Full Tilt Poker’s Chris Ferguson Allegedly Funneled $45 Million

Written by:
Ace King
Published on:
Jan/26/2012
Full Tilt Poker’s Chris Ferguson Allegedly Funneled $45 Million

US Feds allege Full Tilt Poker stakeholder and professional poker player Chris “Jesus” Ferguson was embroiled in an elaborate ponzi scheme.  Now it is being reported he funneled $45 million of his $60 million in Full Tilt distribution payments into bank accounts held for him in the name of Pocket Kings Ltd.

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The Subject Poker website claimed late Wednesday that about $14.3 million of this money was used for Full Tilt’s post-Black Friday expenses.

The site further claims that Ferguson and his legal team have been impeding FTP’s ability to work with suitor Groupe Bernard Tapie, the French firm seeking to buy Full Tilt’s assets.

Full Tilt Poker has failed to pay any customers since late June.  Over the past few months it has become increasingly more difficult to discern fact from fiction in regard to what little information gets released from the FTP camp.  

The SP site details one interesting move allegedly made by Ferguson immediately following the seizure of Full Tilt Poker bank accounts by the US Justice Department last April 15:

Ferguson continued to use the accounts that Pocket Kings held for him after Black Friday. On April 20th, five days after US players lost the ability to withdraw, $5 million was wired from one of Ferguson’s Pocket Kings accounts to his personal bank account. This personal account was distinct from the one that received $25.2 million in distributions and was not the one that the DOJ seized on September 20th. However, Subject: Poker has learned (after a long investigation) that Ferguson agreed to send this $5 million back to Pocket Kings the day after it was sent to his account. This money then became part of the $14.3 million that was eventually used for company expenses.

Oh the saga continues…

- Ace King, Gambling911.com

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