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Old 06-09-2009, 05:04 PM   #1
BigBiceps
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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.

Quote:
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.

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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 members’ 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.

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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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Old 06-09-2009, 05:29 PM   #16
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Re: Online poker seizure made front page of Yahoo finance.

End of online poker for US.......

Probably coz small casinos need to make money so they crack down online poker
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Old 06-09-2009, 05:29 PM   #17
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Re: Online poker seizure made front page of Yahoo finance.

These actions are not related to enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA.). - from ppa statement

claiming the wire act.
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Old 06-09-2009, 05:30 PM   #18
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Re: Online poker seizure made front page of Yahoo finance.

Buster as LG said, they are processing checks now if you want to withdraw...

yes bodog was 25 (maybe 24). You hit it right on the head... this is a monster hit for the sites... how many beatings like this can they take before they withdraw service... my guess is you can count them on one hand.

However, if litigation proves succesful, then there will be a legal precedent for this sort of thing to be banned.

Everyone donate to the PPA ( I dont care if you dont like the bill or their organization) they are literally the only chance we have left.

That being said, up until now, they have shown to be a reasonably influential political force but this will most certainly be their greatest challenge. A direct opposition the wire act regarding online poker
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Old 06-09-2009, 05:34 PM   #19
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Re: Online poker seizure made front page of Yahoo finance.

what sites are affected by this?
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Old 06-09-2009, 05:35 PM   #20
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Re: Online poker seizure made front page of Yahoo finance.

gg online poker for americans. if this happens 1 more time not a single site will continue to allow americans. its time to act ppl, if you really want to be able to play on pokerstars in 6 months you sure as hell better get involved.
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Old 06-09-2009, 05:35 PM   #21
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Re: Online poker seizure made front page of Yahoo finance.

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Originally Posted by system32 View Post
what sites are affected by this?
Definitely FTP.
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Old 06-09-2009, 05:36 PM   #22
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Re: Online poker seizure made front page of Yahoo finance.

lol @ the gvt saying that online poker is unsafe and insecure and unregulated then terrorizing everyone accts by locking all the money before even getting a warrant.

Its like the mob breaking your windows if you dont roll over to their rackets.
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Old 06-09-2009, 05:37 PM   #23
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Re: Online poker seizure made front page of Yahoo finance.

Can anyone break this down and make it easy to understand whats actually going on?

1. Are american players currently able to request paper checks from pokerstars/fulltilt?

2. If they are still able to, is there an immediate threat to this?

3. If you have a legit amount of money on the sites would you start cashing it out immediately?

4. If americans arent able to cashout, could I move to canada for X amount of days and cashout? I live in Michigan currently where Canada is only 15 mins away.

Thanks.
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Old 06-09-2009, 05:37 PM   #24
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Re: Online poker seizure made front page of Yahoo finance.

Quote:
Originally Posted by imallin723 View Post
gg online poker for americans. if this happens 1 more time not a single site will continue to allow americans. its time to act ppl, if you really want to be able to play on pokerstars in 6 months you sure as hell better get involved.
there is a small chance IMO that anyone will be able to play on pokerstars in 6 months no matter what... this isn't even related to the UIGEA...

the next 1-5 months are in question here...

you are right about another seizure though, it would destroy the industry completely. This litigation is vital and needs to be pursued. Come on PPA.
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Old 06-09-2009, 05:43 PM   #25
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Re: Online poker seizure made front page of Yahoo finance.

Quote:
Originally Posted by Pyro12345 View Post
there is a small chance IMO that anyone will be able to play on pokerstars in 6 months no matter what... this isn't even related to the UIGEA...
assuming this isn't a mistype and I understand you correctly, what makes you think that?
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