slowly getting back into the game.


I don't think I will ever see my funds again, which I am fine with. But next time I lay some money down for chips, I will know my money is in on someone's cash drawer instead of in cyberspace and then the lining of someone's pocket.