Quote:
Originally Posted by fubarfubar
Someone needs to file a lawsuit under the kanawakke or curacao laws. under any reasonable jurisdiction that would have happened long ago.
We looked into doing this after UB/AP shutdown. They owed players more than $50million (not including funds that were stolen by the owners via godmode and never refunded).
When they shut down they only had a few million dollars on hand and some worthless assets. We were advised by multiple law firms that this would be a jurisdiction nightmare as many of the liable parties are located in Costa Rica, Antigua, Europe, and an Indian reservation in Canada. Because of this, no law firms were willing to take the case on contingency, but I was told by multiple lawyers that a case like this would require $200k-$500k to even get started.
Now that you understand how difficult it is for anyone do to anything about fraud like this, it might make it easier to understand why many of these sites operate similar to a ponzi scheme. When the house collapses the owners want all the cash in their personal accounts (or under their mattress) and the absolute minimum in the company accounts.
If anyone was actually willing to put up the money to sue any of these sites it would be extremely easy to break the corporate veil and go after personal assets. You would do this by proving that the owners are co-mingleing company and personal funds, which imo every cent that the owners pay themselves while not being able to cover player liabilities is evidence of this. But the amount of time and effort to locate those assets is a whole new bag of worms. Your talking about bank accounts and other assets in numerous countries, many of which won't even have a paper trail.
I'm not saying Lock Poker operates this way, but draw your own conclusions.