Quote:
Originally Posted by Stumeister
Yeah but nobody would have bothered looking into it in the first place if Ferguson, Lederer, and the rest of them didn't scam people out of millions of dollars. That just gave the feds a reason. If they weren't stupid greedy scumbags who knows where online poker would be today.
Are you sure you know what you are talking about?
If I remember correctly, there was no inklings about Ferguson, Lederer and crew being scammers at all before Black Friday when things got shut down. If anything they were well respected and admired for hitting it big in business after starting out as pro-gamblers. The UIGEA which made things "illegal" was passed years before Black Friday, it just wasn't being enforced. Sites weren't sure exactly what types of gambling were totally illegal, sort of illegal, legal, etc. So most sites kept doing business as normal after UIGEA until forced out, including Poker Stars and Full Tilt.
Ironically, they were getting scammed by players much more then they scammed players. As certain players found a flaw where they could keep depositing money and Full Tilt never actually received the money. When players found that flaw, they abused it.
Then after Black Friday came and surprised everyone, **** hit the fan, and Full Tilt got caught with their pants down. Instead pf having player deposits segregated in escrow like they should have it turns out they were just disbursing money to themselves as if it were their piggy bank. This is what made them "scammers." Some would argue their intent wasn't to scam, which is plausible to an extent. This is different then a ponzi scheme in that Full Tilt was super profitable and they very well may have been just them being irresponsible with player funds knowing profits will easily cover tall those disbursements over the years.
Then Black Friday hits and they don't have the money to pay back players. Biggest reason players were pissed is because they sure weren't volunteering to refund all those disbursements they had received of millions or dollars over the years. But in reality that never happens in any type of business unless forced by law. Sort of like when banks go insolvent or need to be bailed out the bank officers still make tons of money, let alone returning any.
That's how I remember it, let me know if I'm wrong on anything.