Earlier in the year Full Tilt Poker, Pokerstars and Absolute Poker were indicted for fraud.  Now it appears as though Full Tilt Poker has even more problems on their hands, as federal prosecutors are claiming that the internet poker company was “not a legitimate poker company, but a global Ponzi scheme.”

In addition to cheating U.S. banks, prosecutors found that Full Tilt Poker has cheated its players out of hundreds of millions of dollars.  Over the course of four years, they have used $444 million in players money to pay their owners ridiculous sums of money.

The company claims that the money in a player’s account was protected and would not be touched, however, the investigation found that the company would routinely use player money to cover their own finances and pay out other players.  According to reports, Raymond Bitar, a top executive at Full Tilt, received $41 million, while part owners and well known poker players Christopher Ferguson and Howard Lederer received $87.5 million and $42 million, respectively.  Meanwhile, the company reportedly only had $60 million in the bank to cover the $390 million it owed its players in March.  Full Tilt’s hope was that rather than cashing out, their players would simply keep that money in their account and eventually lose it.

I hope Lederer and Ferguson didn’t spend all of that money at the poker table, because they are probably going to need quite a bit of it for lawyer fees.

Hat Tip – [The Wall Street Journal]

Three of the biggest online poker companies have been indicted for fraud and money laundering.  According to reports released on Friday, the United States Attorney has made public the indictment of eleven individuals, including the founders of PokerStars, Full Tilt Poker, and Absolute Poker.

The 52-page indictment claims that the offshore companies used “fraudulent methods” to work around U.S. anti-gambling laws.  Authorities have seized more than 75 bank accounts and five internet domain names used by the companies to host their illegal operations.  As indicated in the report, the companies disguised the money received from American gamblers as payments to hundreds of fictitious online merchants for the purchase of items like jewelry and golf balls.

The defendants have been accused of “tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits,” according to U.S. Attorney Preet Bharara.  Prosecutors are currently working with foreign agencies to secure the arrest of those defendants currently not in the United States.

As for those U.S. citizens who had invested money into an account on one of these sites, it remains to be determined whether their funds will be returned, and if so, how.

Hat Tip – [CNN Money]

Kenny Tran began playing tournaments in 1999 and has eight World Series of Poker cashes, including winning a bracelet in the $10,000 Heads-up No Limit Holdem event this year.

Online Kenny Tran has been known to play the highest and deepest stakes at Full Tilt Poker, but this past week he has been spotted playing the micro stakes online.   From 0.05/0.10 cents all the way to 0.5/1 dollar, we really don’t understand why he is playing so low?

Could it be possible that the infamous Kenny Tran is broke?  Well if he is you heard it first at Total Pro Sports.

There could be many reasons why Tran he has been playing micro stakes online at Full Tilt Poker.  Either someone in his family is using his account, he is teaching someone how to play the game, or he wants to take some time away from the high stakes game, mingle and have some fun with the low stakes players.

Remember poker is a very stressful game when your not running good.  So taking sometime away from the high stakes game is a great way get your mind back on track.  At times Kenny Tran could face multi-million dollar swings, and let me tell you this can be very stressful.

We hope all is well for Kenny as he is a great person and well rounded professional poker player.  If anyone may know please keep us informed.

The biggest online pot has been broken 4 times in one week. Thats right 4 times we have seen new highs for the largest online pot in history.  First it was Durrr, then John Juanda, Phil Ivey and now Urindanger.

Early this morning Tom “Durrr” Dwan and Di “Urindanger” Dang, were playing some of the biggest stakes $500/$1000 6 max online at Full Tilt Poker. Other notables who were siting at the table were Gus Hansen, Chau “La Key U” Giang, John Juanda, and unknown online player Elmariachimacho.

You can find Urindanger and his brother Hac “trex313″ Dang, playing the nosebleed games on Full Tilt Poker on a consistant basis. These brothers are reported Multi Millionaires playing there aggressive styles online.

Play Online Poker

Earlier this morning it was Di Dangs lucky day, when all the money went in pre-flop against durrr. Di “Urindanger” Dang held Aces, while Tom “durrr” Dwan held Kings. Urindanger’s Aces held up and he won the largest pot in online history for $723,000.

With how the recent week has gone and all the action at these nosebleed limits we will be sure to see a new record and a million dollar pot in the coming weeks.

Winners and Losers (Results from 2008-10-25 to 2008-10-26, Hold’em NL $500/1000)

Be sure to keep an eye out at Full Tilt Poker, at table “Railheaven” for future record online pots.

The biggest looser in the Online game has been Gus Hansen shooting away just over $1,000,000 in US currency.  

In live games Tom “Durrr” Dwan has reported that he has lost $1,600,000 in live play, were guessing this has all taken place in Las Vegas, probably at the Bellagio in Bobbi’s Room. 

Here is the chat from Durrr while railing the online games at Full Tilt Poker:

durrrr: i lost 1.6m this week live
durrrr: =(
OnTheRize: i heard
OnTheRize: sick game
OnTheRize: too big for me
OnTheRize: srry man
durrrr: me2
durrrr: im hoping to run good online
durrrr: n get even by the end of july

Just writing this out gives me shivers, It’s just so sick how these poker players can shoot so much money away.  If they can afford to loose this much, how much have they won and how big is their bankroll?