The operators of online gambling site Full Tilt Poker, charged with running a $440 million Ponzi scheme by federal authorities, say what happened to them was simply mismanagement, not a scam.
"Banks fail for not having sufficient revenue to cover customer deposits all the time. No one refers to such failures as Ponzi schemes. And there was no Ponzi scheme here," said Jeff Ifrah, an attorney for Full Tilt Poker.
"Players were not investing in any company-run investment vehicle. Players were...Full Story