Feds don't want US player money; PS and FTP to allow w/ds in due course - Internet Poker

This was posted in the Legislative Forum. I thought it would be useful for others to see it as I know a lot of players are pretty worried ATM.

http://forumserver.twoplustwo.com/57...ikely-1024335/

Mods: hope its fine to link them to the thread in the other forum. Again, I thought a lot of players could use some good news.

Link directly to the document:

https://docs.google.com/viewer?a=v&p...H4&hl=en&pli=1

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04-20-2011 , 11:18 AM

latefordinner

old hand

Join Date: Nov 2005 Posts: 1,578

.com domain names returned

"On April 15th, this Office and the FBI took specific legal action against 11 individuals..blah blah blah…No individual poker accounts were ever frozen or restrained, and each implicated poker company has at all times been free to reimburse any player's deposited funds. In fact, this Office expects the companies to return the money that US players entrusted to them, and we will work with the poker companies to facilitate the return of funds to players…"

http://blogs.forbes.com/nathanvardi/...ir-money-back/

http://www.thedomains.com/2011/04/20...-get-a-refund/

https://docs.google.com/viewer?a=v&p...m5kHw3H4&hl=en

Last edited by latefordinner; 04-20-2011 at 11:24 AM. Reason: 2 posts merged / link to full press release

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04-20-2011 , 11:23 AM

MilkFi5h

adept

Join Date: Dec 2008 Posts: 726

http://www.justice.gov/usao/nys/pres...reementspr.pdf

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04-20-2011 , 11:24 AM

MilkFi5h

adept

Join Date: Dec 2008 Posts: 726

It should be added to the sticky.

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04-20-2011 , 11:25 AM

GenPhantom

journeyman

Join Date: May 2009 Posts: 320

$50 -> BANKWIRE -> ATM -> TITTIES

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04-20-2011 , 11:25 AM

VP$IP

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 6,841

Bittersweet.

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04-20-2011 , 11:26 AM

sixfour

should be called sevenfour

Join Date: Dec 2005 Posts: 74,764

google documents, really?

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04-20-2011 , 11:28 AM

latefordinner

old hand

Join Date: Nov 2005 Posts: 1,578

Read a few replies and go the official DOJ pdf.

Also of note --

1) Deposits by US players are expressly prohibited

2) Play in other countries explicitly allowed (sounds like the DOJ is trying to make sure they aren't accused of interfering with legitimate business activities outside their jurisdiction)

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04-20-2011 , 11:29 AM

Lundchuss

centurion

Join Date: Jan 2007 Posts: 106

--------------------------------------------------------------------------------

from what i'm reading, it means they will refund all deposits, doesn't mean they will pay out any of the excess winnings.

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04-20-2011 , 11:29 AM

#10

ChasingAces

grinder

Join Date: Nov 2009 Posts: 689

Good news, thanks for the links

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04-20-2011 , 11:29 AM

#11

3.14RawManiac

old hand

Join Date: Jun 2009 Posts: 1,309

If that's so I'm glad for my Amerivcan friends, even 1peterdragon. I hope to see you back at the tables 1 day again, gl to u

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04-20-2011 , 11:30 AM

#12

nimbus

Carpal \'Tunnel

Join Date: Feb 2006 Posts: 8,598

This is very good news that people will be getting their money back.

However,

"In return the world’s two biggest online poker companies have agreed not to facilitate for-money poker games for U.S. players and to let an independent monitor verify their compliance with the deal"

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04-20-2011 , 11:30 AM

#13

BillNye

Carpal \'Tunnel

Join Date: Mar 2005 Posts: 10,048

ship it!

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04-20-2011 , 11:33 AM

#14

latefordinner

old hand

Join Date: Nov 2005 Posts: 1,578

Quote:

Originally Posted by nimbus

"In return the world’s two biggest online poker companies have agreed not to facilitate for-money poker games for U.S. players and to let an independent monitor verify their compliance with the deal"

Was this ever in doubt?

Sounds like they are moving quickly to protect the rest of their non-US business.

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04-20-2011 , 11:37 AM

#15

nimbus

Carpal \'Tunnel

Join Date: Feb 2006 Posts: 8,598

Quote:

Originally Posted by nimbus

Quote:

Originally Posted by latefordinner

Was this ever in doubt?

Sounds like they are moving quickly to protect the rest of their non-US business.

I think this is an acceptable solution on both sides.

Just curious as to how much of a fine the sites will have to pay. Pokerstars and FTP grew their business many-fold when Party pulled out. So in retrospect they seemed to have gambled and won big.

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04-20-2011 , 11:37 AM

#16

darnovo

self-banned

Join Date: Sep 2010 Posts: 239

does this mean that if i deposited 500$ to the poker site and lost it all to other players... that I will be receiving my 500$ in deposits back as it was illegal for them to take it in the first place?

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04-20-2011 , 11:39 AM

#17

Spartan73

grinder

Join Date: Feb 2007 Posts: 631

Quote:

Originally Posted by darnovo

LOL. No.

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04-20-2011 , 11:42 AM

#18

knn05

Pooh-Bah

Join Date: Feb 2007 Posts: 3,646

"The complaint, a related indictment, and a related restraining order issued against multiple bank accounts utilized by the companies and their payment processors do not prohibit the companies from refunding players' money."

Pffft, as if. So if I'm reading that correctly, that means Stars/FTP have to eat the loss and refund players' money yet again like they do in every payment processor seizure up to now?

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04-20-2011 , 11:42 AM

#19

darnovo

self-banned

Join Date: Sep 2010 Posts: 239

well thats what it sounded like... im not saying that is the case for me, I am just trying to understand the situation

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04-20-2011 , 11:43 AM

#20

knn05

Pooh-Bah

Join Date: Feb 2007 Posts: 3,646

Quote:

Originally Posted by Lundchuss

...um, no. They will refund player balances at the time of the seizure/shut down.

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04-20-2011 , 11:50 AM

#21

latefordinner

old hand

Join Date: Nov 2005 Posts: 1,578

hmmm, FTP press release seems to have some parts that directly contradict DOJ press release.

http://www.pokernews.com/news/2011/0...safe-10249.htm

Quote:

"Full Tilt Poker™ is pleased to announce that it has reached an agreement with the United States Attorney’s Office for the Southern District of New York to regain the use of its worldwide domain name, www.fulltiltpoker.com.

"Although players in the United States will not be permitted to engage in real-money play, the agreement expressly allows for real-money play outside of the United States.

"In addition, the agreement represents an important first step towards returning funds to U.S. players because it allows Full Tilt Poker to utilize its domain to facilitate the withdrawal of player funds. But, unfortunately, there remain significant practical and legal impediments to returning funds to players in the immediate future. As a result of the recent enforcement action, there exists no authorized U.S. payment channel through which to make refunds; Full Tilt Poker has no accounting of the millions of dollars of player funds that were seized by the government; and the government has not agreed to permit any of the seized player funds to be returned to the players.

"Finally, there are numerous legal and jurisdictional issues that must be considered before poker winnings can be paid out to players throughout the United States. While Full Tilt Poker continues to believe that online poker is not illegal under federal law or in 49 states, the indictment and civil forfeiture action filed last Friday require Full Tilt Poker to proceed with caution in this area.

"Notwithstanding these issues, Full Tilt Poker is ready to work diligently with the United States Attorney’s Office in the Southern District of New York to try and resolve these issues and to get players their money back as soon as possible."

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04-20-2011 , 11:52 AM

#22

knn05

Pooh-Bah

Join Date: Feb 2007 Posts: 3,646

Yeah, the DOJ is saying the can refund money to US players, but will not un-restrain the millions that they've seized. Fockers!

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04-20-2011 , 11:55 AM

#23

sixfour

should be called sevenfour

Join Date: Dec 2005 Posts: 74,764

Quote:

Originally Posted by knn05

Yeah, the DOJ is saying the can refund money to US players, but will not un-restrain the millions that they've seized. Fockers!

entire net worth of stars > stars player balances

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04-20-2011 , 11:56 AM

#24

SammySlim

enthusiast

Join Date: Jul 2005 Posts: 89

Geez, and I was getting excited there for a minute ... looks like we won't be seeing the $$$ anytime soon.

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04-20-2011 , 11:58 AM

#25

knn05

Pooh-Bah

Join Date: Feb 2007 Posts: 3,646

Quote:

Originally Posted by SammySlim

Geez, and I was getting excited there for a minute ... looks like we won't be seeing the $$$ anytime soon.

Seems like $$ from Stars will come more quickly than $$ from FTP based on their different press releases. My thoughts could all be incorrect, though.

Still seems like Preet is a serious PITA.

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