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An attorney for Chris Ferguson insisted Wednesday night that Full Tilt Poker was never a ponzi scheme and that his client was doing nothing wrong.
US Feds on Tuesday named Ferguson and two other Full Tilt Poker shareholders in an amended complaint, referring to the company as a “ponzi scheme”.
“While the government has obviously taken issue with the underlying activities of FTP, under any reasonable interpretation, the worldwide operations of the online cardroom are not a so-called Ponzi scheme,” said Ian Imrich, a lawyer for Ferguson, in a statement. “Use of the inflammatory term Ponzi scheme in the post-Madoff era is more than careless and may violate pre-trial publicity rules of professional responsibility” by prosecutors.
Imrich pointed to the Securities & Exchange Commission’s definition of a Ponzi scheme, which states that a Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.
- Ace King, Gambling911.com
