Quote:
Originally Posted by NoahSD
Skall, Leda, et al,
The problem here isn't the bank fraud or the DOJ seizures. The problem is simply that FTP was illiquid and Alderney didn't put a stop to that.
Actually my guess, and it is purely my guess and has nothing to do with anything other than the public information I have read along with all the rest of you, is that FTP was not "illiquid" prior to BF, or at least not illiquid to a significant degree.
But obviously they were at the very least awful close to the line. And so once the DOJ hit them on BF they had no ability to recover, especially since BF also caused them to lose roughly half their income stream (no US rake).
Someday we will all have the actual numbers and will have a real answer.
But the main reason I responded to ledason was not to speculate as to how FTP got itself (and, more importantly, us players) into this royal mess, nor to defend the Alderney gaming commission. It was to defend the Isle of Man gaming commission.
Requiring its licensees to keep segregated accounts in trust for player funds, and monitoring those accounts to make sure all was kept as promised, not only protected players, but also PokerStars and even the IOM authorities. At least that is my opinion on all of this.
Whatever led to Alderney not requiring segregated trust accounts, and FTP not having them, I suspect they both sincerely regret that now. And so do the rest of us, except even more so.
Skallagrim