Same here. Maybe it's time for a new PC

Google / quadjacks

First link Nick Rainey

There is no hope you will get your funds. This co. was run by the same type of shady characters as UB

Listening to that interview live last night (early this am) TOTALLY messed up my sleep schedule......but WOW is right. Buying/Selling 100% rakeback accounts .......top pros with numerous accounts w/ different user names......player money sitting in Ray Bitars account......Pros sitting in rooms together playing SnG's.................some of these "pro's" cheated as much as FullTitlt................Cheaters Cheating Cheaters as far as Nick Rainey is concerned......

One other thing that Rainey mentioned in passing...

He claims he was told that a large amount of the players' money was used for an advertising campaign (if true, could be one of the reasons FT has not payed US players back yet).

He said that they did so on the assumption that they could put the money back from future revenue (or new deposits), given that they were making a reported 1.5 million in rake per day at their peak.

But Rainey also added that this was not necessarily enough because, in addition to the massive advertising costs, there were hundreds of red pros getting 100% rakeback plus an hourly wage. He said that he was told that the money FT handed over to red pros was a huge sum of money on a regular basis.

That doesn't include normal rakeback and payments to affiliates. It also doesn't include the presumed dividends the company was paying out regularly to shareholders.

Essentially FT was operating as a fractional reserve bank - taking players' money and using it for various purposes. As long as business was good and no more than a small percentage of players withdrew, there was no problem, as there was always enough cash on hand. But what has happened here is a series of mishaps that has created something like a classic bank run. Except there is no FDIC insurance to cover the players' deposits.

The Benyamine story is a key piece of the puzzle, because if true, it could mean that at least one rogue employee was in a position to transfer electronic dollars (backed by nothing) to whomever he liked. Perhaps Benyamine was not the only one. Who knows how much money FT lost because of that employee, or other employees doing similar things.

If true, it seems that their internal accounting was a complete mess, as the bosses were not able to keep track of this money. They were also unaware (according to Rainey) of the selling and renting out of 100% rakeback accounts to non Red pros.

^^^ This is definently the worst part if it's true. I thought I heard Nick say he was making 50K a month off his 100% RB account. Depending on how many accounts were purchased that adds up quick.

Also sounds like my money I thought was safe like it was in a bank was being used to fund ESPN commericals and Poker After Dark.

anyone some cliffs?

the podcast keeps on buffering, the whole site is lagging...

QJs must be getting bombarded right now because their podcasts are taking forever to buffer and they are just audio....

Confirmed opinion, not fact.

He's on right now on the QJ stream (replay).

there anyway to listen to this without having it buffer every 2 seconds?

edit: ya the justintv stream is playing now, not sure where it is in the interview though

Paid $50k for a 100% RB acct I believe.

Also just to be clear Nick admitted the 40 accounts number for Patrick is an exaggeration.

he paid 10K for a RB account plus 2K every month, Nick said he had 2 of them and would occasionally rent the other one

as far as the 300K that wasnt given to him for winning, Nick got banned and the money was never distibuted to everyone who played in that tourney,

2nd place coulda got over 100K more but I believe he said Bitar did nothing about that

nick rainey aka mi turtle hada cheat cuz hes terrible and nothing but a donk tw at. hes calling ppl 3 feet tall virgins? LOL@him on the WSOP coverage last year. only a$ s he probaly scores is 300lbs+ and or got more crabs than a seafood platter. hey rainey FU u donk tw at scumbag

S.matusow who claims to be a genius is such a ****** and obv shill for his brother.

does this guy really not know how to say damning

http://www.pokerstatic.com/static-tv/mansion-tour/

Second host other than serious is just ****ing awful. So bad, one of the worst on-air personalities I have ever heard.

this... who is that guy anyway?

damnding

Full Tilt had more money coming in than they knew what to do with so do they take the conservative route and hire good accountants with conservative bookeeping and segregated player funds? Nope! They did with the money the same thing we see a lot of rich, young, uneducated athletes do when they get their hands on a boatload of money. They partied, they spent and burned through it like they had an unlimited supply. Welcome to the real world Full Tilt. The next time you guys get the keys to a billion dollar business empire please make sure you have people working with you that actually know how to run a business. Just a suggestion.

This guy needs to get hurt. He is a selfish conceeded snake. Does he really think he is doing us players a favor by talking about this anyway?....the last thing us US players need is for this guy to give international players to take off their rolls and damage the reputation of FTP.
The only reason why he chatting is to get 300k which he probably was indeed doing something crooked with that obv too. If not for that exact circumstance his history prob came back to bite him in the ass. Is he really admitting that he took had a 100 percent rake account and then acting like the higher ups knew about it. This guy is crooked and i reallly hope he doesnt think he that is commming off that way by coming forth on all of this shady business. This will get hurt- watch......He is screwing people over on both sides of the fence right now...... effin snake idiot.

im not sure if its that punk mutha fer in your avatar, but something about you really irks me

Just listened to this interview and this Nick Rainey seems like an absolute ****! What the hell is he on about bring a bunch of ''kids'' out to Vegas or where ever to spend 2 months learning how to beat $6 sngs? That makes no sense at all, where did they get the money to pay for that if they cant beat micro stakes?
And did I hear him say he would have had 80% of that kid's 300k winnings? What kind of ****ed staking deal is that? Guy seems like a complete slime bag, **** him!

I'm curious if Chris Porter or Poker Royalty will make a statement regarding these allegations or if they'll simply hope people forget after a few days and it passes by them.