Turn Off Ads?
Page 2 of 2 FirstFirst 12
Results 16 to 24 of 24

Thread: Full Tilt Poker = Ponzi

  1. #16
    Waitin til next year bucksfan2's Avatar
    Join Date
    Dec 2006
    Location
    Cincinnati
    Posts
    10,228

    Re: Full Tilt Poker = Ponzi

    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.

  2. Turn Off Ads?
  3. #17
    Member
    Join Date
    Feb 2006
    Posts
    662

    Re: Full Tilt Poker = Ponzi

    Quote Originally Posted by oneupper View Post
    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.

  4. Likes:

    mdk (09-18-2013)

  5. #18
    Member ervinsm84's Avatar
    Join Date
    Jul 2011
    Location
    West Chester
    Posts
    448

    Re: Full Tilt Poker = Ponzi

    Quote Originally Posted by nmculbreth View Post
    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
    Newsflash!

    Joey Votto does not care about RBI.

    NEITHER SHOULD ANY OF US

  6. #19
    Member ervinsm84's Avatar
    Join Date
    Jul 2011
    Location
    West Chester
    Posts
    448

    Re: Full Tilt Poker = Ponzi

    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/wo...reement_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.
    Newsflash!

    Joey Votto does not care about RBI.

    NEITHER SHOULD ANY OF US

  7. #20
    Member ervinsm84's Avatar
    Join Date
    Jul 2011
    Location
    West Chester
    Posts
    448

    Re: Full Tilt Poker = Ponzi

    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/d...ss_Release.pdf
    Newsflash!

    Joey Votto does not care about RBI.

    NEITHER SHOULD ANY OF US

  8. #21
    Member ervinsm84's Avatar
    Join Date
    Jul 2011
    Location
    West Chester
    Posts
    448

    Re: Full Tilt Poker = Ponzi

    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.
    Newsflash!

    Joey Votto does not care about RBI.

    NEITHER SHOULD ANY OF US

  9. Likes:

    nmculbreth (09-21-2013)

  10. #22
    Member
    Join Date
    Jul 2010
    Location
    Bridgetown
    Posts
    1,510

    Re: Full Tilt Poker = Ponzi

    Nice I get my big $100.95 lol. Glad most was on Stars.

  11. Likes:

    Slyder (09-20-2013)

  12. #23
    Member Razor Shines's Avatar
    Join Date
    Jun 2006
    Location
    Austin, Texas
    Posts
    6,326

    Re: Full Tilt Poker = Ponzi

    $5.75. Boom. Just quit my job.

  13. Likes:

    Slyder (09-20-2013)

  14. #24
    Member
    Join Date
    Jun 2006
    Posts
    100

    Re: Full Tilt Poker = Ponzi

    Congrats to everyone who got something back! I honestly thought this day may never come.

    jvs


Turn Off Ads?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please.

Thank you, and most importantly, enjoy yourselves!


RedsZone.com is a privately owned website and is not affiliated with the Cincinnati Reds or Major League Baseball


Contact us: Boss | GIK | BCubb2003 | dabvu2498 | Gallen5862 | LexRedsFan | Plus Plus | RedlegJake | redsfan1995 | The Operator | Tommyjohn25