Full Tilt Poker in MAJOR Trouble

ppabart

ppabart

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hedman said:
Plain and Simple, Full Tilt had a balance of close to $500 million in ACTIVE balances in their players accounts and only had $60 million in the bank to cover it if players wanted withdrawals. Leaving them a TAD short or $440 million in the RED.

I have read that Jesus Ferguson was the brains behind this rational basing it on previous numbers of percentage cashed out on a monthly basis, but needless to say they were taking money out of the business that was not EARNED, just like Bernie Madoff, they were using new money to fund pay out requests
Click to expand...

Wow.....they just drew the "Go to Jail" card
 
saint

saint

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Any idea why the complaint from the DOJ is civil and not criminal at this point? Still gathering evidence?
 
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dunclock

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what I am still wanting to know and figure out is how a company that makes $1 million a DAY from a computer software program just from buyins and rakes can be in the hole that amount?

For easy numbers, say they made $350 million, and this from a software program ... how much overhead and operating expenses do you need out of that amount of money? I know they had to pay processing servers {which they were getting robbed from}, they paid a lot in marketing, they had WAY too many paid pros on their site, etc, but there is no way they had operating costs over $150-200 , which would leave this same amount in PROFIT to split amongst the "owners" ... I don't give a shit what they do with the money that is profit from the business and you would think they would be VERY happy from this amount to divvy up! I mean what a good thing to constantly have this income stream, coming in every day 24/7!!!

NOW, there should be NO REASON at any time they are touching players funds!!! This money should have been in different holdings, accumulating interest they could share, but there should never been one single hand touching that money and available to payout out any time to the players ... by using this money and having a $350 million shortfall is just plain downright THIEVERY!!!
 
MadJack

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dunclock said:
what I am still wanting to know and figure out is how a company that makes $1 million a DAY from a computer software program just from buyins and rakes can be in the hole that amount?

For easy numbers, say they made $350 million, and this from a software program ... how much overhead and operating expenses do you need out of that amount of money? I know they had to pay processing servers {which they were getting robbed from}, they paid a lot in marketing, they had WAY too many paid pros on their site, etc, but there is no way they had operating costs over $150-200 , which would leave this same amount in PROFIT to split amongst the "owners" ... I don't give a shit what they do with the money that is profit from the business and you would think they would be VERY happy from this amount to divvy up! I mean what a good thing to constantly have this income stream, coming in every day 24/7!!!

NOW, there should be NO REASON at any time they are touching players funds!!! This money should have been in different holdings, accumulating interest they could share, but there should never been one single hand touching that money and available to payout out any time to the players ... by using this money and having a $350 million shortfall is just plain downright THIEVERY!!!
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Don't forgot the DoJ stole about $140 million from them with the fake payment processing company they setup in order to bust them and Pokerstars and a bunch of sportsbooks.

They did, however, take way too much out because of their greed.

It's all a dirty business, plain and simple.

Who would have ever thought that poker rooms, offshore, would rig their games and steal players money. SHOCKING!
 
saint

saint

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Is this not enough on the table for the fucking RETARDS running our government to see the plain simple truth.

People will find a way to play online poker, regardless.

Millions and possible Billions can be made by taxing it

If it's not regulated, dirty shit is going to go on (case in point)


I mean, we are in pretty much a depression, trying to scrape up $$, our country is essentially bankrupt and this is an easy and profitable solution. I just don't get it sometimes. Think about how much money and people's services are allocated to fighting this. We could save all that $ and then profit much more but just allowing it, regulating it, and taxing it. Jeez it's not fucking rocket science.
 
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hedgehog

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saint said:
Is this not enough on the table for the fucking RETARDS running our government to see the plain simple truth.

People will find a way to play online poker, regardless.

Millions and possible Billions can be made by taxing it

If it's not regulated, dirty shit is going to go on (case in point)


I mean, we are in pretty much a depression, trying to scrape up $$, our country is essentially bankrupt and this is an easy and profitable solution. I just don't get it sometimes. Think about how much money and people's services are allocated to fighting this. We could save all that $ and then profit much more but just allowing it, regulating it, and taxing it. Jeez it's not fucking rocket science.
Click to expand...

and legalize marijuana too and tax the shit out of it:shrug: simple solution
 
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