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Written by Marcus | Wednesday, June 3rd, 2009
Recently, over 12 Mission-area investors in Texas have claimed that the developers of an online poker room have failed to reveal the true risks of them operating in such a venture. In fact, according to the Texas State Securities Board, the developers are now facing security fraud charges in relation to the development this said an online poker room.
The developers are Texas father and son, namely Martin Graham Tyson Sr. and his son, Martin Jr., also heads of the Marble Falls, a Texas-based Panorama Global Realty Group. They have now been indicted by a Hidalgo County grand jury last month on the securities fraud charges, and allegedly having misled the people who backed up their online poker business financially.
Besides claiming that the two men had failed in notifying their investors of the civil fraud suit in progress against the company, they also disclosed information related to the legislation that had passed through Congress, which was in relation to the banning online poker in the US.
“You’ve got to disclose what you’re doing with the money and then follow through with it. Otherwise, it’s a criminal offense” was the statement of Robert Elder, the spokesman for the state securities board.
The Tyson’s father and son plan was to set up an online poker room named LetsPoker.com, which would presumably allow the US citizens to play poker over the Internet for real actual cash money. But the funds eventually ended up in yet another company owned by Tyson Jr. which had nothing to do with this online poker venture.
Larry Dowling, an Austin-based attorney had previously represented the two men. He says that a preliminary version of LetsPoker.com had been launched before the Congress officially passed the legislation ban of online poker in the US in October 2006. “It was generating revenue. At the time that it was shut down, it certainly wasn’t the leading gambling site, but it had prospects”, he said.
According to a two-count indictment filed during this case, this Texan operation cost their financial backers a hefty loss close to $300,000 in this venture.
Last Wednesday, Tyson Sr. and his son were both arraigned in their state district court but were both released later on that day due to personal recognizance bonds. If they go into jail conviction, the Texas father and son could be facing up to life in prison.
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