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Reuters: Full Tilt Poker, Pokerstars and Absolute Poker charged with illegal gambling Reuters: Full Tilt Poker, Pokerstars and Absolute Poker charged with illegal gambling

04-15-2011 , 11:16 PM
Quote:
Originally Posted by excession
OK so I'm a UK lawyer with some knowledge of IOM law (I got involved in some quite heavy timeshare litigation there in the 90's).

PS spend a lot of money on city of London lawyers who advise them on gaming regulation compliance.

They are licensed by the IOM Gaming Commission which is pretty legit and has some pretty strong customer protection regs.

Most notable are the Online Gambling Participants' Money Regs 2010

http://www.gov.im/lib/docs/gambling/...antsmoney1.pdf

These provide that all customer money has to be kept in a segregated bank account and is deemed to be held in trust.

The concept of trust monies is very important under UK Insolvency Law as monies held in trust fall outside the estate of a bankrupt individual or insolvent corporate entity and the liquidator can't get his hands on them.

Also as they are not the site's monies judicial orders purporting to seize the site's monies won't affect them.

I suppose the US government can effectively stop payments out to the US player base by banning the banks within their jurisdiction from handling such payments, but I am really struggling to see how they can realistically stop payments out to non-US players of what is legally their money in anything other than the very short term panic that might cause banks holding such funds to freeze funds whilst they go get an order from an IOM or UK court to clarify what they should do with them.

If PS are governed by the Regs and if they have complied then they SHOULD be no issue in non-US players getting money back out of PS in fairly short order.

FT is governed by Channel Island regs which will be similar.

As for UB - LOL - I'm guessing you are screwed...
thank you for this very imformative post. I definately feel a lot better now.
04-15-2011 , 11:17 PM
I ****ing hate my country
04-15-2011 , 11:17 PM
Quote:
Originally Posted by Gary_Neville
Please screenshot said announcement
I was going to but figured 8 people would beat me to it.. Sick props to the guy who posted it before I even finished reading it.
04-15-2011 , 11:17 PM
I think its very smart to get your money off these sites as fast as possible, and do it the instant they give you the option to do so. Money like this could be dispursed on a first-come first-served basis if some of the trust money isnt there or gets tapped by the feds.
04-15-2011 , 11:17 PM
According to the radio show that isnt allowed to be mentioned, FT just issued a statement a few minutes ago that that the money is ok and they are allowing real money games and withdrawals are business as usual.

This is directly contradicting their previous statement.
04-15-2011 , 11:17 PM
Quote:
Originally Posted by irajfritziii
im from fresno also and still playing..... i cant make up to try and cash out or wait and see what happens
TIME TO GO TO CLUB ONE :P too bad their rake is so steep
04-15-2011 , 11:17 PM


Appears all of us outside the US are ok for now, I personally have cancelled my cashout for now.
04-15-2011 , 11:17 PM
For those who can't use cashier on FullTilt Poker, you need to do some fix:

http://forum.pokercollectif.com/poke...s-bloques.html

It's in french, but it's pretty easy to understand (close software, add the lines find on Step#3 of the post)
04-15-2011 , 11:19 PM
Good news i quess
04-15-2011 , 11:19 PM
Quote:
Originally Posted by i_pwn_u
My withdrawal has just gone through and I live in Scotland. Not much money though. Just a couple hundred.
Same here. I withdrew a couple hundred from PS and FTP about 6.5 hours ago and the funds from both sites hit my Moneybookers account within a few minutes. I also withdrew a couple hundred from UB about five hours ago and those funds haven't reached MB yet, but UB is usually a bit slow in my experience.

FWIW, I'm a US citizen living in the Czech Republic.

Alan
04-15-2011 , 11:19 PM
If you don't have some of your money in something the government can't take away by the push of a button or the passage of a law (like gold preferrably held outside the US) then you are not really financially secure.

Gold hits an alltime high the same day the US government makes this gangster move== not a coincidence.
04-15-2011 , 11:19 PM
Quote:
Originally Posted by Doug_Funnie
it won't matter if you cash out and you're from US anyway... the payments will not get processed. stop cashing out, the only hope is to just sit and wait and let it all unfold.
thats not neccessarly true. At least in the case of FTP its very possible that they have a few undetected processors that are still going to be working. I think its likely FTP will allow people to cash out somewhat right away.

Espically given FTP's statement.
04-15-2011 , 11:20 PM
Statement from Full Tilt Poker Regarding Recent Check Withdrawal Issues



In light of recent events involving the freezing of certain accounts, Full Tilt Poker would like to assure all players that their funds remain safe and secure. Processing of both deposit and withdrawal requests is proceeding as normal and is still available to all of our players.
All players who were affected by the current situation have had their funds returned to their accounts and all new withdrawal requests are processing normally. We assure all players on Full Tilt Poker that your online playing experience will not change and that you will be able to both deposit and withdraw funds as needed. Your money remains safe, secure and accessible at all times.
Full Tilt Poker remains committed to the protection of our players’ security and legal rights, and will continue to provide the best and safest online poker room available worldwide.
04-15-2011 , 11:20 PM
Quote:
Originally Posted by diskoteque
Is it even possible to cancel the bank transfer/wire? I did this also and don't see a way to cancel.
If it hasn't been approved yet just click on deposit and it will give you the option to cancel your withdrawel.
04-15-2011 , 11:20 PM
Quote:
Originally Posted by sebasdess
For those who can't use cashier on FullTilt Poker, you need to do some fix:

http://forum.pokercollectif.com/poke...s-bloques.html

It's in french, but it's pretty easy to understand (close software, add the lines find on Step#3 of the post)
WTF?!
04-15-2011 , 11:20 PM
Freest Country in the World
04-15-2011 , 11:20 PM
Sorry if this already been posted but...

JUST IN FROM POKERSTARS (non US players notice):

04-15-2011 , 11:21 PM
Ouchhhh, it hurts. Make the pain go away
04-15-2011 , 11:21 PM
Im not the smartest guy so am not understanding something
in the 4k plo8 on ftp my entire table is Americans and myself (Canadian)
04-15-2011 , 11:22 PM
This sucks.
04-15-2011 , 11:22 PM
The real victims here are the guys at Bluefirepoker who made the Online Poker Documentary video without being able to include this.
04-15-2011 , 11:22 PM
Quote:
Originally Posted by sebasdess
For those who can't use cashier on FullTilt Poker, you need to do some fix:

http://forum.pokercollectif.com/poke...s-bloques.html

It's in french, but it's pretty easy to understand (close software, add the lines find on Step#3 of the post)

I translated all step in english. So just follow this to be able to see every FBI seized website and fix cashier bug in FTP.
04-15-2011 , 11:22 PM
Tom Dwan would not do well in the Pen.
Just a thought.
Phil Ivey, however, would be gangsta on the range.
04-15-2011 , 11:23 PM
SO general consensus for a US based player w a PS account.. should I cancel my withdrawal or keep letting it process??
04-15-2011 , 11:23 PM
I can still play real money on FTP from Nashville... Does this seem right?

      
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