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Black Friday: New statement from Full Tilt Poker

Tags: black friday, full tilt poker, statement.
Posted on 01 September 2011 by "T".

It was a while ago since Full Tilt Poker commented on Black Friday and the ongoing issues with their operation, however, 2 days ago, the site finally released a statement addressing a few questions currently being asked of them. Below is the full version of FTP's statement.

"As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday. 

The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws-a belief supported by many solid and well-reasoned legal opinions-the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.

Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations"

 


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15 comments for "Black Friday: New statement from Full Tilt Poker"

 LooseKiddie01/09/2011 09:20:27 GMT
Another bullshit statemant - that what it is. Every statment from FTP looks is almost the same. "We want to pay", "we are doing everything to pay back", "it's not our fault"... I think I won't read any future statments from Full Tilt, as long as they won't be back online.
 MIGO1401/09/2011 10:49:22 GMT
Yeah, I already read this one somewhere else.
Nothing new, just another try to convince people that all of this was not their fault.
There is nothing we van do than just wait and see what will happen...
 Sant0BB01/09/2011 11:18:35 GMT
I agree this is pure bullshit. I hope finally we get our money and some juicy bonuses...
 SuperNoob01/09/2011 12:25:20 GMT
seems like they are already preparing a bankruptcy statement in case they fail to get investors, hope they can find someone to risk their money and pay the players.
 lukasb01/09/2011 12:27:24 GMT
Of course it's not their fault... such smartass ppl, who would figure that someone would find out their scheme and shut them down... funny how much they all resemble politicians when starting to do promises...
 Fakiry01/09/2011 14:02:46 GMT
I dont want to speak about Black Friday and the sadness that players waiting for withdrawals from there must be feeling, but i paid attention to a certain part of this letter:
But FT says there was a "key payment processor" robbing them over $42M... that's a lot of money, and it shouldn't have been in only one operation. How could they let this continue for so many time till it reached $42M? I believe they quickly know when things start running bad with one of the payment processors and easily block its access. Then its a matter of advising players, specialiy those who use that tpe of payment, to stop using it. Just hope other rooms dont let problems like this reach such a big value.

------------
I dont want to speak about Black Friday and the sadness that players waiting for withdrawals from there must be feeling, but i paid attention to a certain part of this letter:
But FT says there was a "key payment processor" robbing them over $42M... that's a lot of money, and it shouldn't have been in only one operation. How could they let this continue for so many time till it reached $42M? I believe they quickly know when things start running bad with one of the payment processors and easily block its access. Then its a matter of advising players, specialiy those who use that tpe of payment, to stop using it. Just hope other rooms dont let problems like this reach such a big value.
 B1gfoot01/09/2011 14:17:09 GMT
I wounder if that payment processor was Michael Schuett, if so can they blaim him, they knew what he was up to, obviously working with dodgy people puts you up for a shortfall at some stage, if the put him forward as the mastermind then obviously the would lose the money.
 Setera01/09/2011 22:12:25 GMT
Well just hearing about this is already 1 small step closer. Now just hope they are able to make the leap. So everyone gets his money back and we can trust again in FTP
 LooseKiddie02/09/2011 14:29:37 GMT
@B1gfoot

The payment prcessor was Daniel Tzvetkoff from what I know, but I may be wrong. I just know that P* and FTP were robbed by him for like $100M. And he is the only reason why Black Friday happened. The funny thing is that Tzvetkoff got himself into the FBI hands ONLY because of P* and FTP - and then he told FBI everything they wanted to know, because otherwise he could spend like 70 or 75 years in prison (and he is very young, 28 or something like that). You know the end of this story, called Black Friday now Smile
 schwabo03/09/2011 13:55:11 GMT
Hi,this is last time that I read something about Fulltilt,when they come back then I will register and cashout my money.
3 months there is info they come back for 2 weeks,after that next month and every week or 2 same story,I don't belive any of that info,when fulltilt be on my screen then I will belive.
Aww crap! Aww crap! Aww crap! Aww crap! Aww crap! Aww crap!
 ladere14/09/2011 10:12:58 GMT
we need fulltilt poker back it's so borering,other poker site's are'nt as good,like f k up jokerstars ,please come back fulltilt
 B1gfoot14/09/2011 12:28:52 GMT
4 more days until the bad news, stupid DoJ, stupid USA, stupid FullTilt, Stupid gaming commission, stupid law... Angry

@LooseKiddie, you can not blaim him alone, yes he has involvement, but if FTP and PS played by the rules then he would never exist in the way he does/did, he never gave himself, PS or FT (I forget which) gave his name and what he did, then he spewed what he did, so FT/PS grassed themselves up because he owed them money, he went from multi millionaire, to broke over night.
Now not only are FTP, PS and Daniel to be blamed, but so can the regulators, how log did this go on before they decided to do something, they were not doing what they were paid to do, and was not until the FBI got involved they decided to get involved.

Now the reality of it is, the people behind the sits are to blaim(including, but not soely Daniel, he was not the only processor), they choose to commit bank fraud and money launder(allegedly), his 100mill is a very small portion, some might even say we are to blaim.

But at the moment people think PS are wounderfull. PMSL they did just what FT did, the only difference is they kept some aside to pay of the yanks, were FT thought they could drip feed.
And the thing that gets me is the US are still online!

It all just goes to show that no matter what we think, poker is corrupt.
 angiebaby3316/02/2012 22:05:26 GMT
Any American players who have or rather HAD money at Full tilt got what they deserved.You think you are entitled to thwart or thumb your nose at your country's laws?? lol What do you expect would happen? Look at the USA history of sticking their noses where they don't belong...duh! lol
 Greenmohave16/02/2012 23:25:21 GMT
I really hope this can happen! Of course everything would have went on "casual business" until the U.S. DOJ steps in and throws a screw ball to the site. Of course FT always paid their players. We never heard of any thieving / stolen cash due to the site being sobig they'd recover after such events, but with intervention and a freeze! Well that's a tuff recovery plan to implement. Good Luck FT

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