Consumers who could not withdraw money from their online accounts with Full Tilt Poker.
Potentially, a Full Tilt class action lawsuit could seek compensation for the return of players' funds, attorneys' fees and costs, and punitive damages.
Full Tilt Poker
Full Tilt reportedly owed $390 million to online gamblers before the April 2011 crackdown on internet gambling platforms, but only had $60 million in the bank.
In September 2011, the U.S Justice Department filed a civil Full Tilt lawsuit alleging that the online poker site cheated players out of their money, essentially engaging in a Ponzi scheme.
Consumers who could not withdraw funds from their Full Tilt Poker accounts may have legal recourse to try to get their money back. Potentially, these individuals may be able to participate in a class action lawsuit to seek compensation for a Full Tilt refund of money frozen in their online gambling accounts. Several Full Tilt class action suits have already been filed, in addition to a civil lawsuit by the U.S. Justice department alleging that the online poker site engaged in a global Ponzi Scheme, illegally raiding players accounts for operation costs and lavish payments to board members.
Full Tilt Ponzi Scheme
In September 2011, the U.S. Justice Department filed a Full Tilt lawsuit alleging that the internet poker company, which was shut down in April, was not a real company, but instead a global Ponzi scheme. Lawyers from the Justice Department claim that the website illegally raided players’ accounts for operating costs and extravagant payments to executives. Specifically, more than $440 million was taken from players' accounts over the course of four years to pay board members, including two high-profile poker professionals, according to the Full Tilt Poker Ponzi suit. The site had promised customers that their money would be kept in secure accounts, but authorities allege that, as of March, the internet poker company had only $60 million in the bank, even though it owed $390 million to its players. Allegedly, the site often mixed player money with its own finances, and took money from customers to make Full Tilt Poker payouts due to other players who had won on the site.
Full Tilt Poker Payouts
Customers who are looking for a Full Tilt Poker refund of the money kept in their online gambling accounts may be able to participate in a class action lawsuit. Prior to the civil lawsuit, the company claimed that it was unable to pay back Full Tilt Poker players due to the April indictment, government cash seizures and theft from one of its payment processors. However, in light of the new allegations of a Full Tilt Ponzi scheme, consumers looking for a Full Tilt refund may have another option to retrieve their money. Potentially, a Full Tilt class action lawsuit would provide consumers the chance to collectively file a claim in court to try to get their money back.