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FTP License revoked today

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  1. the_dean22 the_dean22 is offline

    Orlando, FL
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    Sep 29th, 2011 (9/29/2011 2:58pm)

    http://www.gamblingcontrol.org/userf..._statement.pdf
     111

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  2. YoungBeezie YoungBeezie is offline

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    Sep 29th, 2011 (9/29/2011 3:12pm) in reply to Crystal extacY

    Hmmmm.. so what does this mean? FTP is dead forever?
  3. Crystal extacY Crystal extacY is offline

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    Sep 29th, 2011 (9/29/2011 3:15pm) in reply to YoungBeezie

    i really hope not man, i think they just need to find a another license. not sure, but i geuss well be waiting a while till we see out $$.
  4. evechad evechad is offline

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    Sep 29th, 2011 (9/29/2011 3:19pm) in reply to Crystal extacY

    there have to be so many hidden agendas.
    1. ftp was not a ponzi scheme, they figured out how much cash on hand they needed to have to operate a business.(not figuring the doj would come in and crush everything)
    2. referring to 1, if the only mistake ftp had was credtiing player's accounts, then that should not result in anything more then a couple people getting fired.
    .....im going nowhere with this post, but why has the doj not released a statement? my money is losing value and they are just holding 115$million. if they released a statement pledging to redistribute that, then i would feel much better.
    Im so mad and i apologize for this rant.
     1
  5. Crystal extacY Crystal extacY is offline

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    Sep 29th, 2011 (9/29/2011 3:22pm) in reply to evechad

    yeah, our $$ is truly losing its value..
  6. evechad evechad is offline

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    Sep 29th, 2011 (9/29/2011 3:25pm) in reply to Crystal extacY

     
    Originally Posted by Crystal extacY View Post

    yeah, our $$ is truly losing its value..

    i know. the doj should make a statement pledging to redistribute it or not. people have life changing money online, and i cant make good decisions until i know if i am going to get that money.
     1
  7. Crystal extacY Crystal extacY is offline

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    Sep 29th, 2011 (9/29/2011 3:29pm) in reply to evechad

    yeah , shits fucked man. would be a sick 1 outer miracle home run if doj decides to repay back players with siezed funds..lol.
    Edited By: Crystal extacY Sep 29th, 2011 at 03:30 PM
  8. ApesAreFun ApesAreFun is offline Moderator/Euro Donk

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    Sep 29th, 2011 (9/29/2011 3:54pm) in reply to Crystal extacY

    Well thats not good news at all.
     
  9. mcandrews3rd mcandrews3rd is online now

    United Kingdom

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    Sep 29th, 2011 (9/29/2011 4:07pm) in reply to ApesAreFun

    Is this gg ftp or could they get it re-instated with cash flow n players bein paid? (Not that any1 would invest serious money now that they don't even have a license) guess ftp's only play is to sell the software
     1
  10. Lefra Lefra is offline

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    Sep 29th, 2011 (9/29/2011 4:19pm) in reply to mcandrews3rd

    do the players balance still exist BTW ? lol
  11. Dan Dan is online now Administrator

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    Sep 29th, 2011 (9/29/2011 4:19pm) in reply to Lefra

    Here's a link to the official AGCC statement:
    http://www.gamblingcontrol.org/userf..._statement.pdf
     
  12. PhilDes24 PhilDes24 is offline

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    Sep 29th, 2011 (9/29/2011 4:26pm) in reply to the_dean22

    http://www.gamblingcontrol.org/userf..._statement.pdf

    Why has there been no talk of what the AGCC has been doing for the last couple of years while Full Tilt was stealing money from all of us? This is an entity who charges licensing fees, which by the way were paid out of stolen player funds, and allowed FTP to operate under their supervision or lack thereof for years. Now, after the shit hits the fan, the AGCC wants to collect the last of their overdue fees from OUR money and then wash their hands of the entire thing? It just comes off to me as extremely shady and suspicious. The AGCC has been doing nothing to look out for the players the entire time, and yet continues to take money that FTP doesn't have? I am a marketing grad, not a legal one, but if anyone can explain why there is no liability for the actions of the licensee, Full Tilt, by the license issuer, the AGCC it would be useful. I am only getting screwed out of $5596.42, but I know this issue affects some P5ers to a much larger degree. Just curious if anyone has any idea.
  13. wackyJaxon wackyJaxon is offline Admin X

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    Sep 29th, 2011 (9/29/2011 4:30pm) in reply to Dan

    This isn't the end of the world, as it will continue to push for a buyer. AGCC didn't pull the rope forever if a new buyer is found. It also seems AGCC is just doing this to clean their hands of the matter per the last sentence of the quote below from the PDF statement.

    "It is important to note that the revocation of FTPs licences does not, as has been suggested,prevent a reactivation of the business under new ownership and management. Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTPs licences have been revoked, AGCC no longer has jurisdiction over these companies."

    UB somehow still has a license, so I guess its also possible for FTP to get a license with Kahnawake Gaming Commission."
    Edited By: wackyJaxon Sep 29th, 2011 at 04:34 PM
    Reason: PDF copying format
      1 
  14. stackinsideways stackinsideways is offline

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    Sep 29th, 2011 (9/29/2011 4:38pm) in reply to wackyJaxon

    the AGCC is a complete joke. All they did was loan ftp their logo. Is there any way that they can be held accountable for their actions or lack of action? or do they just get to continue on not doing their job and not protecting the players?
     
  15. AFink93 AFink93 is offline

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    Sep 29th, 2011 (9/29/2011 4:41pm) in reply to Crystal extacY

     
    Originally Posted by Crystal extacY View Post

    yeah , shits fucked man. would be a sick 1 outer miracle home run if doj decides to repay back players with siezed funds..lol.


    How can the repay with money they dont have.. The seized funds arent even close to what is owed to US Players. THere is no money to be had..
  16. pocketfish pocketfish is offline

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    Sep 29th, 2011 (9/29/2011 4:48pm) in reply to stackinsideways

     
    Originally Posted by stackinsideways View Post

    the AGCC is a complete joke. All they did was loan ftp their logo. Is there any way that they can be held accountable for their actions or lack of action? or do they just get to continue on not doing their job and not protecting the players?

    Who are the AGCC? I thought everyone was under the impression these 'control commission' were a joke, anyway. How come they didn't make sure FT was on the up and up for the last couple years? Wouldn't they have some responsibility to make sure FT weren't doing shady things?
  17. MALS_BACK MALS_BACK is offline

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    Sep 29th, 2011 (9/29/2011 5:10pm) in reply to pocketfish

    Ok for all of you who think the doj will refund players funds....no offense but are you kidding me?

    Think of it from the doj's point of view....FREE MONEY TO COVER DEBT.

    They'll just say everyone in the United States was playing illegally and therefor isn't entitled to any funds seized from fulltilt.

    Im not trying to crush anyone's dreams and really hope players get their money as well, but im also a realist.
  18. Dan Dan is online now Administrator

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    Sep 29th, 2011 (9/29/2011 5:12pm) in reply to MALS_BACK

    Here's our feature article on the AGCC revoking Full Tilt's license:
    http://www.pocketfives.com/articles/...led-us-586818/
     
  19. MarkFSU1 MarkFSU1 is offline

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    Sep 29th, 2011 (9/29/2011 5:38pm) in reply to evechad

     
    Originally Posted by evechad View Post

    there have to be so many hidden agendas.
    1. ftp was not a ponzi scheme, they figured out how much cash on hand they needed to have to operate a business.(not figuring the doj would come in and crush everything)
    2. referring to 1, if the only mistake ftp had was credtiing player's accounts, then that should not result in anything more then a couple people getting fired.
    .....im going nowhere with this post, but why has the doj not released a statement? my money is losing value and they are just holding 115$million. if they released a statement pledging to redistribute that, then i would feel much better.
    Im so mad and i apologize for this rant.

    1. doesnt matter if they were a ponzi scheme or not, ftp continued to pay themselves 10s of millions of dollars well after they knew there was a shortfall in player deposits. they were raking fake dollars and continued to pay themselves 10s of millions. there has been no money in ftp for a long time, its all just being exposed recently. they were looking for investors before black friday to pump in liquidity (using cooked books to convince investors that the business was legit) because they knew they were deep in the sh*t.

    2. if you think the only thing ftp did wrong was credit players accounts, you simply do not have all the information. ftp has committed all kinds of frauds and lies to players, investors pre and post BF, as well as their licensing authority.

    This is what ive done for a living and have a bunch of my net worth on that site, but the money is simply gone. these guys are crooks as far as im concerned. the doj has released statements, theyve said over and over they want players paid (and one site has actually done that)
    Edited By: MarkFSU1 Sep 29th, 2011 at 05:43 PM
  20. supra1988t supra1988t is offline

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    Sep 29th, 2011 (9/29/2011 5:42pm) in reply to MarkFSU1

    Why do I open P5s in the morning? Fuck.
     
  21. sssssssivarT sssssssivarT is offline

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    Sep 29th, 2011 (9/29/2011 6:07pm) in reply to supra1988t

    "23. Document JS21(I) illustrates the individual seizures made by the Department of Justice during the period 28th June 2007 to 20th June 2011, which amount to a cumulative total of approximately $331 million US Dollars."

    WTF is this shit, $331mill, what is the total amount of $ players have locked up, because im pretty sure $331mill should cover it or be a huge chunk.

    http://www.justice.gov/usao/nys/pokerstars.html
  22. DeaconMike DeaconMike is offline

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    Sep 29th, 2011 (9/29/2011 6:49pm) in reply to sssssssivarT

    Seems to me this entire fiasco about a potential buyer for FT was a
    smokescreen. I doubt the AGCC would've revoked FT's license knowing
    a pending deal depended on the license staying valid. If there was a
    legitimate buyer for FT he should have released a presser asking for
    the poker community to contact the AGCC and he also should have
    stated his intentions of paying the players back.

    Instead, all we got was a few tidbits about this mysterious white knight
    and a plea from the attorney to contact the AGCC. Seems bogus to me.
    The AGCC knew the most important issue was paying the players back
    so if there was a deal close to being finalized under new management
    they wouldn't have revoked the license in my opinion.

    But, we still have hope (LMAO). Next week we'll get more encouraging
    news of another investment group ready to step up to the plate and save
    us. There's no way in hell any legitimate businessman would buy FT
    knowing they had to start of 330mil in the red. If anything, any future
    buyers will let the company fall apart and buy it for pennies on the dollar.
    And whenever a company goes belly up, the people who have $$ invested
    are always the last to get paid, if ever.
  23. lunarphase lunarphase is offline

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    Sep 29th, 2011 (9/29/2011 6:51pm) in reply to DeaconMike

    http://www.justice.gov/usao/nys/pokerstars.html

    Some hope but who knows how long it would take.
     
  24. RANDYPET RANDYPET is offline

    Grand Blanc, MI
    United States

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    Sep 29th, 2011 (9/29/2011 7:11pm) in reply to lunarphase

    Not happy about Alderney's decision, but if you read the details of how Full Tilt was operating their business, they had no choice. I still have about $6k I'm hoping to recover someday, but this was a decision that had to be made. Ugly fn mess.
  25. jediwithaces jediwithaces is offline

    Canada

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    Sep 29th, 2011 (9/29/2011 7:34pm) in reply to RANDYPET

    every pro that vouched for this ponzi scheme should be held accountable. no doubt the lies since bf were created to buy time for the exit plan. give it a few years and you will see the same poker-ponzi under a different brand with the same crooks behind it.
  26. doghouse doghouse is offline

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    Sep 29th, 2011 (9/29/2011 8:16pm) in reply to jediwithaces

    if you think this administration is going to give any $$ back your living on a planet far far away. for one they need the money and for another ft isn't some green corp who gave $$ to his election campaign.
  27. kevmode kevmode is offline

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    Sep 29th, 2011 (9/29/2011 8:33pm) in reply to doghouse

    Dam this sucks, this put a sour taste in my mouth.
     
  28. ShyGuy03533 ShyGuy03533 is offline

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    Sep 29th, 2011 (9/29/2011 8:36pm) in reply to kevmode

     
    Originally Posted by kevmode View Post

    Dam this sucks, this put a sour taste in my mouth.

    u sure it was this article that put a sour taste in ur mouth?

    as for everyone else, its basically chicken or egg situation...

    an investor prolly wont buy unless it is gaurenteed ftp will be licensed, and a license wont be given unless a backer full commits....
    Edited By: ShyGuy03533 Sep 29th, 2011 at 08:39 PM
  29. kevmode kevmode is offline

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    Sep 29th, 2011 (9/29/2011 8:50pm) in reply to ShyGuy03533

    What the hell is going on with FTP. I thought they had a dam investor lined up to buy the company. I wonder if they can get a license through another game commission.
     
  30. Dan Dan is online now Administrator

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    Sep 29th, 2011 (9/29/2011 8:53pm) in reply to kevmode

    Latest update, which is the U.S. Department of Justice addressing player refunds from Full Tilt:
    http://www.pocketfives.com/articles/...months-586819/
     
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