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Old 06-09-2009, 05:04 PM   #1
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Online poker seizure made front page of Yahoo finance.

http://finance.yahoo.com/news/APNews...&asset=&ccode=
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Old 06-09-2009, 05:08 PM   #2
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Re: Online poker seizure made front page of Yahoo finance.

WASHINGTON (AP) -- An advocacy group for online poker says the federal government has frozen the accounts of payment processors that handle the winnings of thousands of online poker players.

The Poker Players Alliance says those winnings are worth upward of $30 million.

sigh
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Old 06-09-2009, 05:09 PM   #3
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Re: Online poker seizure made front page of Yahoo finance.

I knew it... god damned uncle sam

this isn't good but at least the details are officially out now...

anyone have a link to the PPA release? I can't seem to find it...
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Old 06-09-2009, 05:10 PM   #4
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Re: Online poker seizure made front page of Yahoo finance.

so because more than one processor is being frozen we are all screwed?
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Old 06-09-2009, 05:11 PM   #5
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Re: Online poker seizure made front page of Yahoo finance.

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A document obtained by the AP shows that a judge in the district issued a seizure warrant last week for an account at a Wells Fargo bank in San Francisco.
Bummer.
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Old 06-09-2009, 05:13 PM   #6
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Re: Online poker seizure made front page of Yahoo finance.

probably incorrect use of the term "processors"

actions prove quite to the contrary... it was only one processor and pstars has confirmed that other processors are available... for now..
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Old 06-09-2009, 05:14 PM   #7
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Re: Online poker seizure made front page of Yahoo finance.

im also waiting for a ppa statement. I want to know if they will be litigating this case in order to unfreeze the 30 million. Thats a monster hit for the sites

If i recall correctly the bodog siezure was 25 mil.
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Old 06-09-2009, 05:16 PM   #8
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Re: Online poker seizure made front page of Yahoo finance.

the US government is so ****ing ridiculous
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Old 06-09-2009, 05:19 PM   #9
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Re: Online poker seizure made front page of Yahoo finance.

Quote:
Originally Posted by Pyro12345 View Post
probably incorrect use of the term "processors"

actions prove quite to the contrary... it was only one processor and pstars has confirmed that other processors are available... for now..
You have a link for that statement from Stars? If other processors are available, then why aren't they processing?

He's got a Yahoo news link. What do you have?
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Old 06-09-2009, 05:22 PM   #10
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Re: Online poker seizure made front page of Yahoo finance.

They are processing checks.

Bad news, but not unexpected given what's gone on the last week. The $30MM amount is bad since its higher than we thought.
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Old 06-09-2009, 05:22 PM   #11
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Re: Online poker seizure made front page of Yahoo finance.

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Originally Posted by tbrick412 View Post
so because more than one processor is being frozen we are all screwed?
I don't know...but it seems like it might be an issue for poker sites if staying in the US market means that at any given time, a judge can have tens of millions of dollars of their money frozen....how long are they willing to take that risk?
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Old 06-09-2009, 05:23 PM   #12
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Re: Online poker seizure made front page of Yahoo finance.

Can anybody speculate on the timing or why this particular account of the processor (or the processor itself) was singled out? I mean they have all the information they need on any check from the sites. So why have the accounts of payment processors for Stars/FTP never been targeted/frozen before?
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Old 06-09-2009, 05:24 PM   #13
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Re: Online poker seizure made front page of Yahoo finance.

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Originally Posted by LetsGambool View Post
They are processing checks.

Bad news, but not unexpected given what's gone on the last week. The $30MM amount is bad since its higher than we thought.
But this affects eChecks too, does it not?
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Old 06-09-2009, 05:26 PM   #14
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Re: Online poker seizure made front page of Yahoo finance.

http://theppa.org/press-releases/200...nt-ppa-060909/

Information for PPA Members on Actions by the Southern District of New York

As of June 9, 2009

In light of recent events by the Southern District of New York (SDNY) to freeze payment processor accounts containing pay-outs to online poker players, the PPA would like to clarify the facts as we know them today. Be assured, the PPA is keeping close tabs on this situation and is doing everything possible to protect our membersí money and rights.

On or about June 4, 2009, a federal agent working with a federal prosecutor from the Southern District of New York contacted at least two banks in the Los Angeles and Scottsdale areas and requested that accounts containing approximately $19 million in player deposits and payouts be immediately frozen until a seizure warrant could be obtained from an appropriate judicial officer.
It is important to underscore that in at least two cases, the prosecutor acted and the banks responded without a warrant being issued.
Two days prior, the same agent and prosecutor team sent a seizure order to Wells Fargo freezing at least $14 million in accounts at that bank which were designated as pay-outs of winnings to Internet poker player.
In most cases, the pay-outs were the return of initial deposits made by players.
That same prosecutor sent two subpoenas to two individuals associated with one of the payment processing companies.
The seizure notice and subpoenas appear to allege violations of the Wire Act and the Illegal Gambling Business Act, even by .com sites that are exempt from Wire Act liability and by .net sites that do not accept money.
These actions are not related to enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA.).
At least 24,000 player accounts have been affected directly or indirectly by the SDNY action.
PPA has been in touch with the affected poker Web sites and has been assured that all players have been or will be appropriately reimbursed.
On Monday, June 8th, the PPA sent a letter to the Assistant United States Attorney for the Southern District of New York asking to be part of any future warrant hearings. The letter is available at www.pokerplayersalliance.org.
The PPA is working closely with legal counsel on this issue to determine the appropriate course of action and will keep members updated as events warrant.

This is yet another example of misguided efforts to prohibit online poker. A more effective way to provide important protections while allowing individuals the freedom to play poker online is to regulate and license the industry. We need your help to make this happen. Send a letter to your member of Congress asking them to support licensing and regulating online poker.
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Old 06-09-2009, 05:28 PM   #15
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Re: Online poker seizure made front page of Yahoo finance.

Quote:
Originally Posted by Buster Tilton View Post
But this affects eChecks too, does it not?
Yes it does, but Stars is processing paper checks.

Its clearly not good news, but that's different from saying that sites arent processing checks. They are.

Now we have to litigate.
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