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Online Poker Companies settle on Fraud Charges

Poker Stars and Full Tilt, the world two largest online Poker companies, have agreed to forfeit $731 Million in order to settle federal charges of money laundering and fraud. $547 Million will be made available to reimburse US Customers of Fill Tilt Poker. Fill Tilt will also cease independent operations as part of the agreement.

After the United States Congress banned real-money gambling on online card games in 2006 Poker Stars and Full Title became the dominate sites as the rest of the industry shut down. Poker Stars, which is based on the Isle of Man, and Full Tilt, which claimed to be operated out of the Channel Islands though many of its owners reside in the US.

The charges revolve around the poker companies using false billing codes with banks to trick them into allowing online gambling funds into their accounts. Prosecutors further claimed that Full Tilt had become a ‘global Ponzi scheme’ as the owners pocketed hundred of millions that were owed to online players. Owing more than it could pay without a sale Full Tilt had little choice but to end operations.

Under federal law Money Laundering falls under 18 U.S.C. §1956 and 1957 with 1956 carrying harsher penalties but requiring more burden on the prosecution. You can learn more about this at the Law Offices of David Michael Cantor website.


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