Barney Franks Wants to Give Full Tilt Poker Monies Back to Players

Sickened by news that surfaced this week that Full Tilt Poker executives squandered millions of dollars of players funds, Representative Barney Frank said he would like to return funds he received from the company back to players.

The Democratic Congressman from Massachusetts has backed measures to legalize online poker in recent years.  Frank admits to receiving $18,600 from the board members of Full Tilt Poker since 2007 and another $14,000 from the Poker Players Alliance, a group largely funded by the board members.

He told the Boston Globe he wants to find a way to give the money to those who were defrauded.

“If not, I’ll just give it to charity,” he said.

“I’m really very unpleasantly surprised that these guys were defrauding people,” Frank said.

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The Congressman also noted that he intends to continue his fight to legalize Internet poker but will amend the latest bill with a requirement that players’ money be kept in a trust.

US Feds allege that principals involved in Full Tilt Poker used the company to run an elaborate ponzi scheme.  On April 15, two executives of the company were charged with money laundering and bank fraud.  This week, two professional poker players who were stakeholders in the company were named as defendants in a civil complaint, alleged to have involvement in the apparent ponzi scheme. 

Full Tilt Poker has yet to pay back customers. 

- Chris Costigan, Gambling911.com Publisher