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FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP) FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP)
View Poll Results: Do you want the AGCC to regulate the new FTP?
Yes
1,156 56.58%
No
887 43.42%

09-29-2011 , 11:12 PM
My sources tell me that a deal will be done by October 14th. Aldernys decision should not affect the deal in any way shape or form
09-29-2011 , 11:14 PM
Quote:
Originally Posted by exoendo
they absolutely did not come to this conclusion. The investors had yet to meet with the DOJ, and the AGCC never commented on specifics relating to the investor. They did not say the investor was not real, or did not have the funds, or were not serious. The AGCC just elected to save it's own ass.

The AGCC also found numerous violations so according to what their job is, they had every right to shut full tilt down.
Just because the DOJ haven't met the investors doesn't mean they don't know anything about them. Obviously they must be real people, the mall santa is a real person too but I'm not laying out any cookies for him.

No, Alderney did not comment on those specifics, but they did say all the companies whose licenses were revoked are insolvent. Insolvent isn't a term used for a company with a cash flow problem in need of an investor.

They concluded based on everything they heard that the way players could be refunded was a matter for police and civil authorities (such as the DOJ).

They don't think this was a poorly run business which could be salvaged by new management, they think they were crooks.
09-29-2011 , 11:17 PM
Quote:
Originally Posted by Chinamaniac
My sources tell me that a deal will be done by October 14th. Aldernys decision should not affect the deal in any way shape or form
Care to elaborate?
09-29-2011 , 11:17 PM
^^^ that's bold chinamaniac, get ready...

Last edited by ildent; 09-29-2011 at 11:20 PM. Reason: my english sucks
09-29-2011 , 11:23 PM
Quote:
Originally Posted by Chinamaniac
My sources tell me that a deal will be done by October 14th. Aldernys decision should not affect the deal in any way shape or form
The same sources that told you to come here for information 2 days ago?

Quote:
Originally Posted by Chinamaniac
So what are we waiting on now? last I heard the French wanted to buy and they had the dough.

What is holding up the deal?

I would imagine everyone (DOJ, FTP, Alderny, and the French )want this done asap
09-29-2011 , 11:23 PM
Really surprised and sad that Chris "Jesus" Ferguson would do something like this. Extracting millions from ftp for his (and his friends) personal gain when he KNEW that ftp was not properly debiting players bank accounts. He has a real PHD and should have SOME business sense. Even if the DOJ didn't cause black friday, how could he allow the debit issue to go on for so long?

Howard always seemed like a freak and a weird dude, who comes from a morally piss poor family. His sister actually defended UB after their scandal. Even now, knowing what her scumbag brother did, she continues to be a mainstay in the epic poker league. (how is her brother banned, but not her?)

And as for Rafe First, come on dude, your part of the angel investors! You didn't think anything was wrong with the way FTP management was handling their 3rd party processors? I hope all you assests are seized, including your stakes in the various other company's you own.

It is time that these FTP bums pool the money they extracted from FTP for their personal gain and start paying back the players. (including you mr. Phil Ivey who supposedly took out 40+ million!!) Criminal charges need to be brought up against all these people as well to insure they can never show their faces in a casino without having to look over their shoulder again.
09-29-2011 , 11:24 PM
Quote:
Originally Posted by tamiller866

They concluded based on everything they heard that the way players could be refunded was a matter for police and civil authorities (such as the DOJ).
the doj has made no such decision on the new investors yet. They have not addressed that issue, or commented on it in any way, shape, or form. So I do not know why you continue to assist on claiming that the DOJ have reached any conclusion on them. This is patently false.

Same thing with the AGCC. There are many reasons AGCC shut down fulltilt. And contrary to everyone saying that they are primarily looking out for the players, the AGCC also has their own interests to protect as well, among those of which include being seen as an actual legitimate regulatory body, especially when full tilt made very clear and distinct violations of their terms.

For you to extrapolate that into the AGCC and DOJ both definitively agreeing that civil action is the best way to go is an erroneous conclusion.
09-30-2011 , 12:07 AM
Quote:
Originally Posted by exoendo
the doj has made no such decision on the new investors yet. They have not addressed that issue, or commented on it in any way, shape, or form. So I do not know why you continue to assist on claiming that the DOJ have reached any conclusion on them. This is patently false.

Same thing with the AGCC. There are many reasons AGCC shut down fulltilt. And contrary to everyone saying that they are primarily looking out for the players, the AGCC also has their own interests to protect as well, among those of which include being seen as an actual legitimate regulatory body, especially when full tilt made very clear and distinct violations of their terms.

For you to extrapolate that into the AGCC and DOJ both definitively agreeing that civil action is the best way to go is an erroneous conclusion.
This is embarrassing. I read this post: http://forumserver.twoplustwo.com/sh...1&postcount=75
and ASSuMEd the guy was quoting the determination. Apparently he just pulled it out of his ass - and I swallowed it.

Last edited by tamiller866; 09-30-2011 at 12:21 AM. Reason: I think I deserve a temp-ban
09-30-2011 , 12:14 AM
How come the Matusow's aren't running their mouths now?
09-30-2011 , 12:23 AM
a big part of me is sick how slow and painful this is dragging out. Only two things i care about now

1, are we getting our money back
2, is ftp going to jail.
09-30-2011 , 12:27 AM
Quote:
Originally Posted by tamiller866
This is embarrassing. I read this post: http://forumserver.twoplustwo.com/sh...1&postcount=75
and ASSuMEd the guy was quoting the determination. Apparently he just pulled it out of his ass - and I swallowed it.
The post you linked to is an accurate quote from the agcc decision. You may be misinterpreting it.

The paragraph says that having revoked the three licenses, the agcc no longer has any legal authority over the former licensees, and therefore has no power to help players collect their money. Thus, players may have to pursue civil or criminal penalties.

It doesn't say that the agcc and doj agree that is what is best. It is just agcc saying that once they revoke a license, they lose legal authority over the former licensee and can't make it do anything.
09-30-2011 , 12:34 AM
Quote:
Originally Posted by GutPunch
Really surprised and sad that Chris "Jesus" Ferguson would do something like this. Extracting millions from ftp for his (and his friends) personal gain when he KNEW that ftp was not properly debiting players bank accounts. He has a real PHD and should have SOME business sense. Even if the DOJ didn't cause black friday, how could he allow the debit issue to go on for so long?

Howard always seemed like a freak and a weird dude, who comes from a morally piss poor family. His sister actually defended UB after their scandal. Even now, knowing what her scumbag brother did, she continues to be a mainstay in the epic poker league. (how is her brother banned, but not her?)

And as for Rafe First, come on dude, your part of the angel investors! You didn't think anything was wrong with the way FTP management was handling their 3rd party processors? I hope all you assests are seized, including your stakes in the various other company's you own.

It is time that these FTP bums pool the money they extracted from FTP for their personal gain and start paying back the players. (including you mr. Phil Ivey who supposedly took out 40+ million!!) Criminal charges need to be brought up against all these people as well to insure they can never show their faces in a casino without having to look over their shoulder again.
this.
09-30-2011 , 12:41 AM
Regarding the DOJ statement today:

The process by which crime victims are compensated from forfeited criminal proceeds is known as remission. A lot of non-US players have been wondering here and on S:P whether US players will receive preferential treatment if players are paid from seized funds ultimately forfeited.

I am not a specialist in this area of law, so there is a small chance I have this wrong. But having just read the statute and the regulations governing remission, it looks like non-US players will have equal access to the funds if DOJ decides to repay players after forfeiture.

The statute does not say this directly, unfortunately. It simply says that remission is available to "any victim," and then never limits that phrase in any way I could find relating to citizenship, residency or nationality.

I wouldn't expect that nationality would make a difference in repaying crime victims, so the results of my research are in line with what my common sense answer would have been.
09-30-2011 , 12:44 AM
Quote:
Originally Posted by mpethybridge
The post you linked to is an accurate quote from the agcc decision. You may be misinterpreting it.

The paragraph says that having revoked the three licenses, the agcc no longer has any legal authority over the former licensees, and therefore has no power to help players collect their money. Thus, players may have to pursue civil or criminal penalties.

It doesn't say that the agcc and doj agree that is what is best. It is just agcc saying that once they revoke a license, they lose legal authority over the former licensee and can't make it do anything.
Seriously, thanks. I really thought I was losing my mind when I couldn't find it for myself.
09-30-2011 , 12:51 AM
Quote:
Originally Posted by GutPunch
Really surprised and sad that Chris "Jesus" Ferguson would do something like this. Extracting millions from ftp for his (and his friends) personal gain when he KNEW that ftp was not properly debiting players bank accounts. He has a real PHD and should have SOME business sense. Even if the DOJ didn't cause black friday, how could he allow the debit issue to go on for so long?

Howard always seemed like a freak and a weird dude, who comes from a morally piss poor family. His sister actually defended UB after their scandal. Even now, knowing what her scumbag brother did, she continues to be a mainstay in the epic poker league. (how is her brother banned, but not her?)

And as for Rafe First, come on dude, your part of the angel investors! You didn't think anything was wrong with the way FTP management was handling their 3rd party processors? I hope all you assests are seized, including your stakes in the various other company's you own.

It is time that these FTP bums pool the money they extracted from FTP for their personal gain and start paying back the players. (including you mr. Phil Ivey who supposedly took out 40+ million!!) Criminal charges need to be brought up against all these people as well to insure they can never show their faces in a casino without having to look over their shoulder again.
hear hear
09-30-2011 , 01:32 AM
Should we be worried about filing with the DOJ and having them try to look at our whole poker history and extract back taxes?
09-30-2011 , 01:50 AM
Quote:
Originally Posted by jweez
Care to elaborate?
talked on Aim with Scott Matusow for a few hours and he knows people on the inside and the deal is being worked out as we speak

I cannot go into any specifics
09-30-2011 , 01:53 AM
chinamaniac,


A) who are you?

B) are you aware of how many times scott matusow has been wrong?
09-30-2011 , 01:55 AM
Quote:
Originally Posted by Chinamaniac
talked on Aim with Scott Matusow for a few hours and he knows people on the inside and the deal is being worked out as we speak

I cannot go into any specifics
LOL OMG.
09-30-2011 , 02:02 AM
Quote:
Originally Posted by iampi
Should we be worried about filing with the DOJ and having them try to look at our whole poker history and extract back taxes?
I'm not a tax lawyer, and I have no particular knowledge about the access the IRS might be allowed to records DOJ receives from FTP about player balances. My opinion is:

1. Yes, you should be worried about back taxes coming up if you haven't paid them, because:

A. There is some chance DOJ and IRS might get together on this;
B. There is also a slight chance of you not being considered an innocent victim if you haven't paid taxes (only innocent victims can recover in remission process, and "innocent" has a fairly complex definition under the statute I have not fully researched). However,

2. If you haven't paid taxes, you can always amend previous returns and pay them.
09-30-2011 , 02:10 AM
Quote:
Originally Posted by Chinamaniac
talked on Aim with Scott Matusow for a few hours and he knows people on the inside and the deal is being worked out as we speak

I cannot go into any specifics

Spoiler:
lol
09-30-2011 , 02:10 AM
Quote:
Originally Posted by exoendo
chinamaniac,


A) who are you?

B) are you aware of how many times scott matusow has been wrong?
A. Just a guy who plays poker for a living

B. I know Scott has had some theories and beliefs that have that have been a little off in the past BUT he has been right on many things not only on this FTP thing but on other scandals over the years.
09-30-2011 , 02:15 AM
Quote:
Originally Posted by Chinamaniac
A. Just a guy who plays poker for a living

B. I know Scott has had some theories and beliefs that have that have been a little off in the past BUT he has been right on many things not only on this FTP thing but on other scandals over the years.
Are you sure Scott is okay with you naming him as your source? Ever since being wrong several times after being fed misleading "insider info" that he then passed off to everyone, he's been careful to not talk about rumor and even said himself he's done telling anybody anything he's heard about because he was burned several times early on with the Black Friday/FTP mess.
09-30-2011 , 02:16 AM
ok, thank you for the info chinamaniac. hopefully it's true.
09-30-2011 , 02:16 AM
Quote:
Originally Posted by mpethybridge
I'm not a tax lawyer, and I have no particular knowledge about the access the IRS might be allowed to records DOJ receives from FTP about player balances. My opinion is:

1. Yes, you should be worried about back taxes coming up if you haven't paid them, because:

A. There is some chance DOJ and IRS might get together on this;
B. There is also a slight chance of you not being considered an innocent victim if you haven't paid taxes (only innocent victims can recover in remission process, and "innocent" has a fairly complex definition under the statute I have not fully researched). However,

2. If you haven't paid taxes, you can always amend previous returns and pay them.
Great point, some people don't realize that adjectives actually have meaning in these matters. Do you think the 'innocent' standard could also affect the people that free rolled a few deposits before finally running up a positive balance in their accounts?

      
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