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Bye FTP
Started by Vexo, Jun 29 2011 04:50 PM
32 replies to this topic
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#10
wisnios
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- Posts: 3
Posted 05 July 2011 - 10:32 PM
They sold FTP to some EU investors (to cover $150 mil debt?) who supposedly will start it up again
#12
Posted 20 July 2011 - 01:59 AM
wisnios, on 05 July 2011 - 10:32 PM, said:
They sold FTP to some EU investors (to cover $150 mil debt?) who supposedly will start it up again
Actually, most people are under the assumption that the investors were just buying the software and patent on rush poker.
#15
Posted 20 September 2011 - 05:13 PM
BREAKING: DOJ’s Civil Complaint Amended, Alleges FTP Stole Player Funds
September 20, 2011 - 12:05 PM EDT
By Noah Stephens-Davidowitz
The US Department of Justice has amended its Black Friday civil complain to include discussion of alleged “Full Tilt Poker’s and the FTP insider defendants’ theft of player funds.” The new complaint adds three new defendants, Howard Lederer, Chris Ferguson, and Rafe Furst. It also alleges that these new defendents together with Ray Bitar committed money laundering, and asks for penalties ranging from $12M for Furst to $42M for Lederer.
A memorandum summarizing the amendment says,
The Amended Complaint alleges that one of the Poker Companies, Full Tilt Poker, not only engaged in the operation of an unlawful gambling business, bank fraud, wire fraud, and money laundering as alleged in the Complaint, but also defrauded its poker players by misrepresenting to players that funds deposited into their online player accounts were secure and segregated from operating funds, while at the same time using player funds to pay out hundreds of millions of dollars to Full Tilt Poker owners. Full Tilt Poker was able to accomplish this massive fraud, in part, because it illegally conducted business in the United States but maintained its personnel, operations, assets, and accounts principally overseas.
The new complaint also contains detailed information about Full Tilt’s debt to players, stating that it was approximately $390 million on March 31, 2011, and is still over $300 million today. It states that approximately $150 million is owed to US players.
It goes on to say that Full Tilt’s Board of Directors, allegedly Ray Bitar, Howard Lederer, Chris Ferguson, and Rafe Furst, paid to themselves and other owners “approximately $443,860,529.89″ from April of 2007 to April of 2011 and that payments to owners only stopped after April 15, 2011.1 It continues, “As of the date of this Amended Complaint, neither Full Tilt Poker nor the individual owners who received over $443 million in distributions have repaid any of the more than approximately $300 million the company owes to players around the world.”
The new complaint also includes internal Full Tilt e-mails discussing the dire financial situation of Full Tilt after April 15th and attempts to hide the situation from players:
Full Tilt Poker’s CEO, Bitar, was well aware of the need for new deposits after April 15, 2011, and knew that even a few million dollars’ of unexpected withdrawals could reveal Full Tilt Poker’s true financial situation. For example, in an internal Full Tilt Poker e-mail dated June 12, 2011, Bitar expressed concern that a company announcement regarding lay offs and the Board (including himself) being replaced would be seen as bad news, which would cause a “new run on the bank,” adding that “it could be a huge run” and that “at this point we can’t even take a five million run.”
It also alleges that the new defendants committed money laundering and asks for new penalties:
The FTP Insider Defendants are liable to the Government for a sum of money representing the amount of property, funds, or monetary instruments involved in the money laundering offenses described above, in an amount that is no less than $40,954,781.53 for Bitar; $41,856,010.92 million for Lederer; $25 million for Ferguson; and $11,706,323.96 million for Furst.
Subject: Poker brought you this story as quickly as possible, and as such, we have not had time to fully review this new information. We will continue to study this and update this article with what we learn.
September 20, 2011 - 12:05 PM EDT
By Noah Stephens-Davidowitz
The US Department of Justice has amended its Black Friday civil complain to include discussion of alleged “Full Tilt Poker’s and the FTP insider defendants’ theft of player funds.” The new complaint adds three new defendants, Howard Lederer, Chris Ferguson, and Rafe Furst. It also alleges that these new defendents together with Ray Bitar committed money laundering, and asks for penalties ranging from $12M for Furst to $42M for Lederer.
A memorandum summarizing the amendment says,
The Amended Complaint alleges that one of the Poker Companies, Full Tilt Poker, not only engaged in the operation of an unlawful gambling business, bank fraud, wire fraud, and money laundering as alleged in the Complaint, but also defrauded its poker players by misrepresenting to players that funds deposited into their online player accounts were secure and segregated from operating funds, while at the same time using player funds to pay out hundreds of millions of dollars to Full Tilt Poker owners. Full Tilt Poker was able to accomplish this massive fraud, in part, because it illegally conducted business in the United States but maintained its personnel, operations, assets, and accounts principally overseas.
The new complaint also contains detailed information about Full Tilt’s debt to players, stating that it was approximately $390 million on March 31, 2011, and is still over $300 million today. It states that approximately $150 million is owed to US players.
It goes on to say that Full Tilt’s Board of Directors, allegedly Ray Bitar, Howard Lederer, Chris Ferguson, and Rafe Furst, paid to themselves and other owners “approximately $443,860,529.89″ from April of 2007 to April of 2011 and that payments to owners only stopped after April 15, 2011.1 It continues, “As of the date of this Amended Complaint, neither Full Tilt Poker nor the individual owners who received over $443 million in distributions have repaid any of the more than approximately $300 million the company owes to players around the world.”
The new complaint also includes internal Full Tilt e-mails discussing the dire financial situation of Full Tilt after April 15th and attempts to hide the situation from players:
Full Tilt Poker’s CEO, Bitar, was well aware of the need for new deposits after April 15, 2011, and knew that even a few million dollars’ of unexpected withdrawals could reveal Full Tilt Poker’s true financial situation. For example, in an internal Full Tilt Poker e-mail dated June 12, 2011, Bitar expressed concern that a company announcement regarding lay offs and the Board (including himself) being replaced would be seen as bad news, which would cause a “new run on the bank,” adding that “it could be a huge run” and that “at this point we can’t even take a five million run.”
It also alleges that the new defendants committed money laundering and asks for new penalties:
The FTP Insider Defendants are liable to the Government for a sum of money representing the amount of property, funds, or monetary instruments involved in the money laundering offenses described above, in an amount that is no less than $40,954,781.53 for Bitar; $41,856,010.92 million for Lederer; $25 million for Ferguson; and $11,706,323.96 million for Furst.
Subject: Poker brought you this story as quickly as possible, and as such, we have not had time to fully review this new information. We will continue to study this and update this article with what we learn.
#16
Posted 24 April 2012 - 07:25 PM
There was a group (GBT) who was going to buy FTP but the DOJ just blocked their deal @ last minute, looks like pokerstars might be buying FTP and paying back all players.
Talk about a monopoly on online poker throughout the world.
Talk about a monopoly on online poker throughout the world.
#17
Posted 01 May 2012 - 05:03 PM
Why did the DOJ and GBT deal fall through?
Awesome if stars buys FTP.
I hope they sell the software to US casinos that want to start websites in the US if stars still isn't allowed to operate in the US when that happens.
Awesome if stars buys FTP.
I hope they sell the software to US casinos that want to start websites in the US if stars still isn't allowed to operate in the US when that happens.
#18
Posted 02 May 2012 - 04:37 PM
DOJ blocked it because ROW(rest of world) players would be paid 99.9% on day 1 where as it would take months for the US players to get paid. GBT Group is really saying the DOJ fucked them over in the last hour of finalizing the contracts and fines.
#19
Posted 07 May 2012 - 05:47 AM
Is there hope? 
"For the first time since the Alderney Gambling Control Commission withdrew Full Tilt Poker´s operating license in June 2011, the System Status on the Full Tilt Poker web site turned to green with the message “all systems are currently operational”.
http://www.pokernews...goes-green-8328
"For the first time since the Alderney Gambling Control Commission withdrew Full Tilt Poker´s operating license in June 2011, the System Status on the Full Tilt Poker web site turned to green with the message “all systems are currently operational”.
http://www.pokernews...goes-green-8328
#20
Posted 08 May 2012 - 09:11 PM
P1LL, on 07 May 2012 - 05:47 AM, said:
Is there hope?
"For the first time since the Alderney Gambling Control Commission withdrew Full Tilt Poker´s operating license in June 2011, the System Status on the Full Tilt Poker web site turned to green with the message “all systems are currently operational”.
http://www.pokernews...goes-green-8328
"For the first time since the Alderney Gambling Control Commission withdrew Full Tilt Poker´s operating license in June 2011, the System Status on the Full Tilt Poker web site turned to green with the message “all systems are currently operational”.
http://www.pokernews...goes-green-8328
AND OMG life sucks with 2+2 down for like weeeeeeeeks now. Was only forum i look at anymore
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