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Old 08-11-2010, 12:42 AM   #151
vedder1980
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Re: Winning Player Fergwrx WSOP package

Oh my bad - i obv misinterpreted your post.
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Old 08-11-2010, 01:07 AM   #152
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Re: Winning Player Fergwrx WSOP package

sigh duck
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Old 08-11-2010, 05:29 AM   #153
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Re: Winning Player Fergwrx WSOP package

so what the hell is going on here? im soo confused, didnt see this til today...
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Old 08-11-2010, 06:49 AM   #154
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Re: Winning Player Fergwrx WSOP package

OP has admitted he rolled the money

http://forum.parttimepoker.com/appea...ml#post7845281

Quote:
Hey guys,

Im really really sorry. Im not going anywhere though.* I screwed up and i am going to do what i can to make things right.* Im very tired though so i am going to wait until tomorrow to write a detailed explanation of what happened and what i am going to do.* I did lose a large portion of what i owe, and then tried to buy time by covering it up.* I am stressed infinitely over this but i feel worse making any kind of excuse because its all my fault and i am not trying to put any blame or excuses anywhere but on me.

I have a friend working with me to sort through the math and order of paying people back.
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Old 08-11-2010, 08:33 AM   #155
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Re: Winning Player Fergwrx WSOP package

what a joke
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Old 08-11-2010, 09:13 AM   #156
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Re: Winning Player Fergwrx WSOP package

all he's done for over a month now is make excuses, yet every post of his says "dont worry i wont make any excuses"

sorry to everyone involved on both sites


is it true he had investors fill out tax forms? i think thats a huge deal especially to those he hasnt paid out. if people dont get paid out, tax fraud is a probably a much more serious charge than theft, in the poker scheme of things anyways
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Old 08-11-2010, 10:09 AM   #157
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Re: Winning Player Fergwrx WSOP package

I'm an investor [Only 270 owed but still money I wouldn't mind having]. As long as he keeps **** updated and makes it right, I'm fine with the wait.
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Old 08-11-2010, 10:18 AM   #158
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by Phil9 View Post
I'm an investor [Only 270 owed but still money I wouldn't mind having]. As long as he keeps **** updated and makes it right, I'm fine with the wait.
only $200 owed to me but this^^^^^

keep us updated
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Old 08-11-2010, 10:20 AM   #159
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by The Lipo Fund View Post
all he's done for over a month now is make excuses, yet every post of his says "dont worry i wont make any excuses"

sorry to everyone involved on both sites


is it true he had investors fill out tax forms? i think thats a huge deal especially to those he hasnt paid out. if people dont get paid out, tax fraud is a probably a much more serious charge than theft, in the poker scheme of things anyways
I could be wrong but I think just a few people gave their info and forms didn't end up being filled out. When things were getting messy/delayed people were saying to deduct 25% in lieu of filling out the forms.
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Old 08-11-2010, 12:03 PM   #160
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Re: Winning Player Fergwrx WSOP package

pretty sure I didn't give him my tax info (at least I can't find any record of me giving it to him)

SIGH DUCK

edit: he lied to my face in stars chat 2 days ago, stay classy kid
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Old 08-11-2010, 01:32 PM   #161
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Re: Winning Player Fergwrx WSOP package

the thread on that ptp site is really confusing, it sounds like they are trying to get him to send all the money he has left to pay them out their shares or something?? makes it sound like there getting the money first before us but its confusing as hell so i have no idea if im just reading it wrong
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Old 08-11-2010, 01:46 PM   #162
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Re: Winning Player Fergwrx WSOP package

sigh you're probably right, someone who has accounts at both places wanna let them know that he sold action on 2p2 and that we matter?
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Old 08-11-2010, 01:50 PM   #163
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Re: Winning Player Fergwrx WSOP package

There is almost certainly going to be a big cluser**** here with a payback plan with investors both here and PTP considering PTP will insist on holding all investor funds from there until his payback is complete. Would be wise if someone invested gets on this from the beginning before he ships anything he has left to PTP to hold...
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Old 08-11-2010, 02:03 PM   #164
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Re: Winning Player Fergwrx WSOP package

Once im done playing i will speak to people over at PTP. Im sure there aware he owes $$ here as well and the size/scope of this rolling is obv bigger than anything im going to guess either site has seen let alone between sites :unsure:

Im sure a good solution can be found. I mean first of all we need to know what ferg has and what he plans to do - until then its all just hearsay.
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Old 08-11-2010, 02:15 PM   #165
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by NHFunkii View Post
sigh you're probably right, someone who has accounts at both places wanna let them know that he sold action on 2p2 and that we matter?
From what I have read over there they are aware and it seems the 2p2 WSOP shares may even be accounted for in his PTP BAP but their formatting is weird and I don't really understand their breakdown/terminology. Although I'm sure the mods on PTP will be intent on getting everything settled up, it just seems logical that they would get everything settled on their forum before worrying about 2p2 (seems unfair but what would you do as a PTP mod?).
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Old 08-11-2010, 02:22 PM   #166
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by hoodskier View Post
From what I have read over there they are aware and it seems the 2p2 WSOP shares may even be accounted for in his PTP BAP but their formatting is weird and I don't really understand their breakdown/terminology. Although I'm sure the mods on PTP will be intent on getting everything settled up, it just seems logical that they would get everything settled on their forum before worrying about 2p2 (seems unfair but what would you do as a PTP mod?).
I agree with this in general but i hope given the scope of this incident we can all work together, all the money i have lost here is at ptp and i personally wouldnt like to be paid before/out of proportion to when you guys get paid. Thats obv just my opinion and 100% not a stance from PTP.
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Old 08-11-2010, 03:28 PM   #167
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Re: Winning Player Fergwrx WSOP package

So did he play the events, cash and not pay? or just straight up steal the buyin money? i bought a share of him in the venetian main, now curious if he actually played it.
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Old 08-11-2010, 03:33 PM   #168
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by Exitonly View Post
So did he play the events, cash and not pay? or just straight up steal the buyin money? i bought a share of him in the venetian main, now curious if he actually played it.
ray,

theres no way to find out if a player played a venetian mtt (i called to inquire this summer, they told me due to confidentiality, there was no list anywhere of players who signed up, just those that cashed)

however, it does look like he played in the wsop (at least 1 event!), according to this:

http://pokerdb.thehendonmob.com/player.php?a=r&n=105698
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Old 08-11-2010, 03:33 PM   #169
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Re: Winning Player Fergwrx WSOP package

Took a little time to sort through this cluster**** since neither OP nor the investors seem to realize how much they owe/are owed even though it is MORE THAN A MONTH AFTER THE STAKE ENDED (lol wtf?) and this was literally sending me to the farthest reaches of tilt oblivion.

According to his PTP BAP fergwrx owned $19365 of his action, this figure includes all of the action sold to 2p2 members (linked below):

fergwrx's rail for Fergwrx 2010 WSOP BAP

Summing up the total investments by 2p2 members (NOT INCLUDING MARKUP): 6% + 5 * (5%) + 15% + 8.33% = 54.33%

.5433 * $30000 = $16299

fergwrx share = ($19365 - $16299) / $30000 = $3066 / $30000 = 10.22%

total profit to be split by investors and player = $10553

fergwrx share of profit = $10553 * 0.1022 = $1078.52

So according to fergwrx's formula of returning the original stake plus their percentage of the profits the following amounts are owed (all investors were charged 1.2:1 MU since all purchases are 5% or greater):

mobills, fitzcat, NHFunkii, jimmyc123 and tufat23 (5% each):
$1500 * 1.2 + $10553 * 0.05 = $2327.65

pokerchap (6%): $1800 * 1.2 + $10553 * 0.06 = $2793.18

leemur (8.33%): $2500 * 1.2 + 10553 * .0833 = $3879.06

George Lind III (15%) : $4500 * 1.2 + $10553 * 0.15 = $6982.95

The amount of confusion from investors in this thread is very worrisome, I realize that fergwrx had a great reputation before all of this and thus I do not blame investors for getting involved. That being said, how on Earth do any of you ever purchase an investment product that you do not understand? It's fairly obvious after the fact even though he rolled the investment fergwrx did not understand what he was offering to investors. You only have to look at a few comments of his above and his response to Funkii here to see that he really had no clue what he was offering. GL to all getting this sorted out.

/rant

Last edited by hoodskier; 08-11-2010 at 04:01 PM. Reason: Incorrectly split profit after fergwrx share of winnings removed, profits should be split whole ldo
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Old 08-11-2010, 03:37 PM   #170
NHFunkii
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Re: Winning Player Fergwrx WSOP package

ray he went deep in the 1500 you got 2nd in, was at the final 3 tables dont remember exactly how he finished

edit: 14th apparently, dunno if you played with him, when I went over to sweat you were not at the same table w/ 3 tables left iirc

edit: thanks hoodskier, so what is the total sum that he owes 2p2ers?

Last edited by NHFunkii; 08-11-2010 at 03:43 PM.
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Old 08-11-2010, 03:49 PM   #171
hoodskier
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by NHFunkii View Post
edit: thanks hoodskier, so what is the total sum that he owes 2p2ers?
np, $25293.44

Last edited by hoodskier; 08-11-2010 at 04:02 PM. Reason: changed to reflect error in previous post
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Old 08-11-2010, 03:49 PM   #172
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Re: Winning Player Fergwrx WSOP package

I posted this in the thread at PTP

Quote:
I think the fact that this was sold over 2 sites needs to be addressed. It isn't really fair for all PTP investors to get paid back 1st but I also don't expect PTP mods to collect money for 2+2 members.

I wrote up a long post of a suggestion but decided that I shouldn't get too involved since i'm a smaller investor and not even in the WSOP BAP.

the 2+2 thread about this is here
Winning Player Fergwrx WSOP package - Page 2 - Staking - Selling Shares -- Two Plus Two Poker Forums

I just think that they should be kept in the light about what we plan to do here and how this affects their payback. Most of this info will have to come from ferg I'd imagine.
that thread can be found here
http://forum.parttimepoker.com/appea...-appeal-3.html
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Old 08-11-2010, 04:00 PM   #173
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Re: Winning Player Fergwrx WSOP package

wp cubbies
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Old 08-11-2010, 04:17 PM   #174
vedder1980
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by yellowsub View Post
ray,

theres no way to find out if a player played a venetian mtt (i called to inquire this summer, they told me due to confidentiality, there was no list anywhere of players who signed up, just those that cashed)

however, it does look like he played in the wsop (at least 1 event!), according to this:

http://pokerdb.thehendonmob.com/player.php?a=r&n=105698
Sharkscope actually tracked the wsop this year so he played those events for sure.
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Old 08-11-2010, 04:20 PM   #175
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Re: Winning Player Fergwrx WSOP package

Quote:
Originally Posted by hoodskier View Post
np, $25293.44
This is incorrect. He also owes just a tad less than 60k for his online action. So its closer to 85k.
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