GREED!

$60 mill seems to be a small number in comparison to what I thought. I assumed if they had cashflow probs it was a # in the hundreds of mills which was causing the delay, $60Mill seems kinda meh. Doesn't Ivey have that in his little coin pocket?

 

Originally Posted by tyson219

It could be even more though. If it was $60 million in early 2011 it could have grown (maybe even substantially) by April.

not to mention all the fishies who deposited for the double guarantee weeks

It's sitting in players bank accounts with FTP unable to get it out.

I freerolled on Full Tilt for thousands for about 2 months until Black Friday. The money I put in through my checking account never cleared the bank but Tilt gave me the credit and I cashed out thousands....so it is nice that tilt will never see that money from me..

I made a few deposits on to FTP that never cleared my back for months and then a few weeks before Black Friday, I started getting e-mail from FTP that now they were going to finally take this funds months later. I started to protest this but I knew that they had never removed them the first time. Now in my case we're only talking about $1200 but I can only imagine how much money many people were trying to deposit during this time and I'd be willing to bet that MANY of them didn't have it available months later when FTP came around to get it. I was aware on my second and third deposit that they weren't taking the money out but I didn't get carried away. I bet some people went ahead and maxed out and now they don't have it for the sites to get...

 

Originally Posted by I Suckout

I freerolled on Full Tilt for thousands for about 2 months until Black Friday. The money I put in through my checking account never cleared the bank but Tilt gave me the credit and I cashed out thousands....so it is nice that tilt will never see that money from me..

^ THIS is what I was saying in my post...

haha. These clowns seriosuly have no bussiness exp whatsoever. 60 million in uncleared deposits? What did they think would happen? looool.

 

Originally Posted by littleze

seriously this is totally FTP's fault, they shouldn't have let people play without getting the money out of their bank accounts

As someone already mentioned it was clear greed. All they were seeing was dollar signs towards the end. Multi-Entry Tourneys, Rush Poker, it was all about increasing the rake from the players they already had. I realized over the last year that the site wasn't being run well but I didn't realize they were this corrupt and money hungry.

Every new piece of info I get I realize just how amazing and well run pokerstars was and is.

 

Originally Posted by I Suckout

I mean after this guy Frantzen pleads guilty, do u really think regulation is coming? This guy must have very good lawyers and they advise him to plead guilty to federal felonies? I mean he throws himself under the bus and will likely face many years in prison and.you expect regulation? I don't see it anytime soon...

You're not seeing the totality of the situation sir. This is a battle between the govt and foreign poker sites. They were never welcomed here by the authorities. The fact that they found ways around the vague legislation and are now in trouble for it has absolutely no bearing on US interests in regulating and taxing the very profitable online poker business. The big Vegas casinos want to be licensed by the govt to provide online poker sites and the govt wants to give out those licenses so they can bring extra revenue into their coffers. The casinos profit, the govt profits, and Americans get to play poker online. Its a mother fucking win-win-win so stfu with what you think you know about regulation coming.

 

Originally Posted by Unreal03

haha. These clowns seriosuly have no bussiness exp whatsoever. 60 million in uncleared deposits? What did they think would happen? looool.

when this guy posts an is spot on you have to be worried

dumbass work from ftp's point of view, must have thought they would get the money eventually but i dont see why

Hard to believe that FTP was operating this way (uncleared deposits, free rolling, etc.) knowing that they had to be playing on 'borrowed time' from the U.S. government- i mean did they really think that the gov might not do something like they did on Black Friday?

this is accounting 101 (doing proper bank reconciliations and your financial statements monthly) and its pretty clear ftp has some serious problems with whatever they are doing in their accounting department. anybody that has ever done work in accounting just knows this type of thing should never happen, ever. cant see how this can possibly be a good thing at all for players getting their money back anytime soon.

edit: the more information that comes out about ftp, it seems impossible for the red pro owners to claim to be naive about what was happening with their business and the types of fraud that was occurring.

 

Originally Posted by MarkFSU1

this is accounting 101 (doing proper bank reconciliations and your financial statements monthly)

Or they were treating it like accounts payable and just writing a portion of it off as uncollectable.

Obv, it was a bad decision on their end. I think they knew the risks and made a calculated decision that the risk of not obtaining the money was less than the risk of losing the rake they could earn. That decision definitely backfired on them. Hopefully it won't affect players ability to get their money out.

I don't know enough about FTPs structure/the red pros...but i wouldn't throw the red pros under the bus just yet. I don't think it's known how much information was provided to them and how aware they were about the problems.

Yeah, i meant receivable.

I'm not saying they were writing all of it off as uncollectable. That would have been terrible. Just saying I wouldn't be surprised if they wrote off a portion as uncollectable but that portion was less than the rake that figured could be generated.

It just amazes me that anyone, US or not, would ever consider playing on FT after everything has come to light. Sad thing is, if they came back tomorrow, so would alot of players. Dark days ahead.