Update: Communication Arrives from FTP Lawyers… Finally

Denial of US Justice Department's allegations In light of this week's allegations issued by the US Justice Department in which it claims that Full Tilt Poker was nothing more than a global Ponzi scheme, a comment arrived from the company's legal representatives, whose reaction has been highly anticipated. "I disagree strongly with the allegation that FTP operated as a global Ponzi scheme," said one of the attorneys, Jeff Ifrah. "FTP may have made mistakes, but I have seen no evidence to support the Department of Justice's characterization of it as a global Ponzi scheme." “The issues at Full Tilt should be likened to that of a problematic bank, rather than an illegal investment scheme” he sadi, adding: "A Ponzi scheme requires an investment vehicle in order to receive a certain rate of high return. None of those things happened here. Maybe it was mismanaged." Another attorney Ian Imrich, who represents both Full Tilt owner and board member Chris Ferguson, made a similar comment, saying: "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." It seems like everyone would now like to have their hands clean from anything to do with FTP, as there have been numerous revelations and justifications given for the money the company previously 'invested' in the support of online poker legalization on both intrastate and federal level. One of such political contributions ($20,000) was made to a Democratic Party Congresswoman Shelley Berkley of Nevada, a famous advocate for federal legalization of Internet poker, who in a comment on the latest accusations against FTP said: "These allegations are extremely troubling and, if true, threaten to unfairly cast a shadow over the entire online poker community thanks to the alleged actions of a few individuals." Another willing recipient of donations from poker interests is her fellow Democrat Barney Frank of Massachusetts, who has introduced several bills in Congress over the years to legalize Internet poker. He also took a contribution from FTP in the amount of $18,600, which together with other contributions he received since Jn. 2007 amounts to $48,300 from poker interests, which is some 7 percent of individual contributions to his political campaign funds. In regards to the new names, FTP founders and board members, added to the civil complaint, the reactions have so far been rather harsh, including an announcement made by the Epic Poker League that it has suspended Howard Lederer and Chris Ferguson indefinitely following the US Attorney's amendment, as the allegations in the amendment represent a violation of its Player's Code of Conduct. According to the Committee Chairman Stephen Martin “The Committee voted to suspend Howard Lederer and Chris Ferguson indefinitely, pending the outcome of the Department of Justice's action.” Not everyone agreed with the decision, however, including a committee member and poker pro Andy Bloch and presumably Annie Duke, a League official and the sister of one of the defendants, Howard Lederer. Another reaction arrived from one of the new defendants from the list, Rafe Furst, who sent an open letter to the public, stating: "It sucks to have to endure the character assassination and potshots," he complained. “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. "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." All this happens while FTP is undergoing the continuation of a hearing on its license with the Alderney Gaming Control Commission. The hearing is being held in camera, but reports have leaked that an investment banker from The Seaport Group working for Full Tilt testified at the hearing, claiming that FTP had three interested investors, and that it is seeking another 30 days to resolve its issues. An official statement from the AGCC is still being anticipated.
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