ALL IN CLUBS
Legend
Silver Level
ripclawph
Rock Star
Silver Level
wow! lotsa cardschaters are definitely affected big time about this specially those on top of the leaderboards... hope you guys were able to withdraw before this happened. i still hope that FT will still be able to go back in business soon.
OzExorcist
Broomcorn's uncle
Bronze Level
A quick note for those that keep saying that this is because Full Tilt didn't keep player funds segregated - the below is direct from the Alderney Cambling Control Council website and I'm pretty sure it's been posted before:
Anything after that is really just speculation, but the most likely scenario for them having the licence suspended is that they've failed to maintain the appropriate financial ratios in the wake of Black Friday.
Is my deposit safe?
AGCC requires its licensees to adhere to strict prudential ratios in order to ensure that assets exceed liabilities and cash exceeds player liabilities. AGCC also advises its licensees to inform players of the separate protection status of the player fund deposits in the casino, within three categories:
This means it was not a requirement of Full Tilt's licence to keep player funds segregated - the important part for their licence was that they maintain the "strict prudential ratios" mentioned above and tell players whether or not their funds were segregated. They did tell you they weren't segregated, BTW (item 8.9):AGCC requires its licensees to adhere to strict prudential ratios in order to ensure that assets exceed liabilities and cash exceeds player liabilities. AGCC also advises its licensees to inform players of the separate protection status of the player fund deposits in the casino, within three categories:
- “Not segregated” – this means that the operator has not segregated player funds from the company’s own funds. Player funds are therefore at risk in the event of a business failure.
- “Segregated” – this means that the player funds are held in one or more accounts separate from the business’s own funds and that the interest of the players in the account/s is noted in the title of the account. This may provide protection in the event of a business failure.
- “Segregated and protected” – this means that the player funds have been segregated and the Commission has been given reasonable assurance that the segregation is likely to be effective in protecting the player funds in the event of a business failure.
- The player is able to see the relevant status on each casino licensed in Alderney.
Customer funds are not segregated from company funds, but it is the intention of Filco Ltd to meet its liabilities as they fall due.
So there we have it, proof positive that failure to segregate player funds is not in and of itself the reason Full Tilt has had its licence suspended since they were never required to in the first place.
Anything after that is really just speculation, but the most likely scenario for them having the licence suspended is that they've failed to maintain the appropriate financial ratios in the wake of Black Friday.
WVHillbilly
Legend
Silver Level
This T&C was changed AFTER Black Friday. There was NOTHING in their terms about how they handled their bank accounts prior to BF.
WVHillbilly
Legend
Silver Level
Looks like KGC might be the way FTP gets back online.
http://www.subjectpoker.com/2011/06/full-tilt-looks-kgc/
http://www.subjectpoker.com/2011/06/full-tilt-looks-kgc/
BEERM4N
Visionary
Silver Level
OzExorcist
Broomcorn's uncle
Bronze Level
OK, so that's a possible breach as well. The main point stands though in that this issue isn't based on their failure to segregate accounts because that wasn't a condition of thier licence in the first place.
On moving back to the KGC... wow. Just wow.
ALL IN CLUBS
Legend
Silver Level
I don't see anywhere on KGC site about them having to segregate players money if they join KGC ??
http://www.gamingcommission.ca/regulations.asp
http://www.gamingcommission.ca/regulations.asp
ALL IN CLUBS
Legend
Silver Level
Ok ,maybe they have no rules LOL but they have Regulations ..
mapt02h
Visionary
Silver Level
Well I am going to miss FTP. I played a lot of my poker there, by far the best poker client software wise I've used. Just compare that to your standard iPoker client and you're laughing at the difference.
I do feel for you guys with real money on there, I won't miss my $2.64 too much haha. Some will say that you would've been stupid to keep money on there since black friday, others will say "I had bonuses pending and iron man etc". Which is all fair enough to be honest. After all the promotions are made so they're worth it ONLY if you play on their site.
I wonder what to do... move to stars to grind when I have the BR for it or wait a while... taking a month off poker next month or something like it haha
I do feel for you guys with real money on there, I won't miss my $2.64 too much haha. Some will say that you would've been stupid to keep money on there since black friday, others will say "I had bonuses pending and iron man etc". Which is all fair enough to be honest. After all the promotions are made so they're worth it ONLY if you play on their site.
I wonder what to do... move to stars to grind when I have the BR for it or wait a while... taking a month off poker next month or something like it haha
ALL IN CLUBS
Legend
Silver Level
LOL, i'm going to miss the $1500.00 they have of mine for sure ughh:banghead: :banghead: :banghead: But i have high hopes of getting it someday
OzExorcist
Broomcorn's uncle
Bronze Level
^ this. The UB/AP case proved that they're not really that interested in enforcement or protecting players.
Put it this way: a complete change in the site's management and news of new investors would probably restore my confidence in the site. But just changing the body who licenses them (particularly if it's to the KGC) would not.
benevg
Legend
Silver Level
well, my plan was to wait another month or so to actually clear the non-so-lulzy bonus, but oh well.
my guess: long enough. but then it would have been even worse when it did fall down.
agree completelyReally? I just don't see what the motivation would be for them to pay out to anyone? If they're no longer operating... & facing huge lawsuit/fines whatever... why would they payout to the players? It's nice to have hopes of getting some $s from them but personally I'm saying "gg" to mine.
What disturbs me more than losing my money right now is no longer being able to play on that site.
would you let me know what you decide? i am in the same boat as you pretty much, except i can't pick party
and right now, my life is at a point where i can't really devote almost any time to doing research either qft. definitely withdrew more over the last 2 months than i currently have there (which is just over $2.5k). and while that money is quite a bit for me, i have always insisted it is not really money while it is on the site. not going to be hard to live with the loss.
coolnout
Legend
Silver Level
so much for that happening:
Tom Dwan
Still tryin to figure out wt yest's ftp stuff means. Update as I can 8 hours 15 minutes ago
The more stuff I see from Dwan and the past stuff I've seen from Brandon Adams looks like they trusted the wrong guys.
KerouacsDog
Legend
Bronze Level
Being a micro player, just for entertainment, I didnt have much at FT, but it was still about 60% of my online bankroll Im probably waving goodbye to.
But, FT's software imo was the best out there, way ahead of any other site, that was one of the main reasons I liked playing there, along with the CC freerolls twice a week.
After BF went down, I thought about taking most of my BR out, and keeping it in neteller, but stupidly thought it would be ok at FT, how stupid do I feel now.
I now understand how the Americans felt after BF.
But, FT's software imo was the best out there, way ahead of any other site, that was one of the main reasons I liked playing there, along with the CC freerolls twice a week.
After BF went down, I thought about taking most of my BR out, and keeping it in neteller, but stupidly thought it would be ok at FT, how stupid do I feel now.
I now understand how the Americans felt after BF.
Poker Orifice
Low IQ? .. Vote Trump
Platinum Level
What.. just cuz he hasn't 'tweeted' any update about it? Do you think he'd just tweet everything he hears about what's goin' on behind the scenes? ... or perhaps maybe wait & think it over.... see how things pan out.. & to realize there's some things that he obv. shouldn't tweet to the general public. May have been rumours of Binion considering purchasing of Fulltilt? (it is afterall only Bitar & the other guy who are under indictment). As far as 'tweets' go, Mike Matusow just 'tweeted' a link to ScottMatusow, 'maybe' worth a read??
For me the lost isn't monetary (I could care less about the amount I keep on FTP)... much more so the thought of never being able to play on that site again!
I was thinking of some others that this is affecting today - - how about the US players who are supporting families & chose to up & move to another country so that they could continue to play? I know I've seen well over 100 regs. in lobbys/on fin. tables, etc. who were formerly 'US' & now show canada, mexico, Ukraine, etc. Huge bummer for them.
link to ScottMattusow > http://scottmatusow.com/blog/2011/06/29/fulltilt-poker-is-not-done-read-this-to-find-out-why/
deucem
Rock Star
Silver Level
party poker is scaring me. I have been away for 2 weeks with no PC and they have been pushing for deposits all the while. Now I find they have changed their software to harass players who stop for 10 minutes........
O
only_bridge
Legend
Silver Level
Rule #1: You pay us US $$$
Rule #2: You get whatever license you like