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Failed Online Casino Concept

Unfortunately, it’s always a bit sad to report on online casino gambling investors getting duped by some sort of “new” concept. New information out of the United States indicates that a grand jury has indicted two Texas entrepreneurs accused of dishonestly attaining backing funds for an online casino poker gambling concept. The independent backers lost all of their money in the end because the entrepreneurs where dishonest about the riskiness of the venture. The duo, a father and son, are now facing criminal charges in by the Texas State Securities Board because of their scheme.

This very situation is why online casino gamblers are warned so profusely to check the credentials of their chosen gambling sites. There are a lot of fantastic online casinos out there and great poker sites that are wholly legitimate and safe. For the unlucky investors, they didn’t thoroughly check through the situation and the roughly $300,000 invested by 13 private investors was not actually used to develop the LetsPoker.com site as originally planned.

According to the Securities Board, the father and son team funneled the money into other accounts in addition to using some of the money as consulting and commission fees. This is most certainly a criminal offense since the investors were told that the money would be used in a new online casino gambling venture.