Plans Of New Online Casino Deceive Investors
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Two men, Texas father and son, Martin Graham Tyson Sr. and son, Martin Jr. are indicted on security fraud charges and allegedly misleading investors who financially backed up plans for an online poker business, according to the Texas State Securities Board.
Their plan was to configure an online poker website called LetsPoker.com, which would allow US players to play for real money, however after launching the site, Congress banned online poker in October 2006. Afterwards the two men used the money from the backers to fund another company owned by Tyson.
Over 12 investors in the Mission area of Texas, are claiming that these two developers of the online poker room failed to reveal the harmful truth about operating this type of business. These men continued to deceive investors by failing to notify them of a civil fraud suit that was in progress against the company and furthermore, they disclosed information relating to the current legislation of Congress, banning online poker in the US.
These two men are facing up to life in prison if convicted. Amongst the allegations against them, are swindling over $300,000 from the investors. “When some one goes to another for an investment, full disclosure needs to be represented, otherwise, it is a criminal offence” stated Robert Elder, spokesman for Texas State Securities Board.
