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Feds Call Full Tilt Poker A Massive Ponzi Scheme

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  1. AnonymousX AnonymousX is offline

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    Sep 21st, 2011 (9/21/2011 3:36am) in reply to SpankyHamm

     
    Originally Posted by SpankyHamm View Post

    He may not get in trouble, but he could be involved in the proceedings.


    For what????? Every single pro from FTP will have to go to court? That's absolutely ridiculous. That's soooo many people, and none of them have any knowledge of how the company was run. I'll put my couple of thousand that I had on there on my previous sentence.
  2. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 3:38am) in reply to AnonymousX

    unless he owes FTP money which I doubt because from what I know he wasnt playing high stakes cash games he should be fine.
     
  3. FouTight FouTight is offline international super spy

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    Sep 21st, 2011 (9/21/2011 3:38am) in reply to Mr. Blonde

     
    Originally Posted by Mr. Blonde View Post

    yeah wtf dwan's logic seems ridiculous reading that.

    Emotion can cloud even the sharpest of minds.
    424  
  4. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 3:39am) in reply to FouTight

    Dwan is poker smart. just because you are poker smart doesnt make you smart in other areas.


    I had a 53% roi over 10k games and Im more than sure there are people that would call me an idiot
    Edited By: stackinsideways Sep 21st, 2011 at 03:40 AM
     
  5. userid363 userid363 is online now Closet, found my way out

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    Sep 21st, 2011 (9/21/2011 3:40am) in reply to AnonymousX

     
    Originally Posted by tsxxx04 View Post

    For what????? Every single pro from FTP will have to go to court? That's absolutely ridiculous. That's soooo many people, and none of them have any knowledge of how the company was run. I'll put my couple of thousand that I had on there on my previous sentence.

    Yeah, a lot of them will be subpoenaed as witnesses if they have any relevant information about finances or who knew what and when. Doesn't mean they all will.

     
    Originally Posted by stackinsideways View Post

    Dwan is poker smart. just because you are poker smart doesnt make you smart in other areas.

    I had over a 53% roi over 10k games and Im more than sure there are people that would call me an idiot

    who?
  6. BigJohn804 BigJohn804 is offline

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    Sep 21st, 2011 (9/21/2011 3:41am) in reply to userid363

    I'll be curious to see more information come out on this, but I find the Ponzi scheme charge to be a little dubious, and too easily being thrown around. It seems to me the issue isn't that FTP was soliciting funds from investors with a promise of a return, and then using those funds to pay out the promised "returns" to its older 'investors'. Rather, at a minimum, it seems that once the flow of deposits was interrupted in the year previous to Black Friday and FTP continued to honor the deposits without being able to payout, they were engaged in a fraud. But the money wasn't being moved to other 'investors' or to the board running the company, because this money, the $130M, never actually existed. So the question becomes did the board continue to pay itself out of reserve player funds, and if so, this is not a Ponzi scheme but just corporate theft of some label.
  7. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 3:42am) in reply to BigJohn804

    lol I get called an idiot daily. pick an OT member and Im sure they have called me an idiot atleast once
     
  8. Camz Camz is online now

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    Sep 21st, 2011 (9/21/2011 3:43am) in reply to stackinsideways

    stackin how many more times will you mention either how much you have tied up, your ROI, games played or anything else ITT?

    Yea we get it, you have money online. You know what? Some of us do too. Get over yourself
  9. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 3:45am) in reply to Camz

    prolly a few more times. just because you seem to enjoy it tho
     
  10. Skyroller Skyroller is offline

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    Sep 21st, 2011 (9/21/2011 3:46am) in reply to stackinsideways

     
    Originally Posted by BigJohn804 View Post

    I'll be curious to see more information come out on this, but I find the Ponzi scheme charge to be a little dubious, and too easily being thrown around. It seems to me the issue isn't that FTP was soliciting funds from investors with a promise of a return, and then using those funds to pay out the promised "returns" to its older 'investors'. Rather, at a minimum, it seems that once the flow of deposits was interrupted in the year previous to Black Friday and FTP continued to honor the deposits without being able to payout, they were engaged in a fraud. But the money wasn't being moved to other 'investors' or to the board running the company, because this money, the $130M, never actually existed. So the question becomes did the board continue to pay itself out of reserve player funds, and if so, this is not a Ponzi scheme but just corporate theft of some label.

    Yeah, I don't think Ponzi is right. Embezzlement is surely closer.

     
    Originally Posted by stackinsideways View Post

    lol I get called an idiot daily. pick an OT member and Im sure they have called me an idiot atleast once

    Guilty!
  11. Camz Camz is online now

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    Sep 21st, 2011 (9/21/2011 3:48am) in reply to norcaljeff

     
    Originally Posted by norcaljeff View Post

    can we all remember that these are just government accusations at this point? for a forum that likes to shit on cops and hates government we seem to be treating these accusations as facts. not saying they aren't right, just saying we don't know the whole story yet.

    again, what dont "we know"? What side to the story do you need to know? I will do my best to answer your questions

     
    Originally Posted by stackinsideways View Post

    prolly a few more times. just because you seem to enjoy it tho

    Yea i like how you totally evade the question. Funny how you keep mentioning it on 2+2 too. lol, omg!! 10k games, 20k locked up!!

    And did you really post your SS graph in that thread? Lol you are a ridiculous clownshoe
  12. tkeat1653 tkeat1653 is offline

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    Sep 21st, 2011 (9/21/2011 3:50am) in reply to Camz

    If I was starting an all star posting team in OT my first 4 picks would def be AMARTIN, Scottbrewer, Donkey Kong, and Stackin.

    Put them in a thread and everything they post is sofawesome.
  13. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 3:55am) in reply to tkeat1653

    I didnt evade the question I told you I would prolly do it a few more times.
     
  14. Camz Camz is online now

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    Sep 21st, 2011 (9/21/2011 3:58am) in reply to stackinsideways

    i asked if you think anyone cares about your ROI or how many games you played or how much you have locked up in a thread about FTP/Ponzi scheme
  15. dolphin13 dolphin13 is offline OT Vice MVP

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    Sep 21st, 2011 (9/21/2011 4:01am) in reply to Camz

    Meh. We've clashed but I've grown to like stacked. He's alright and I don't think he's tooling out in this thread. But Ive been accused of tooling out in this thread and I dont think thats the case either
  16. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 4:04am) in reply to Camz

     
    Originally Posted by Camz View Post

    stackin how many more times will you mention either how much you have tied up, your ROI, games played or anything else ITT?

    just for the record. not that I care. you can call me a doosh on an internet forum. Its not going to hurt my feelings
     
  17. AFink93 AFink93 is online now

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    Sep 21st, 2011 (9/21/2011 4:10am) in reply to stackinsideways

    Add this Ponzi scheme thing to the list that OT has invented.. As I said this was a Ponzi Scheme months ago along with others in here. Blonde I think.
  18. Mr323 Mr323 is offline

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    Sep 21st, 2011 (9/21/2011 4:13am) in reply to stackinsideways

    Just causer I got home from work and wondering why this wasn't moved to PD or something.



    I have zero respect for those ITT chiming in who lost close to nothing.
  19. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 4:13am) in reply to dolphin13

     
    Originally Posted by dolphin13 View Post

    Meh. We've clashed but I've grown to like stacked. He's alright and I don't think he's tooling out in this thread. But Ive been accused of tooling out in this thread and I dont think thats the case either

    gotta have some little battles every now and then to liven this place up ya know.

    shit gets boring here. if it werent for the occasional trollfest there would be nothing new to read here
    Edited By: stackinsideways Sep 21st, 2011 at 04:15 AM
     
  20. rungoodmuch rungoodmuch is offline

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    Sep 21st, 2011 (9/21/2011 4:14am) in reply to AFink93

     
    Originally Posted by AFink93 View Post

    Add this Ponzi scheme thing to the list that OT has invented.. As I said this was a Ponzi Scheme months ago along with others in here. Blonde I think.

    umm
     
  21. Mr323 Mr323 is offline

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    Sep 21st, 2011 (9/21/2011 4:18am) in reply to Mr323


    Yeah I lost 89 bucks, however this is str8 bs. Woooo I used the number 8.

    Lotsa bullshit ITT, who do you think you are?



    That pic wasn't possed to be in poker evidence file. WELP
  22. mattg1983 mattg1983 is online now buying action

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    Sep 21st, 2011 (9/21/2011 4:20am) in reply to Mr323

    how drunk are you?
     12
  23. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 4:21am) in reply to mattg1983

    buttereyes^?
     
  24. LSUfan LSUfan is offline

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    Sep 21st, 2011 (9/21/2011 4:21am) in reply to mattg1983

     
    Originally Posted by mattg1983 View Post

    how drunk are you?

    lol i was about to ask that
  25. Niceguy Niceguy is offline I will find you.

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    Sep 21st, 2011 (9/21/2011 4:24am) in reply to stackinsideways

    Should we start a fund now so that we have the capital to send waco care packages when he is in pound the ass federal prison?
  26. Howardson Howardson is offline

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    Sep 21st, 2011 (9/21/2011 4:28am) in reply to bustindustin

    Look. Howard isn't a criminal, he is a stockholder, and stopped working for FTP since about 3 years ago. The fact of the matter is that he didn't have anything to do with it (besides being posterchild). In the case of the company, laws made it difficult to transfer money to the website and back in America leading the company to working a grey area.
    Edited By: Howardson Sep 21st, 2011 at 04:32 AM
  27. Mr323 Mr323 is offline

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    Sep 21st, 2011 (9/21/2011 4:29am) in reply to LSUfan

    I might be drunk, or just kinda sober.

    Just put in your checking account and I will match a full hundo free, then tell you the answer.

    hint: I'm drunk

    Yeah I'm buzzed but here is my point.

    Before BF, Full Tilt offered a "free" match on any deposit via checking account. They were just flat out like "deposit via checking and we flat out give you a hundo"

    I always hated tilt and this made me think, why?

    Cause any deposits were worth nothing and were never intended to be paid.

    I realize successful players never saw this, but how many small time grinders fell for this?
  28. adamsapple19 adamsapple19 is offline

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    Sep 21st, 2011 (9/21/2011 4:30am) in reply to bustindustin

    Did I miss something in the front page article that said the US DOJ is actually charging FT pros with something? Ppl are talking itt like Ferguson and other pros will be going to prison. I understand today's event as simply a statement of opinion from the DOJ that everyone at FT was corrupt and collectively working to rip off their customers.

    Someone earlier in this thread said it right that "ponzi scheme" was a trigger word. I'm not sure why the DOJ decided to play this card at this moment but it sure is interesting.
     
  29. stackinsideways stackinsideways is offline

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    Sep 21st, 2011 (9/21/2011 4:31am) in reply to Mr323

    there were people loading up thousands of dollars pre BF that were never taken out of their accounts and pretty much just freerolling.
     
  30. Mr323 Mr323 is offline

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    Sep 21st, 2011 (9/21/2011 4:33am) in reply to stackinsideways

    Exactly.
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