In an open statement, Full Tilt Poker’s attorneys denied the charges from the United States Department of Justice, according to which FTP had not been operating as a legit company but as a “global Ponzi scheme.” In addition, Chris Ferguson, Howard Lederer, Rafe Furst and Ray Bitar are said to have paid themselves and their co-leaders of the company over $443 million from the players’ money.
"While the government has obviously taken issue with the underlying activities of FTP, under any reasonable interpretation, the world-wide operations of the online cardroom are not a so-called Ponzi scheme," attorney for Chris Ferguson Ian Imrich told the Wall Street Journal.
Ray Bitar’s lawyer, Jeff Ifrah has published a similar statement, saying: "A Ponzi scheme requires an investment vehicle in order to receive a certain rate of high return. None of those things happened here.” He admitted, though, that “Maybe it was mismanaged."
Following the DoJ lawsuit, Full Tilt Poker board members Howard Lederer and Chris Ferguson were temporarily disqualified from the Epic Poker League.
Howard Lederer
One of the further defendants, Rafe Furst, published the following open letter:
“By now you’ve no doubt heard about the allegations against me in a Federal civil suit regarding Full Tilt Poker. Because of the seriousness of the allegations I’m not able to comment at all about the pending case, much as I would like to. From a moral, personal and interpersonal perspective I feel I’ve got nothing to hide. And since I trust in our system of justice and have the utmost respect for my legal counsel, I will refrain from talking about the case until it’s resolved.
“What I would like to express here is concern for my family, friends, colleagues and supporters who believe in me and who feel my pain as if it were their own. It sucks to have to endure the character assassination and potshots being taken at me in the media and social networks without being able to defend myself. Privately though I have received incredible support from many of you, and I can’t tell you how much it means to me. May you never have to endure something like this, but if you do, I hope you have friends as good as mine.
“To the skeptics, please consider that not everything you read is true, and our society is built on a presumption of innocence until proven otherwise. It’s difficult to take back hurtful things that you might later regret, when the damage has already been done.
“To those of you who have asked what you can do to show your support, I am grateful for the offer. My only request at this time would be to not let the naysayers and haters be the only voices out there expressing their opinion of me. My twitter is @rafefurst, and I’d love to hear from you publicly.
With Respect and Love,
Rafe”
Rafe Furst
Besides the reactions from the involved persons, the AGCC hearing is in the focal point of interest today in the poker community. The hearing is over and the AGCC should have issued an official statement on 22th September. However, according to iGaming Post, an announcement is increasingly unlikely to come before Monday, 26th September. That said, based on the indications of “two gaming lawyers,” they claim that “the length of time taken by the AGCC to make their announcement tends to lean towards once again to a continued suspension of the FTP License.”
Stay tuned for news on the AGCC hearing here at Rakerace.com.
"While the government has obviously taken issue with the underlying activities of FTP, under any reasonable interpretation, the world-wide operations of the online cardroom are not a so-called Ponzi scheme," attorney for Chris Ferguson Ian Imrich told the Wall Street Journal.
Ray Bitar’s lawyer, Jeff Ifrah has published a similar statement, saying: "A Ponzi scheme requires an investment vehicle in order to receive a certain rate of high return. None of those things happened here.” He admitted, though, that “Maybe it was mismanaged."
Following the DoJ lawsuit, Full Tilt Poker board members Howard Lederer and Chris Ferguson were temporarily disqualified from the Epic Poker League.
Howard Lederer
One of the further defendants, Rafe Furst, published the following open letter:
“By now you’ve no doubt heard about the allegations against me in a Federal civil suit regarding Full Tilt Poker. Because of the seriousness of the allegations I’m not able to comment at all about the pending case, much as I would like to. From a moral, personal and interpersonal perspective I feel I’ve got nothing to hide. And since I trust in our system of justice and have the utmost respect for my legal counsel, I will refrain from talking about the case until it’s resolved.
“What I would like to express here is concern for my family, friends, colleagues and supporters who believe in me and who feel my pain as if it were their own. It sucks to have to endure the character assassination and potshots being taken at me in the media and social networks without being able to defend myself. Privately though I have received incredible support from many of you, and I can’t tell you how much it means to me. May you never have to endure something like this, but if you do, I hope you have friends as good as mine.
“To the skeptics, please consider that not everything you read is true, and our society is built on a presumption of innocence until proven otherwise. It’s difficult to take back hurtful things that you might later regret, when the damage has already been done.
“To those of you who have asked what you can do to show your support, I am grateful for the offer. My only request at this time would be to not let the naysayers and haters be the only voices out there expressing their opinion of me. My twitter is @rafefurst, and I’d love to hear from you publicly.
With Respect and Love,
Rafe”
Rafe Furst
Besides the reactions from the involved persons, the AGCC hearing is in the focal point of interest today in the poker community. The hearing is over and the AGCC should have issued an official statement on 22th September. However, according to iGaming Post, an announcement is increasingly unlikely to come before Monday, 26th September. That said, based on the indications of “two gaming lawyers,” they claim that “the length of time taken by the AGCC to make their announcement tends to lean towards once again to a continued suspension of the FTP License.”
Stay tuned for news on the AGCC hearing here at Rakerace.com.
