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Full Tilt Poker Forum Hrithik Roshan
I’m so amazingly pissed off about this:
The TL;DR version - US says FTP was a ponzi scheme because they paid out the owners before their creditors (the players).
While I don’t doubt that, I do have an issue with this paragraph:
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“The distributions to the owners continued even as funds to pay out creditors—the poker players—dwindled because government investigators had made it increasingly impossible to move player money into company-affiliated bank accounts, the government says.”
So…players, like me, were unable to redeem their deposits because the gov’t made it extremely difficult to do business with US banks. (This is true. Getting money out of FTP was a pain, but it was possible.) Then the gov’t gets pissed because FTP can’t make distributions to players. WTF?
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I don’t doubt it was a shady company. I have no idea what kind of reserves they kept on hand. I’m sure if there was a run on deposits they would have been screwed. But, that’s not why the gov’t took them down. It wasn’t about the safety of my money. It was because they weren’t getting their cut!
This was complete BS when it happened, not to mention hugely unpopular, and now the justice department is grasping at straws to cover their ass. Laughlin casino poker lessons. I want my online poker back.