Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
So, im looking over the net for FT news and cant find a single thing. Its a closed hearing of course so i guess it means it isnt over yet? Lets hope for the best. Fingers crossed
Joined: Mar '08
Location: United Kingdom
Age: 44 (M)
Posts: 6714
I don't think we will hear anything until Wednesday, it sounds like the hearing will continue tomorrow and possibly go on for even longer. But rumors are PS has a rush styled game in development, hmm RUSH been sold? lets hope not because thats its main leg ATM.
Joined: Aug '10
Location: Germany
Age: 52 (M)
Posts: 2219
I think they find a new investor und try a restart with a new management in the next month´s. FT has one of the best softwares and a lot of player play again with new promotions.
Joined: Jun '11
Location: United Kingdom
Age: 52 (M)
Posts: 1332
the only thing i found was the hotel is booked for 48hrs so its up to 5pm today but i think its also been said that FT are going for another extension on the hearing to give them more time to find new investors.....its like hitting your head off a brick wall....
Joined: Mar '08
Location: United Kingdom
Age: 44 (M)
Posts: 6714
Posted by rbdflyboy: cooked....fried....baked...and nuked
Yer probably..
3 likely outcomes.. 1. FT license gets revoked, then the Kahnawake Gaming Commission will suspend theirs. In short the end of FT.
2. AGCC lets the company operate on a restricted basis, providing FT with means of revenue and increasing the possibility of it attracting a potential investor.
3. AGCC extend Full Tilt’s suspension until after the DoJ’s indictment hearing. This would allow the AGCC to fully assess the level of fines Full Tilt Poker faces and the company’s future liquidity, before deciding on the fate of Full Tilt’s license.
Joined: Aug '10
Location: Germany
Age: 52 (M)
Posts: 2219
But with a new owner and a new management they have a good chance to grow verry fast again. We saw it in the past (Absolute superuser scandal etc.). And i´m sure, that they offer us a lot of great bonusses and other promotions...
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
I dont think there is any similarity at all with the super user scandal at Absolute poker. Its two different things. The problem with Absolute wasnt financial. They had money. FT doesnt
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
such a shame hearing has been made private. anyway i think unless fulltilt find investors, its no good because fulltilt dont have money to payback players.
Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
"Poker-King.com reports that the Full Tilt Poker hearing (which started yesterday), will continue today in London.
"a source (that wishes to remain anonymous) who is close to the situation said that 'nothing happened of substance today' and that the hearing will continue on Tuesday.", Poker-King told late last night.
The AGCC has been careful to keep the private meeting private, since two security guards have reportedly been appointed by the AGCC to patrol the hearing premises."
Joined: Oct '10
Location: United Kingdom
Age: 63 (M)
Posts: 442
This is the full article published yesterday:
In court filings released Tuesday in New York, prosecutors allege the co-owners of Full Tilt, which include Mr. Ferguson and Mr. Lederer, siphoned off player cash for themselves and to cover company expenses. In total, the filings allege, nearly $444-million of player funds went to Full Tilt’s owners between 2007 and 2011, even though the company was running out of cash.
“Full Tilt was not a legitimate poker company, but a global Ponzi scheme,” Preet Bharara, U.S. Attorney for the Southern District of New York, said in a statement. Mr. Ferguson and Mr. Lederer have yet to respond to the lawsuit.
Both are legends in the poker world, famous for winning millions and their colourful backgrounds. Mr. Ferguson, who has a PhD in computer science from UCLA, is known as “Jesus” for his long hair and has a peculiar ability to cut a carrot in half by throwing a regular playing card from 10 feet away. Mr. Lederer, a poker genius from an early age, left Columbia University in 1994 and headed to Las Vegas where he quickly became known as “The Professor” for his meticulous, analytical playing style.
Together, they helped launch Full Tilt in 2004 and it soon became the second-largest online poker site in the world.
Problems surfaced in 2006 when the U.S. government launched a crackdown on Internet gambling and passed tough laws aimed at putting Full Tilt and others out of business. The companies responded by moving their operations offshore, but the new laws made it difficult to handle player payments through U.S. banks. To solve that problem, prosecutors allege, Full Tilt and the others created phony companies, such as fake pet shops and flower stores, to process payments.
In April, 2011, the U.S. Attorney went after Full Tilt and its main competitors, PokerStars and Absolute Poker, with a series of lawsuits alleging money laundering, fraud and illegal gambling. Prosecutors sought $3-billion in penalties and froze assets, including player accounts. The firms have denied the allegations.
On Tuesday, prosecutors expanded their case with allegations that Full Tilt systematically ripped off clients.
Court filings allege Full Tilt’s owners repeatedly reassured online players that their money was securely held in individual accounts, “all of which are separate and distinct from our operating accounts.” In fact, prosecutors allege, the money was mingled together and used to pay the co-owners and make “loans” to preferred professional players. Prosecutors allege Mr. Lederer received $42-million and Mr. Ferguson was allocated $85-million, filings allege. Much of the money was transferred to personal accounts in Switzerland, the filings allege.
By 2010, the filings allege, Full Tilt was finding it harder to process player money and was running out of cash. But it allegedly continued to send $10-million a month to its owners. To cover their tracks, prosecutors allege Full Tilt simply credited player accounts with phony money if they won. Their hope was that players would keep playing and not cash out their winnings.
Shortly after the April lawsuits, Full Tilt had barely $6-million on hand and owed its players more than $300-million, filings allege.
“This is a sad and disappointing day for American poker players,” said the Poker Players Alliance, a Washington-based advocacy organization. “If true, these allegations detail a massive betrayal of player trust which will cause financial hardship for thousands, if not millions, of individual poker players, none of whom are accused of doing anything wrong.”
Joined: Apr '09
Location: Portugal
Age: 44 (M)
Posts: 4827
Its complicated. Starting on the 19th, probably it will take some days, or better, some sessions to become to a decision. And this sessions can be bookmarked in separate days, which means there can be, for instance, only one session per week, and if there will be 4 sessions, it means it will take a month. But this doesnt means there arent media trying to know about something that took part at this first session. If anyone knows something, media will give that to us, thats for sure. Lets wait.
------------ Its complicated. Starting on the 19th, probably it will take some days, or better, some sessions to become to a decision. And this sessions can be bookmarked in separate days, which means there can be, for instance, only one session per week, and if there will be 4 sessions, it means it will take a month. But this doesnt means there arent media trying to know about something that took part at this first session. If anyone knows something, media will give that to us, thats for sure. Lets wait.
Joined: Aug '10
Location: Germany
Age: 52 (M)
Posts: 2219
We got no news from FT & Co. It seems that we must wait for another long time to get answers. I read every times problems for US Placers, Problems for US Players.... And all the other Players around the world?
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
First couple of months i was hoping that some day they will reopen and will be able to get my money out. Now, i dont think i wll see that money again. At least no time soon.
They should give us interest too if they reopen. We have lost millions all this time our money being bounded
Posted by Mober: First couple of months i was hoping that some day they will reopen and will be able to get my money out. Now, i dont think i wll see that money again. At least no time soon.
They should give us interest too if they reopen. We have lost millions all this time our money being bounded
I am strongly suspecting that there will be legal matters relating to Full Tilt. At the end of the day, the company still exists and the owners are still sat with lots of money. I envisage lots of legal challenges for people to get their money back, moreso from the european members who have done nothing wrong.
Joined: Mar '08
Location: United Kingdom
Age: 44 (M)
Posts: 6714
You make a good point fcumred, the UGA applies to the player and not just the site. Europeans have a much stronger case in regards to return of monies, FT is still worth ( i hear) around 500mill, but I wont hold my breath.
