Black Friday and the aftermath: Online Poker Implications

[redarmi]

I don't really understand how they haven't been arrested yet given this info.  Surely the DoJ should have arrested them by now?

[DaveShoelace]

 

[AndrewT]

I don't really understand how they haven't been arrested yet given this info.  Surely the DoJ should have arrested them by now?

They're civil charges, not criminal ones. Hence the penalities right now are financial.

$42m for Lederer, $41m for Bitar and $25m for Ferguson

[Coggy]

I don't really understand how they haven't been arrested yet given this info.  Surely the DoJ should have arrested them by now?

They're civil charges, not criminal ones. Hence the penalities right now are financial.

$42m for Lederer, $41m for Bitar and $25m for Ferguson

Just seen this and if they fraudulantly took 440m, how come they only having to pay 108m back ?

[AndrewT]

$440m is the total paid to all directors and owners, not just these ones.

There's also some guy called Rafe Hurst involved, but he seems like the Ringo of the four.

[outragous76]

full tilt $ officially worth $0

lets hope they all do time and plenty of it

[TommyD]

Howard's gonna need a bigger boot.

[DaveShoelace]

Durrrrr has admitted to signing a non discolsure agreement regarding this, he is not helping himself at the moment over on 2+2:
 

about time the doj did this. i've been under nda the whole time (friend's $$, not my own- and they have way more) so i couldn't say anything about these kind've specifics... but i was constantly pissed that the doj didn't make this public.

http://forumserver.twoplustwo.com/showpost.php?p=28823106&postcount=412

[77dave]

full tilt $ officially worth $0

lets hope they all do time and plenty of it

Heard Jungleman sold the $6m on his account for $5.2m cash, could turn out to be the best deal ever.

[TommyD]

full tilt $ officially worth $0

lets hope they all do time and plenty of it

Heard Jungleman sold the $6m on his account for $5.2m cash, could turn out to be the best deal ever.

Depends how good the contract was, otherwise Jungle is getting sued himself.  Got to question the person buying it for that much though, sure I saw 10 cents for a FTP dollar deals around.

[tikay]

Worry not, help is at hand, God bless the PPA, they will sort it for the "grassroots players".....

PPA Statement on DOJ Amendment to Online Poker Civil Suit
Washington, DC (September 20, 2011)
– John Pappas, executive director of the Poker PlayersAlliance (PPA), the leading poker grassroots advocacy group with more than one millionmembers nationwide, issued the following statement upon today's amended Department of Justice civil suit claiming that Full Tilt Poker was engaged in a "Ponzi scheme" and defrauded its players."This is a sad and disappointing day for American poker players. If true, these allegations detaila massive betrayal of player trust which will cause financial hardship for thousands, if notmillions, of individual poker players, none of whom are accused of doing anything wrong. Wecall on the Department of Justice to certify that the proceeds of any settlement or seizure thatmay result from this action will first be dedicated to reimbursing players. We further call on FullTilt Poker, its management, directors and owners to take all available steps to ensure the prompt payment of players as their first priority."Since Black Friday on April 15
th
, the PPA has vocally called for Full Tilt Poker to refund player  balances. We also issued a guide to our players which provided them legal guidance on what they could do to recover their funds. These new government allegations underscore the sincereneed for Congress to act immediately to pass legislation that appropriately regulates Internet poker in the U.S. so that players can be protected from the types of abuses alleged by theDepartment of Justice today. Today’s news does not change the mission of the PPA – to make player reimbursements and effective federal or state licensing of Internet poker a priority

[tikay]

Not exactly the best article about this debacle. Warning, "NotedPokerAuthority" is the site name, not a statement of fact.

http://www.notedpokerauthority.com/news/full-tilt-poker-massive-global-ponzi-scheme.html

[tikay]

PokerNews summarise it better, & include an EPIC Poker League statement. Not Barry Carter, obv, this is Chad Holloway.

http://www.pokernews.com/news/2011/09/u-s-attorney-claims-full-till-poker-a-ponzi-scheme-lederer-f-11058.htm

[redarmi]

I always got the impression that the PPA were largely bankrolled by FTP.  At the very least the two organisations certainly shared some directors....

[alfiesdad]

full tilt $ officially worth $0

lets hope they all do time and plenty of it

Heard Jungleman sold the $6m on his account for $5.2m cash, could turn out to be the best deal ever.

Thats gotta be rubbish, we've all known for some time our balances are doomed, nobody in their right mind wouldve bought a FTP balance for that.