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Full Tilt Poker May Have $128 Million in Uncollected Funds[ return to main articles page ]

By: Dan
Published on Aug 27th, 2011
According to an article that appeared on Subject Poker on Friday, Full Tilt Poker, which is currently idle after the Alderney Gambling Control Commission suspended its gaming license two months ago, may have $128 million in uncollected funds. This number is up from the previously reported total of $60 million, which the U.S. Department of Justice published in a press release in May. Subject Poker added that the “total debt to U.S. players is roughly $150 million.”

Subject Poker explained where the nine-figure shortfall came from: “The new figure was first mentioned publicly by lawyers representing Full Tilt in Todd Terry et al’s class action lawsuit representing U.S. players against many of the poker site’s companies and owners, and we have confirmed it with numerous reliable sources.”

According to Subject Poker and other industry sources, Full Tilt Poker’s conventional accounting method was as follows: “Players who deposited by electronic funds transfer received the deposited funds instantly in their Full Tilt Poker accounts. Typically, these funds would be debited from the players’ bank accounts a few business days after their deposit.”

The problem, however, was the funds were not taken from players’ bank accounts immediately, leading to what essentially amounted to a short-term loan. The poker news outlet added, “Full Tilt Poker was actually accepting deposits and crediting player accounts without payment processors in place to collect the money.” What resulted was nearly a $130 million cash shortfall.

According to Full Tilt’s lawyers and Subject Poker, the dormant online poker room can immediately recover $9 million of its $128 million debt. The rest would purportedly still need to be drawn down from U.S. bank accounts, which would breach Full Tilt Poker’s agreement with the U.S. Department of Justice saying that it can’t accept American deposits.

Sale discussions between Full Tilt Poker and a group of European investors purportedly brought to the table by site pro Phil Ivey (pictured) have come to a halt, according to a press release issued by the room earlier this week.

On Monday, Full Tilt announced that it had “concluded the exclusivity period of negotiations with their current potential investor. While Pocket Kings plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.” Read more.

In the meantime, a hearing about Full Tilt Poker that took place on July 26th in London in front of the Alderney Gambling Control Commission was cut short after the site’s legal team asked for the meeting to be adjourned in order to continue sale discussions.

An Alderney press statement asserted, “The Commissioners decided to adjourn the hearing, as they felt it was in the best interests of FTP’s customers. A key consideration in their decision was to allow FTP licensees ‘to further pursue advanced commercial negotiations which could lead to a more beneficial outcome for player interests.’” A hearing will likely take place in London on or before September 15th, although a date has not yet been announced.

In the Subject Poker article’s comments, one player had seemingly questioned whether Full Tilt Poker would refund U.S. poker players in the near future. He wrote, “Unbelievably stupid malpractice. It’s been very quiet lately on the pending buyout front, so is it a case of no news is good news, or is FTP just quietly fading away?”

PocketFives.com will continue to update you on the latest Full Tilt Poker headlines.

Comments

  1. acesupontilt acesupontilt is offline

    Posts: 106
    Joined: Apr 08

    Aug 27th, 2011 (8/27/2011 5:40pm)

    HAHAHA who didnt take adavantage of that when it started happening? I personally ran up over 3 grand in uncollected deposits just to stick it to them! There was pages upon pages of this type of thing happening on this forum as well as 2 2. Im glad i got the better of them just like im sure A LOT of other players did to 130 million worth to be exact HAHAHA F U TILT!
    Edited By: acesupontilt Aug 27th, 2011 at 05:41 PM
  2. MeJahAndOmaha MeJahAndOmaha is online now doesn't talk to roommates

    Posts: 3,157
    Joined: Feb 08

    Aug 27th, 2011 (8/27/2011 5:58pm) in reply to acesupontilt

     
    Originally Posted by acesupontilt View Post

    HAHAHA who didnt take adavantage of that when it started happening? I personally ran up over 3 grand in uncollected deposits just to stick it to them! There was pages upon pages of this type of thing happening on this forum as well as 2 2. Im glad i got the better of them just like im sure A LOT of other players did to 130 million worth to be exact HAHAHA F U TILT!

    Read up on how a ponzi scheme works, because thats basically what you took part in. The difference between you and the other people involved is most of us assumed it was just a short term issue with payment processors and that the money would eventually be debited from our accounts. You, on the other hand, seem to be proud of the fact that you actively defrauded FTP and the other members of the site.

    The only people you "stuck it to" are the other players who now can't get their withdrawals b/c you intentionally racked up deposits knowing that they couldn't/wouldn't be taken from your account.

    You didn't screw FTP, you giant clownshoe. You screwed other FTP players, with the help of FTP.
  3. The Baby Bull The Baby Bull is offline

    Los Angeles, CA
    United States

    Posts: 576
    Joined: Dec 07

    Aug 27th, 2011 (8/27/2011 6:18pm) in reply to MeJahAndOmaha

     
    Originally Posted by MeJahAndOmaha View Post

    You didn't screw FTP, you giant clownshoe. You screwed other FTP players, with the help of FTP.

    Agreed. On another note -

    Dear Aldernay Gaming Council,

    If you can't find a way to get FTP up and running again all of the players, not just the now banned US players, will lose most if not all of the money they had on FTP. Please figure something out ASAP.

    Sincerely,
    The Baby Bull
     
  4. Scrantos Scrantos is offline

    Denver, CO
    United States

    Posts: 53
    Joined: Mar 11

    Aug 27th, 2011 (8/27/2011 6:31pm) in reply to acesupontilt

     
    Originally Posted by acesupontilt View Post

    HAHAHA who didnt take adavantage of that when it started happening? I personally ran up over 3 grand in uncollected deposits just to stick it to them! There was pages upon pages of this type of thing happening on this forum as well as 2 2. Im glad i got the better of them just like im sure A LOT of other players did to 130 million worth to be exact HAHAHA F U TILT!

    cool brag dumb shit
  5. pokerproplaya08 pokerproplaya08 is offline

    FL
    United States

    Posts: 1,043
    Joined: Nov 09

    Aug 27th, 2011 (8/27/2011 7:30pm) in reply to Scrantos

     
    Originally Posted by Scrantos View Post

    cool brag dumb shit

    +1
  6. acesupontilt acesupontilt is offline

    Posts: 106
    Joined: Apr 08

    Aug 27th, 2011 (8/27/2011 7:56pm) in reply to pokerproplaya08

    You can all kiss my hairy brown mud hole. Don't care about your little issue with my morality. FTP got what was coming to them and i will shout it loud and proud. Your just mad cause you lost money on an unstable site that was going downhill fast. You should have looked at the warning signs and been smart enough to get your loot off ASAP. I remember seeing a TON of posts of people selling their FTP funds for 60 cents on the dollar or less. If you were stupid enough to just close your eyes and pray for the best well you got what was coming. And as far as me taking advantage if it i would do it again and again. There's a saying "a fool and his money are soon parted", glad i got mine. UMADBRAH!!!???
  7. double_kyan double_kyan is offline

    CA
    United States

    Posts: 1,285
    Joined: Jul 08

    Aug 27th, 2011 (8/27/2011 8:00pm) in reply to acesupontilt

    they tried to withdrawal money from my acct. on a transaction from 5 months prior, the problem i have, is that in my case it was a denied deposit transaction ,so i played on AP because they accepted my card[that same day] what happens is that ftp attacks my bank acct.5months later {this is how i learned they were crooks and had zero customer support} super late response automated duplicated emails just saying i need too pay them money that i verified i never got on my ftp acct, always hated ftp always will
    Edited By: double_kyan Aug 27th, 2011 at 08:05 PM
     1
  8. Fox Fox is offline

    Posts: 2,686
    Joined: Apr 05

    Aug 27th, 2011 (8/27/2011 8:05pm) in reply to double_kyan

    "And as far as me taking advantage if it i would do it again and again."What's wrong with a person who tells a whole community that he's a crook and that he would happily screw them all again and again? He didn't screw us nearly as hard as Ivey or the owners of Full Tilt, but anyone who took advantage and never pays it back may have taken that money directly out of our pockets.
  9. ndevinmcc ndevinmcc is offline

    Posts: 12
    Joined: Jan 11

    Aug 27th, 2011 (8/27/2011 8:07pm) in reply to pokerproplaya08

     
    Originally Posted by pokerproplaya08 View Post

    +1

    +2
  10. clemsonrich clemsonrich is offline

    Richmond, VA
    United States

    Posts: 1,844
    Joined: Oct 08

    Aug 27th, 2011 (8/27/2011 8:09pm) in reply to ndevinmcc

    If this is the way FTP ran their business, they deserve to be screwed. I feel really bad for the players with money locked up on there, and FTP should be held legally liable for all funds. This is the most irresponsible business practice I've ever heard of. You can't even buy a lottery ticket with a credit card ffs, and they were just letting GAMBLERS rack up millions in uncleared/unchecked depos?? Gtfo. The sad fact is they knew that the more money was dumped on there the more rake they would generate, and then they would take their share before the players got any. So basically, whether the deposits were good or not, they were getting paid with the cash on hand and these uncleared funds were put on the players' backs. Beyond fked up.
     
  11. acesupontilt acesupontilt is offline

    Posts: 106
    Joined: Apr 08

    Aug 27th, 2011 (8/27/2011 8:15pm) in reply to clemsonrich

     
    Originally Posted by clemsonrich View Post

    If this is the way FTP ran their business, they deserve to be screwed. I feel really bad for the players with money locked up on there, and FTP should be held legally liable for all funds. This is the most irresponsible business practice I've ever heard of. You can't even buy a lottery ticket with a credit card ffs, and they were just letting GAMBLERS rack up millions in uncleared/unchecked depos?? Gtfo. The sad fact is they knew that the more money was dumped on there the more rake they would generate, and then they would take their share before the players got any. So basically, whether the deposits were good or not, they were getting paid with the cash on hand and these uncleared funds were put on the players' backs. Beyond fked up.

    +1000000 For a player with balls enough to spell it out for the kiddies who are to stupid to think for themselves. We live in a rape or be raped world nowadays who would you rather be?
  12. adamsapple19 adamsapple19 is offline

    Pueblo, CO
    United States

    Posts: 1,769
    Joined: Nov 08

    Aug 27th, 2011 (8/27/2011 8:31pm) in reply to clemsonrich

     
    Originally Posted by clemsonrich View Post

    If this is the way FTP ran their business, they deserve to be screwed. I feel really bad for the players with money locked up on there, and FTP should be held legally liable for all funds. This is the most irresponsible business practice I've ever heard of. You can't even buy a lottery ticket with a credit card ffs, and they were just letting GAMBLERS rack up millions in uncleared/unchecked depos?? Gtfo. The sad fact is they knew that the more money was dumped on there the more rake they would generate, and then they would take their share before the players got any. So basically, whether the deposits were good or not, they were getting paid with the cash on hand and these uncleared funds were put on the players' backs. Beyond fked up.

    Spot on sir, spot on.

    I'm pretty skeptical about unconfirmed info these days and idk where Subject Poker got their info but this 128m figure makes sense. Why else wouldn't a deal have been able to be struck to buy FT? They owe so much money (money that NEVER even existed) because of their greedy, irresponsible actions that they're obv not an attractive investment.

    This feels like it's pretty close the end. The major FT pros will prbly lay low for a couple years until a lot of the anger clears out. Future US-based poker sites will use FT as the example of how NOT to run a poker site and governing bodies will write rules and regulations that prevent what happened with FT from happening again.

    In five years, when the sting of losing my hard-earned money is gone, I know I'll be able to look back on this situation and make jokes about it. But in the meantime, fuck you full tilt.
     
  13. MeJahAndOmaha MeJahAndOmaha is online now doesn't talk to roommates

    Posts: 3,157
    Joined: Feb 08

    Aug 27th, 2011 (8/27/2011 8:52pm) in reply to adamsapple19

    In response to acesupontilt's posts...

    Can we delete/ban this clown yet? He's basically bragging that he intentionally defrauded FTP and FTP players and saying he'd gladly do it again.

    I didn't have anything on FTP when black friday happened. I became extremely suspect of the site when I had 3 small deposits that still hadn't cleared from November of 2010 and they started rolling out things like Rush Poker and Multi Entry Tournaments.

    The difference between you and me is that you saw this and started making larger deposits with no intention of ever covering them, while I just stopped playing/depositing (sweet brag about having integrity, I know). Doing what you did, with the knowledge and intentions that you had, is fraud... plain and simple. The part that you don't seem to get or care about is that the people you hurt with your fraud are the other players, not FTP. All that time that FTP was paying out money but not taking any in, they were still skimming their rake off the top of the available funds. They got theirs right up to the very end.

    FTP definately gets the blame here for their outrageously criminal business practices, but scumbag fraudsters like yourself are accomplices in FTP's scam.
    Edited By: MeJahAndOmaha Aug 27th, 2011 at 08:53 PM
  14. clemsonrich clemsonrich is offline

    Richmond, VA
    United States

    Posts: 1,844
    Joined: Oct 08

    Aug 27th, 2011 (8/27/2011 8:55pm) in reply to MeJahAndOmaha

    Yeah just ftr, I was in no way defending that assclown. He is most def part of this whole problem.
     
  15. acesupontilt acesupontilt is offline

    Posts: 106
    Joined: Apr 08

    Aug 27th, 2011 (8/27/2011 9:23pm) in reply to MeJahAndOmaha

     
    Originally Posted by MeJahAndOmaha View Post

    In response to acesupontilt's posts...

    Can we delete/ban this clown yet? He's basically bragging that he intentionally defrauded FTP and FTP players and saying he'd gladly do it again.

    I didn't have anything on FTP when black friday happened. I became extremely suspect of the site when I had 3 small deposits that still hadn't cleared from November of 2010 and they started rolling out things like Rush Poker and Multi Entry Tournaments.

    The difference between you and me is that you saw this and started making larger deposits with no intention of ever covering them, while I just stopped playing/depositing (sweet brag about having integrity, I know). Doing what you did, with the knowledge and intentions that you had, is fraud... plain and simple. The part that you don't seem to get or care about is that the people you hurt with your fraud are the other players, not FTP. All that time that FTP was paying out money but not taking any in, they were still skimming their rake off the top of the available funds. They got theirs right up to the very end.

    FTP definately gets the blame here for their outrageously criminal business practices, but scumbag fraudsters like yourself are accomplices in FTP's scam.

    Ban me for what speaking the truth? Or me stating my opinion or both? Your headed for a big fall off that high horse of yours. YOu can state how you think i stole from FTP players all you want. But when it comes down to brass tax you know damn well i stole from FTP. And so did HUNDREDS of other players. Did they deserve it? Lets ask the players who have thousands or hundreds of thousands stuck in limbo on FT. Do i feel bad for them sure a little but again if you cant think 2 steps ahead when it comes to shady online business that you new DAMN well was running illegally well tough luck go to the casino? Im just stating the obvious and i will never apologize for screwing over the company that screwed over soo many others!
  16. Crystal extacY Crystal extacY is online now

    Posts: 342
    Joined: Apr 10

    Aug 27th, 2011 (8/27/2011 10:30pm) in reply to acesupontilt

     
    Originally Posted by acesupontilt View Post

    HAHAHA who didnt take adavantage of that when it started happening? I personally ran up over 3 grand in uncollected deposits just to stick it to them! There was pages upon pages of this type of thing happening on this forum as well as 2 2. Im glad i got the better of them just like im sure A LOT of other players did to 130 million worth to be exact HAHAHA F U TILT!

    fuckin idiot,i wish you get hit by a bus. youd fuckin piss your pants if you had 200-300$ on thier.

    you really have some crazy nerve to come in here and bash ftp players. some players have more $$ then youll make in 10 years on ftp.
    Edited By: Crystal extacY Aug 27th, 2011 at 10:33 PM
  17. acesupontilt acesupontilt is offline

    Posts: 106
    Joined: Apr 08

    Aug 27th, 2011 (8/27/2011 11:12pm) in reply to Crystal extacY

     
    Originally Posted by Crystal extacY View Post

    fuckin idiot,i wish you get hit by a bus. youd fuckin piss your pants if you had 200-300$ on thier.

    you really have some crazy nerve to come in here and bash ftp players. some players have more $$ then youll make in 10 years on ftp.

    Read the whole thread druggie boy. Not bashing anyone with an IQ over 60 get bent. Go spend your rent check on some more X.
  18. Duffy08 Duffy08 is offline

    KS
    United States

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    Aug 28th, 2011 (8/28/2011 12:44am) in reply to acesupontilt

     
    Originally Posted by acesupontilt View Post

    You can all kiss my hairy brown mud hole. Don't care about your little issue with my morality. FTP got what was coming to them and i will shout it loud and proud. Your just mad cause you lost money on an unstable site that was going downhill fast. You should have looked at the warning signs and been smart enough to get your loot off ASAP. I remember seeing a TON of posts of people selling their FTP funds for 60 cents on the dollar or less. If you were stupid enough to just close your eyes and pray for the best well you got what was coming. And as far as me taking advantage if it i would do it again and again. There's a saying "a fool and his money are soon parted", glad i got mine. UMADBRAH!!!???

    That 3k prolly didn't even make a dent into what you've donated too me and other pros throughout the years. For that, on behalf of all pros, THANK YOU for your donations...and it will be my pleasure too continue accepting your donations upon the re opening of online poker in the USA.
     1
  19. Mr_BigQueso Mr_BigQueso is offline

    Melbourne
    Australia

    Posts: 6,132
    Joined: Mar 07

    Aug 28th, 2011 (8/28/2011 12:57am) in reply to Duffy08

    egregiousness !!
    572 1
  20. cocoa_butter111 cocoa_butter111 is online now

    ME
    United States

    Posts: 1,225
    Joined: Jun 09

    Aug 28th, 2011 (8/28/2011 1:02am) in reply to acesupontilt

     
    Originally Posted by acesupontilt View Post

    HAHAHA who didnt take adavantage of that when it started happening? I personally ran up over 3 grand in uncollected deposits just to stick it to them! There was pages upon pages of this type of thing happening on this forum as well as 2 2. Im glad i got the better of them just like im sure A LOT of other players did to 130 million worth to be exact HAHAHA F U TILT!


    great I will be visiting your house soon with some hired thugs to collect the 3grand with interest you dumb prick... you seriously have to be one of the dumbest kids alive because you are not sticking it to FTP but to the people who post here... Epic Fail on your part... hopefully karma fuks you over before i do ;)...

     
    Originally Posted by acesupontilt View Post

    +1000000 For a player with balls enough to spell it out for the kiddies who are to stupid to think for themselves. We live in a rape or be raped world nowadays who would you rather be?

    and now i would have no problem raping you with a golden sledge hammer..
     
 
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