Quote:
Originally Posted by hetero_flush
I spoke about bankruptcy proceedings because with all of the facts that I have gathered, I think that is more than likely where this is headed.
I'm curious about where you got some of your information to come to different proceedings. As far as I have known, the DOJ was not investigating FTP as a fraud case, but that their interest was solely tax related. It was not until they took over and had accountants look at the books that it was determined there was no money.
Since you asked, I got my information from the superceding indictment, the orignal and amended civil complaints, the domain name agreement, several DoJ press releases, Subject: Poker, various statutes and regulations and by talking to people who know more about this stuff than I do.
The underlined parts of what I quoted from your post are particularly wrong. It is correct that the DoJ seems to only have become aware that the money to pay the payerrs was missing after they appointed a Monitor to look over FTP's records, pursuant to the Doman Name agereement.
I'm not going to write a book to explain this all to you. NeedsToBeSaid has kindly provided lnks that will help you come to a better understanding.
The short version is this: Bankruptcy proceedings will be useless, because the bamkrupt companies will essentially have no assets to liquidate. The DoJ is seeking forfeiture of "all right and title to the assets of Full Tilt Poker". That's
all the assets. The charges giving rise to the civil forfeiture allegations are: operating an illegal gambling business, bank and wire fraud, and money laundering. There is fraud in that list, but taxes are nowhere mentioned. See part VI of the original
Civil Complaint.