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View Full Version : Full Tilt Poker = Ponzi



oneupper
09-26-2011, 02:34 PM
I know we have some poker players around here.

What do you guys think of this?
Big Names involved. Howard Lederer and Chris Ferguson.

http://online.wsj.com/article/AP5fced340b5324636bb6b55910e20e238.html

dougdirt
09-26-2011, 03:01 PM
Furgeson and Lederer were involved, that we know of, in only that they got paid via money from the scheme. That doesn't suggest that they were knowing participants at all. They were board members, but that doesn't mean that they knew what all was going on, especially when it came to moving money around.

Slyder
09-26-2011, 03:06 PM
I know we have some poker players around here.

What do you guys think of this?
Big Names involved. Howard Lederer and Chris Ferguson.

http://online.wsj.com/article/AP5fced340b5324636bb6b55910e20e238.html

Its not that hard to pull something off like this (especially when you consider how many of these networks are over seas), its why I only played the free side of Full Tilt. If I am going to put real money on poker I am going somewhere that I play in person where there's more assurances that it is legit.

bucksfan2
09-26-2011, 03:08 PM
Furgeson and Lederer were involved, that we know of, in only that they got paid via money from the scheme. That doesn't suggest that they were knowing participants at all. They were board members, but that doesn't mean that they knew what all was going on, especially when it came to moving money around.

The problem is with a ponzi scheme is that the money they were paid does not belong to them. So while they may not be guilty of anything, the amount of money paid to them illegally will have to be returned. Its similar to the situation the Wilpons face with Madoff. They didn't do anything illegal but they received funds that didn't belong to them and they will have to be repaid.

dougdirt
09-26-2011, 03:12 PM
The problem is with a ponzi scheme is that the money they were paid does not belong to them. So while they may not be guilty of anything, the amount of money paid to them illegally will have to be returned. Its similar to the situation the Wilpons face with Madoff. They didn't do anything illegal but they received funds that didn't belong to them and they will have to be repaid.
Well sure, but I read your post in a way that to me at least, implied that they had something to do with creating the scheme/knowing it was going on. We simply don't know that, so I wanted to point that out.

nmculbreth
09-26-2011, 03:15 PM
I'm curious to find out how the DOJ is going to proceed with the case if they are able to prove that FTP was actually a Ponzi scheme, particularly when it comes to player cashouts. While the original indictments were targeted at the site operators and not the actual users of the site, this news could have serious ramifications for long term winners on the site because it opens the door for clawbacks against winning players.

This is really bad news for high stakes / large MTT players because not only do they have a lot of "money" stuck on the site, now they have to worry about the cashouts they made before the company got exposed.

oneupper
09-27-2011, 12:53 PM
Well sure, but I read your post in a way that to me at least, implied that they had something to do with creating the scheme/knowing it was going on. We simply don't know that, so I wanted to point that out.

Any money they received will be clawed back, whether they knew or not. However, the amounts are just too large: $444 million in payouts over 4 years.

Ferguson and Lederer know (I'd assume), the financial aspects of poker including what the house takes. I'd like to know where they thought the money for their fees was coming from.
(Also if it was declared on their 1040s).

medford
09-27-2011, 02:53 PM
its possible they could take that kind of money and have no idea if the company was legit or not. Its doubtful they were involved in the everyday business of full tilt poker. I assume they were brought in early, perhaps given part ownership so the web site could use their likeness to promote the business and generate new players each time they were seen on TV sporting a Full Tilt Poker hat, shirt, whatever.

As such, I could see where they were regularly told, hey we're doing great, here's your cut of the profits, we've got more users than we could ever imagine. How much were their lawyers, accountants involved? Perhaps the upfront arrangement promised them a certain amount of profits each year, w/ the $44mil over 4 years as a minimum that they would reap from putting some start up money in up front. Then the guys who run the site cry that the economy is hurting them, but things are OK and here's your minimum amount per our agreement, we'll take less profits as the operaters of the site, just keep sporting our gear and pimping the site.

oneupper
09-27-2011, 03:41 PM
its possible they could take that kind of money and have no idea if the company was legit or not. Its doubtful they were involved in the everyday business of full tilt poker. I assume they were brought in early, perhaps given part ownership so the web site could use their likeness to promote the business and generate new players each time they were seen on TV sporting a Full Tilt Poker hat, shirt, whatever.

As such, I could see where they were regularly told, hey we're doing great, here's your cut of the profits, we've got more users than we could ever imagine. How much were their lawyers, accountants involved? Perhaps the upfront arrangement promised them a certain amount of profits each year, w/ the $44mil over 4 years as a minimum that they would reap from putting some start up money in up front. Then the guys who run the site cry that the economy is hurting them, but things are OK and here's your minimum amount per our agreement, we'll take less profits as the operaters of the site, just keep sporting our gear and pimping the site.

Maybe. But its $444 million not $44 million. Personally, I'd throw the book at them.

dougdirt
09-27-2011, 04:41 PM
Maybe. But its $444 million not $44 million. Personally, I'd throw the book at them.

Not quite. Lederer got 42 and change, while Furgeson got roughly 25 of something like 87 "owed" to him. The entire scheme of course was for $444M, but not for those two guys.

oneupper
09-27-2011, 08:16 PM
Not quite. Lederer got 42 and change, while Furgeson got roughly 25 of something like 87 "owed" to him. The entire scheme of course was for $444M, but not for those two guys.

Right. Maybe because of sports and celebrity's salaries (or CEO's), those numbers might seem normal, but they're not. That's an insane amount of money to make for "lending your name".

I found the rake rates for Full Tilt (their website is down).

http://www.unknownpoker.com/full-tilt-poker/rake.htm

For Full Tilt to make this kind of money in operations, they had to operating TENs of Thousands tables with BILLIONS being wagered. Incredible.
No wonder it was easier just to steal their customers banks.

edabbs44
09-27-2011, 10:48 PM
Right. Maybe because of sports and celebrity's salaries (or CEO's), those numbers might seem normal, but they're not. That's an insane amount of money to make for "lending your name".

I found the rake rates for Full Tilt (their website is down).

http://www.unknownpoker.com/full-tilt-poker/rake.htm

For Full Tilt to make this kind of money in operations, they had to operating TENs of Thousands tables with BILLIONS being wagered. Incredible.
No wonder it was easier just to steal their customers banks.

Yeah, I'd "wager" that these guys either knew or didn't want to know.

Razor Shines
09-28-2011, 01:17 PM
And isn't Lederer some kind of math genius? You're telling me at some point he didn't calculate what oneupper posted above?

ervinsm84
09-28-2011, 07:19 PM
I know we have some poker players around here.

What do you guys think of this?
Big Names involved. Howard Lederer and Chris Ferguson.

http://online.wsj.com/article/AP5fced340b5324636bb6b55910e20e238.html


this whole thing has been one giant clusterfck for me since this all went down on what is now known as black friday.

I'll start with some background. I really havent mentioned it before on here, bc it was never really relevant to anything, but I actually was playing online poker full time for a living since the beginning of 09. Im not one of the guys making 7 figures that are rich ballers that youll see playing the high stakes nosebleed cash games like a Tom Dwan, Phil Galfond, or even the deucescracked guys that were on the show 2 months 2 million.

What may surprise some people, is that a lot of the "tournament" players youve seen on ESPN are not nearly as wealthy as you may think. Prob 90% of the guys playing the 10k events are backed (staked where they get a % cut of profits) with many of them having racked up hundreds of thousands of dollars in makeup. Makeup, is basically I stake you for a 10k event and you bust. I stake you next week for a 10k event. You cash for 25k. you only get 2500$ if youre on a 50/50 cut (and some dont event get that good of a cut %) bc 25k cash-20k buyins=5k profit then split in half for your 2500$. So, when you consider that a lot of these guys are playing every single 10k event plus tons of others ranging from 1500$ to the 50k event at the WSOP its not uncommon to see a guy spend well over 500k in buyins for the year. Then ESPN will show "omg hes cashed for 378,000$ in his career. Uh...cool for him. Hes still not even able to eat, nevertheless making a ton less money than the small to midstakes grinders that were like myself.

Im not someone youve seen on tv, and probably never will. If that discredits what Im bringing to you and you think im just a phony or whatever, then ok. Thats not really my problem. Ive never had a desire to play mtts. My desire was to make as much money as possible with as much freedom to do what i wanted whenever I wanted while playing a game I enjoyed. I rarely played mtts, due to a few reasons.

1. After finishing college, I chose online poker bc it gave me way more freedom than anything else. Playing tournaments takes up so much time. Playing cash games allow you to come and go whenever you want, set your own schedule, and lead to a much more fun, productive and enjoyable lifestyle imo.
2. I made more $ per hour playing them so, ya tough call LDO

Fortunately with this situation I always was extremely conservative in the $ amts that i kept in the bank compared to on the sites. As well as always having a year or more of living expenses liquid in the bank. Still, this has hurt me financially a lot. Im currently out a 5 figure amount due to full tilt not paying out yet, nor looking like they ever will, as well as all the future income not being able to play online in the US has cost me. No I dont want your pity, I understand I took a significant risk choosing this as a profession. It was the best time of my life while it lasted, and I wouldnt change it for a thing. Besides, no one knew this was going to get blown up like it did, nor was this corrupt. I often see comparisons to playing online poker to dealing drugs, "bc it breaks the law" which fwiw, i still dont agree it does but w/e, I think this comparison is absolutely insane. Drug Kingpins dont advertise on national TV to come buy their product at www.getyourcocaine.net but stars and FTP advertised a ton. They were all over ESPN, FSN, NBC, and youd see them on espn.com and other sports related websites as well. So before anyone might try to compare what I did to dealing coke, Id ask that person to show me the constant advertising on TV of dealing said cocaine. (off my soapbox)

Yes there are still a few sites serving US customers on the Merge network (RPM poker for example) but the payouts take so long and require so many shady steps, coupled with the fact that its just not worth the risk anymore that I cant justify playing online anymore. Furthermore, playing live isnt really an option either bc to get the hourly $ amt remotely near the same as I was making online, I would have to amp my stakes up so high that I cant afford to be properly bankrolled for those limits nor play comfortably at them (let alone the cost of gas, travel time, lack of convenience, no rakeback, higher rake, tipping dealers, and in general I really dont like casinos and spending that much time in them isnt appealing).

But, thats enough about me. Im clearly outraged by the mess that this has become, and just wish FTP had paid out like Pokerstars, but thats just not what has taken place. I dont think FTP is technically a "ponzi scheme" by definition (at least the wiki definition lolwikivalidsourceiknow)and the quote for the DOJ is a bit of hyperbole and sensationalism to draw some attention to the case.

Im not a lawyer so this may be no where near the legal defintion
FRom wiki :
An operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent.

Operation that pays returns to its investors is the part that really doesnt add up. None of the players invested in FTP. No one put money on FTP with an idea that FTP would then invest that money in their best way possible to get them a return on their investment.

The enticing of new investors with promises of false returns, I dont think really applies bc no one playing was "investing" with full tilt poker. None
of the players had "shares" of FTP.

The stuff that has come out so far, really isnt a Ponzi scheme to me, but rather just outright theft of funds.


Also, if youre wanting to get the best up to date source of information on this, Id recommend checking out www.subjectpoker.com They most of the official DOJ documents there that you can check through and read through, as well as tons of interviews, and do a great job of fleshing out the rumors and bull**** thta has surrounded this clusterfck.

Here is the best Cliffs Post from NoahSD on 2+2 of the timeline and of whats happened regarding this situation. I took no part in writing these cliffs. Thanks to the guys from www.twoplustwo.com usenames EYESCREW, AnAnonymousCoward, and Prospace for providing cliffs. Please PM me if you think that something should be added or changed.

Cliffs and Timeline with LINKS

April 15th Black Friday - The Department of Justice shuts down US operations of FTP, Pokerstars and UB. http://www.pokernews.com/news/2011/04/a-closer-look-at-online-poker-black-friday-indictment-10224.htm

April 26th - Pokerstars allows US players to cash out but Full Tilt Poker does not allow US players access to their funds. As reported by Pokeraddict.net.
http://www.pokeraddict.net/i-received-by-black-friday-pokerstars-cashout-plus-apub-update/

May 31st - The WSOP starts and a few team FTP pros showed like Allen Cunningham, John Juanda and Erick Lindgren but notably absent were Phil Ivey, Chris Ferguson and Howard Lederer.

June 1st - Phil Ivey sues Full Tilt poker in an effort to get out of his non-compete clause. It was reported by Wicked Chops that Ivey was particularly upset because he had brought in an investor that would have got FTP out of their financial mess but the deal was nixed by Bitar and Lederer.
http://wickedchopspoker.com/phil-ivey-issues-statement-not-playing-wsop-suing-tiltware/

June 26th - It's reported Phil Ivey is in Dublin meeting with FTP executives.
http://wickedchopspoker.com/phil-ivey-in-dublin-meeting-with-tilt-execs-white-knight-deal-back-on/

June 29th - Alderney Gambling Control Commission suspends FTP's gaming license and in effect shuts FTP down worldwide.

June 30th - Phil Ivey voluntarily dismisses his lawsuit against FTP. http://www.subjectpoker.com/2011/07/ivey-lawsuit-dismissed/

July 1st - Todd terry files a class action lawsuit against FTP. (this date is approximate. Sorry for not being sure of exact date) http://www.scribd.com/fullscreen/59139409?access_key=key-2lf7ob95uek7muqweknr

July 22nd - Poker News Daily reported that Phil Gordon was dismissed with prejudice from Todd Terry's class action lawsuit against FTP. Phil Gordon's attorney claimed he didn't take part in the day to day operations of FTP.http://www.pokernewsdaily.com/phil-gordon-dismissed-from-full-tilt-poker-class-action-lawsuit-19621/

July 26th - As reported by Pokernews there was a hearing between FTP and the AGCC to determine whether FTP's gaming license should continue to be suspended. It was supposed to be a public hearing but in private lawyers for FTP asked for an application to adjourn the meeting until a later date which was granted. The new hearing date was set to be September 15th. http://www.pokernews.com/news/2011/07/breaking-news-agcc-full-tilt-poker-hearing-10747.htm

July 29th - Subjectpoker.com releases a statement talking about some of the financial dealings between David Benyamine, Phil Ivey and FTP. http://www.subjectpoker.com/2011/07/ivey-benyamine/

July 29th - Mike Matusow does an interview with Quad Jacks and talks a bit about the FTP situation.http://www.quadjacks.com/2011/07/30/daniel-negreanu-and-mike-matusow-talk-about-the-epic-poker-league-and-full-tilt-poker-situation-quadjacks-poker-radio-podcast-friday-july-29th/

August 1st - As reported by Subject Poker the Kahnawake gaming commission agreed to renew FTP's secondary client provider authorization. http://www.subjectpoker.com/2011/08/kgc-upholds-ftps-permit/

August 18th - As reported by Stayonpoker.com a second class action lawsuit against FTP has been filed by two Canadian players. http://www.cardplayer.com/poker-news/11881-full-tilt-poker-faces-second-class-action-lawsuit

August 22nd - FTP's silence is finally broken when attorney Jeff Ifrah speaks out and gives some minor details about the FTP situation. Certain 2+2ers have spoken with him on the phone and been corresponding back and forth through emails with the attorney. Ifrah reported he was finally able to speak about the situation because an exclusivity agreement between a potential investor and FTP expired. http://www.pokernews.com/news/2011/08/full-tilt-poker-exclusive-statement-regarding-investors-10893.htm

August 30th - FTP releases another statement, including details about $115M they claim has been seized over the past two years, that there are indeed investors who are actively examining FTP for purchase, and that any deal will result in new management at FTP. http://forumserver.twoplustwo.com/29/news-views-gossip/ftp-statement-8-31-150m-seized-stolen-6-potential-investors-1091866/

August 31st - FTP lawyer Jeff Ifrah and his firm files a motion with the court asking to be relieved as attorneys for the defense due to an "unreasonable financial burden" on the firm. http://www.subjectpoker.com/2011/09/ftp-pro-se/

September 14 - FTP releases another statement which includes references to upcoming personnel cuts and that negotiations with investor(s) is ongoing.
http://forumserver.twoplustwo.com/29/news-views-gossip/full-tilt-breaks-silence-another-new-statement-1098746/

September 15th - Scheduled hearing date between FTP and the Alderney Gambling Control Commission to determine whether FTP's gaming license will be renewed and allowing them to again service non-US based customers. On Sept. 5th, the hearing was announced for September 19th (a four day delay) due to logistical issues.

September 19th-20th - Scheduled hearing began behind closed doors ("in camera") and was adjourned until the next day. Hearing resumed on the 20th. On the 20th, multiple news agencies broke the story that the DOJ had amended their civil complaint to include charges against Howard Lederer, Chris Ferguson, and Rafe Furst in relation to running a "global Ponzi scheme". While FTP was originally told the hearing with AGCC would reconvene on the 22nd, on the 21st it was released that the hearing was concluded; FTP must now wait for the AGCC's decision. http://www.subjectpoker.com/2011/09/ftp-civil-amended/

September 21st - Mr. Ifrah and poker news sites revealed that there is a potential investor for FTP currently interested. The results of the AGCC hearing are not yet released. http://www.subjectpoker.com/2011/09/french-investors/

oneupper
09-29-2011, 01:52 PM
The stuff that has come out so far, really isnt a Ponzi scheme to me, but rather just outright theft of funds.



Thanks for all the info. I'd have to agree with your assessment above.

If I'm reading correctly, the site was shut down in April, didn't return the money people had in their accounts but then it wasn't until September when it was determined that it was a fraud?

bucksfan2
09-29-2011, 02:18 PM
The more I think about this I just don't know what to consider it. Full Tilt almost acted like a bank, taking in players money (deposits) and using it to fund their employees and marketing (loans). I wonder how much they actually were leveraged? And it would make sense that when the DOJ shut down the site they didn't have the funds in order to pay out all their players.

It almost seems like a mix of a ponzi scheme and a bank all wrapped into one.

nmculbreth
09-29-2011, 03:44 PM
Thanks for all the info. I'd have to agree with your assessment above.

If I'm reading correctly, the site was shut down in April, didn't return the money people had in their accounts but then it wasn't until September when it was determined that it was a fraud?

Not exactly. The DOJ indictments caused the sites in question to block US customers from playing in real money games, but they continued to operate as usual for non-US players.

The details of the alleged fraud on the part of FTP took some time to unravel because of the way that the company was structured. Initially the speculation was that FTP was having trouble cashing out American players because of the way that they structured their bank accounts, rather than insolvency.

Since Pokerstars kept their player bankrolls segregated from their corporate accounts, they were able to make a deal with the DOJ fairly quickly which allowed them to return funds to their American customers. It was assumed that FTP may have intermingled their players' bankrolls with their corporate accounts and the delay was being caused by the fact that they were having problems getting the DOJ to unfreeze those accounts to allow them to pay their customers.

It wasn't until later that the extent of the company's financial difficulties / improprieties began to surface.

ervinsm84
09-29-2011, 03:48 PM
Not exactly. The DOJ indictments caused the sites in question to block US customers from playing in real money games, but they continued to operate as usual for non-US players.

The details of the alleged fraud on the part of FTP took some time to unravel because of the way that the company was structured. Initially the speculation was that FTP was having trouble cashing out American players because of the way that they structured their bank accounts, rather than insolvency.

Since Pokerstars kept their player bankrolls segregated from their corporate accounts, they were able to make a deal with the DOJ fairly quickly which allowed them to return funds to their American customers. It was assumed that FTP may have intermingled their players' bankrolls with their corporate accounts and the delay was being caused by the fact that they were having problems getting the DOJ to unfreeze those accounts to allow them to pay their customers.

It wasn't until later that the extent of the company's financial difficulties / improprieties began to surface.

100% correct

ervinsm84
09-30-2011, 12:54 PM
I guess i made good use by saving up my "one tiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiime" for this

Spiked a 1 outer woooooooooooohoooo

First bit of optimistic news in quite some time :-) :-) :-)

http://www.pokerstrategy.com/news/world-of-poker/Full-Tilt-Poker-and-Groupe-Bernard-Tapie-Sign-Acquisition-Agreement_52195/

cliffs: FTP sold and players to be paid back. Still dont get why anyone would buy that company at this point but ill take it.

ervinsm84
03-16-2013, 07:05 AM
well, it's only taken forever, but now the DOJ finally has set up a claims company to pay out the money to Full Tilt Pokers players. Really happy to get a nice bonus coming sometime because I had chalked that money up as gone. If anyone here had $ on there, the link is below on how to begin the process for remission and so is the press release

http://www.fulltiltpokerclaims.com/index.php

http://www.fulltiltpokerclaims.com/docs/Press_Release.pdf

ervinsm84
09-17-2013, 02:18 AM
And almost 6 months since the last update, but progress is a coming. Just got this email today :-) Maybe end up with a nice Christmas bonus in a couple months. Sick it took over 2 years though.


TO: United States Full Tilt Poker Players Who Were Victims of Full Tilt Poker’s Fraud

PLEASE READ THIS ENTIRE NOTICE CONCERNING SETTLEMENTS WITH FULL TILT POKER (“FTP”) AND POKERSTARS. IT IS TIME-SENSITIVE AND MAY AFFECT YOUR LEGAL RIGHTS. IF YOU SATISFY THE ELIGIBILITY CRITERIA DESCRIBED BELOW, YOU MAY BE ENTITLED TO PAYMENT. YOU CAN ALSO VISIT WWW.FULLTILTPOKERCLAIMS.COM FOR ADDITIONAL INFORMATION.

I. Purpose of this Notice

The purpose of this Notice is to inform you that you may be entitled to receive a distribution from the assets forfeited by Full Tilt Poker (the “FTP Fund”), which resulted from the settlement agreement resolving the allegations in the amended civil forfeiture complaint in United States v. PokerStars, et al., 11 Civ. 2564 (LBS), pending in the United States District Court for the Southern District of New York (the “Action”). You must complete the online Petition filing process in accordance with the steps in this Notice in order to be potentially eligible to share in the distribution from the FTP Fund. This Notice is being sent to all potentially eligible victims of FTP’s fraud who have been identified by The Garden City Group, Inc. (“GCG”), the Claims Administrator retained by the United States, utilizing data supplied by FTP. As explained in greater detail below, Petitions for Remission must be completed online through the administration website at www.FullTiltPokerClaims.com.

THE DEADLINE TO SUBMIT A PETITION FOR REMISSION IS NOVEMBER 16, 2013 (THE “BAR DATE”). IF YOU FAIL TO SUBMIT A TIMELY AND COMPLETE PETITION FOR REMISSION, YOU WILL BE BARRED FROM RECEIVING A PAYMENT FROM THE FTP FUND. WHEN FILING ONLINE, YOU MUST USE THE NUMBERS BELOW IN ORDER TO BEGIN THE PETITION PROCESS:

Petition Number: XXXXXXXXXXXX

Control Number: XXXXXXXXXXXXXX

II. Background

In July 2012, the United States entered into settlement agreements with FTP and PokerStars, two of the three online poker companies named as defendants in the Action brought by the United States alleging bank fraud, wire fraud, money laundering, and illegal gambling offenses. Under the terms of the settlement with FTP, the company agreed to forfeit virtually all of its assets to the United States in order to fully resolve the Action. The amended complaint filed in the Action alleged that FTP defrauded its players by misrepresenting to the public that player funds held by FTP were safe, secure and available for withdrawal at any time. In reality, the company did not maintain funds sufficient to repay all of its players and instead, utilized player funds to finance more than $400 million in dividend payments to FTP's owners.

Under the terms of the settlement with PokerStars (the "PokerStars Settlement"), the company agreed, among other things, to forfeit $547 million to the United States and to assume FTP's liability for the approximately $184 million owed by FTP to foreign players. The PokerStars Settlement also provides that PokerStars will acquire Full Tilt’s forfeited assets from the Government and precludes PokerStars from offering online poker for real money in the United States unless and until it becomes permissible to do so under relevant law.

Utilizing funds forfeited from PokerStars, the United States Attorney for the Southern District of New York and the Asset Forfeiture and Money Laundering Section (“AFMLS”) of the United States Department of Justice have established a Petition process by which eligible U.S. fraud victims can seek compensation for their losses.

III. Eligibility Criteria

To qualify for a payment from the FTP Fund, you must satisfy certain eligibility criteria described below. Those criteria include the following:

You must be a U.S. citizen or you must have resided in the United States at the time of playing on the FTP gaming site.

You did not receive compensation as a foreign FTP player in connection with the PokerStars Settlement.

You must have deposited funds into an account with FTP.

Your account with FTP must reflect a balance owed by FTP to you as of April 15, 2011.

You are excluded from participation in the remission process if you are:

A past or present employee of FTP or any of its past or present affiliates;

A past or present vendor of FTP that received compensation through FTP players’ accounts;

A past or present Team Full Tilt player;

A past or present shareholder of FTP, Tiltware LLC, Kolyma Corporation A.V.V., Pocket Kings Ltd., Pocket Kings Consulting Ltd., Filco Ltd., Vantage Ltd., Ranston Ltd., Mail Media Ltd., or Full Tilt Poker Ltd.;

A past or present officer or director of FTP, Tiltware LLC, Kolyma Corporation A.V.V., Pocket Kings Ltd., Pocket Kings Consulting Ltd., Filco Ltd., Vantage Ltd., Ranston Ltd., Mail Media Ltd., or Full Tilt Poker Ltd., or any of their past or present affiliates;

A defendant in any civil action or a claimant in any forfeiture action brought by the Department of Justice related to the violations alleged in this action, or any related action (or any of his or her affiliates, assigns, heirs, distributees, spouses, parents, children, or controlled entities); or

A person who, as of the Bar Date, has been the subject of criminal charges related to the violations alleged in this action, or any related action (or any of his or her affiliates, assigns, heirs, distributees, spouses, parents, children, or controlled entities).

Please be advised that receipt of this Notice does not indicate that you have been determined to be eligible to participate in the FTP Petition for Remission process; if AFMLS determines at any time, before or after you submit a Petition, that you are not eligible for remission, your Petition will be denied.

IV. The Distribution Formula

The amount that an Eligible Petitioner is entitled to receive will equal the final balance in the Petitioner’s account with FTP as of April 15, 2011 (the “FTP Account Balance”). You may view your FTP Account Balance through the online claim filing process at www.FullTiltPokerClaims.com. Once you log on using the Petition Number and Control Number set forth above, you will receive directions for accessing your account information and filing a petition and/or disputing the reported account balance.

If the funds available for distribution from the FTP Fund equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim shall receive the entirety of his or her FTP Account Balance. If the aggregate FTP Account Balances for all eligible Petitioners exceed the monies available for distribution, payments shall be made to eligible Petitioners on a pro rata basis.

Prior to the payment of funds to a Petitioner, GCG will provide the Petitioner’s Social Security or other Taxpayer Identification Number to the Government, in order to offset and collect any qualifying debts currently listed in the Treasury Offset Program Database.

V. Online Filing Deadline

ALL PETITIONS FOR REMISSION MUST BE SUBMITTED ONLINE THROUGH THE CASE WEBSITE AT WWW.FULLTILTPOKERCLAIMS.COM BY NOVEMBER 16, 2013.

VI. Petition Determinations

GCG will email to each Petitioner AFMLS’s determination concerning his or her Petition. If a Petition is denied in whole or in part, GCG will state the reason for such denial and the Petitioner can appeal the ruling through the reconsideration process.

PLEASE BE SURE TO NOTIFY THE CLAIMS ADMINISTRATOR OF ANY CHANGES TO
YOUR EMAIL ADDRESS. YOU MAY CONTACT THE CLAIMS ADMINISTRATOR AT
INFO@FULLTILTPOKERCLAIMS.COM OR CALL TOLL-FREE AT (866) 250-2640.

PLEASE CHECK THE WEBSITE WWW.FULLTILTPOKERCLAIMS.COM FOR UPDATES.

R_Webb18
09-19-2013, 03:28 AM
Nice I get my big $100.95 lol. Glad most was on Stars.

Razor Shines
09-19-2013, 03:53 AM
$5.75. Boom. Just quit my job.

PTjvs
09-24-2013, 04:51 PM
Congrats to everyone who got something back! I honestly thought this day may never come.

jvs