DOJ adds Lederer/Ferguson/Furst to Complaint - Claims defrauded poker players

[JamesDaBear]

FTP really needs to shut the hell up. Ponzi or not, they ruined whatever legitimacy their investment might have had. Until I get the money in my account, which was there lawfully and legally, my ROI will be decidedly negative, and I won't be the only one. I can't even figure it with the opportunity cost vs. instead playing on a site that had their business in order like pokerstars.

 

[OzExorcist]

FTP really needs to shut the hell up.

Y'know, I think you might just be the first person I've ever heard with that reaction - most of us are asking for the opposite...

 

[Dorkus Malorkus]

Well, you're both sort of right. I think what people want is a statement with some actual detail of what the hell is going on as opposed to a meaningless "HEY GUYS WE'RE NOT A PONZI SCHEME LOL K THX" 'statement'.

 

[F4STFORW4RD]

Also when people are looking to buy a business, or part of it, all they're interested in is whether it can make them money or not. Morality tends to take a bit of a back seat.

 

[wulfeman007]

doj steals players moneys thats should be the headline doj froze half a billion dollars from the sites and then sites cant payout its all about the taxes oldschool shakedowns like the mob did long ago pay the usa or we shut u down they froze the moneys up and then give it out to the states as victim compensation funds thats where ur moneys went folks

 

[fletchdad]

doj steals players moneys thats should be the headline doj froze half a billion dollars from the sites and then sites cant payout its all about the taxes oldschool shakedowns like the mob did long ago pay the usa or we shut u down they froze the moneys up and then give it out to the states as victim compensation funds thats where ur moneys went folks

You need to read some of the facts involved in this situation.

And, tho I hate to be like this, you should also find out where the punctuation keys are.......

 

[alaskabill]

doj steals players moneys thats should be the headline doj froze half a billion dollars from the sites and then sites cant payout its all about the taxes oldschool shakedowns like the mob did long ago pay the usa or we shut u down they froze the moneys up and then give it out to the states as victim compensation funds thats where ur moneys went folks

Pokerstars paid out and is still serving the rest of the world. Even Ultimate Bet is serving the rest of the world. I completely disagree with what the DOJ did but they have not stood in the way of players being paid back.

Full Tilt paid out players money in "dividends" to the tune of 400 million dollars and now they have no money. Howard Lederer, Chris Ferguson and the gang looted full tilt poker. That is why they are shut down.

 

[JusSumguy]

doj steals players moneys thats should be the headlines

From the DOJ's standpoint it would read --> DOJ impounds criminals money.


-

 

[Gunner57]

Pokerstars paid out and is still serving the rest of the world. Even Ultimate Bet is serving the rest of the world. I completely disagree with what the DOJ did but they have not stood in the way of players being paid back.

Full Tilt paid out players money in "dividends" to the tune of 400 million dollars and now they have no money. Howard Lederer, Chris Ferguson and the gang looted Full Tilt Poker. That is why they are shut down.

UB may still be operating around the world but not many people are on it. If I were a non-US UB player I would be getting my money off as I dont give it good odds to survive this mess.

 

[Dorkus Malorkus]

ftp's license has been revoked

http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf

 

[F4STFORW4RD]

ftp's license has been revoked

http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf

Gutted

The licence of Orinic Limited, a recently added geographic sub-division of the FTP poker room, remains suspended.

I wonder why that one is only suspended, and not revoked?

 

[vanquish]

we're all ****ed

 

[dj11]

we're all ****ed

Just figurin that out eh?

 

[vanquish]

Just figurin that out eh?

someone needed to provide cliffs of this thread

 

[Four Dogs]

It's about time if you ask me. It's ironic that this happened to FTP before Absolute/UB.

 

[alaskabill]

UB may still be operating around the world but not many people are on it. If I were a non-US UB player I would be getting my money off as I dont give it good odds to survive this mess.

I completely agree. I've said forever that anyone who played on UB after their scandal's deserved what they got. However, even their pitiful site is managing to limp along while FTP couldn't survive. Overall I think FTP's collapse is much worse for the poker community and than even the UB scandal.

People who played on UB after the scandals did so with their eyes open. Players on FT got blindsided. The level of looting carried out by people that many of us admired is shocking. The DOJ triggered the final collapse but the looting of player funds by owners was an ongoing process over a number of years. FTP is the Enron of the poker world.

 

[OzExorcist]

I wonder why that one is only suspended, and not revoked?

I think the suggestion is that particular company was relatively new and never handled player funds.

 

[Debi]

Go to this thread for the latest on FTP:

Full Tilt Poker Sold to French Investors

 

[Tenaciousplayer]

I don't know, I have always thought that this was a risk and I think deep down inside alot of yall did to, but you wanted to play so you chose to take the risk, and we got burned, so lesson learned, never leave what you don't want others to have. Watch your bankrolls, if they are above the limit to withdraw then do so and start from scratch.

 

[Gunner57]

I don't know, I have always thought that this was a risk and I think deep down inside alot of yall did to, but you wanted to play so you chose to take the risk, and we got burned, so lesson learned, never leave what you don't want others to have. Watch your bankrolls, if they are above the limit to withdraw then do so and start from scratch.

Agreed. It is actually too bad that FTP screwed things up because online poker otherwise would have a OUTSTANDING Business model otherwise...

-People give you their money interest free
-It is all very liquid and theoretically invest that cash and earn returns for free!
-you charge people money to spend the money on your site
-95% Loose money
-Most re-buy once they lost all of their money

What will happen out of all of this (if poker is legal in the US) is that the companies will have to hold the funds like a bank (either all of the funds or a large portion in secured accounts). This is much better and safer for the players however it might mean higher rakes and service charges.

 

[jchris67]

UB may still be operating around the world but not many people are on it. If I were a non-US UB player I would be getting my money off as I dont give it good odds to survive this mess.

U mean people still had significant funds on that site after they stole money from their customers? Fortunately I had closed my UB account and didn't play much on Full Tilt simply because their customer support forced me to not trust them. I hope they get what they deserve. I like Ferguson and Lederer but if they are thieves, they should go to jail like every other thief.

 

[fugitive67]

Yeah, the US is now calling FTP a "global Ponzi scheme".

So does anyone have the numbers in terms of how much money FTP actually held in reserves? FTP was making good money on the rake, so 100% of player deposits should have been sitting in a reserve account somewhere. If it wasn't, they were asking for trouble.

Maybe when the dust settles we'll get all the facts?

right, that's what i was thinking ... Full Tilt Ponzi

 

[okeedokalee]

As long as they all go to jail, " the professor" for at least ten years they can keep all my money etc.

The scum have turned me off poker totally, which is beneficial to my life and family.

Must have wasted tens of thousands of hours while being robbed by the mongrels

 

[okeedokalee]

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[fletchdad]

More from PokerStrategy.com

• Full Tilt May Offer Equity to Players Owed Money (Oct. 4) - The Wall Street Journal reported that Groupe Bernard Tapie is considering alternative methods of payment to players with significant funds locked up with Full Tilt Poker. One possible alternative is providing equity in a revived company to those players.

.

Hmmmm, who gets to define "significant" ?