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5050 Poker MD fired; players to lose at least 85% of deposits

4th July 2012 10:47 am GMT

5050 Poker used segregated player funds to finance its loss making operations, the company’s board of directors said Wednesday, as it accused management and independent auditors in Sweden and Malta of providing false information regarding the company’s finances.

The company’s board said the initial impact of changes made by Microgaming to network rules resulted in a run on the bank as players withdrew their deposits, with the effect of the “bank run” being compounded by fines [...]

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