News

Objective news from the poker world.

BREAKING: DOJ’s Civil Complaint Amended, Alleges FTP Stole Player Funds (Update 7)

September 20, 2011 - 12:00 PM EDT
By
BREAKING: DOJ’s Civil Complaint Amended, Alleges FTP Stole Player Funds (Update 7)

Most recent update: 9/20 at 4:37 PM EDT. The US Department of Justice has amended its Black Friday civil complaint to include discussion of alleged "Full Tilt Poker's and the FTP insider defendants' theft of player funds." The new complaint adds three new defendants, Howard Lederer, Chris Ferguson, and Rafe Furst. It also alleges that these new defendents together with Ray Bitar committed money laundering, and asks for penalties ranging from $12M for Furst to $42M for Lederer. A memorandum summarizing the amendment says, The Amended Complaint alleges that one of the Poker Companies, Full Tilt Poker, not only engaged in the operation of an unlawful gambling business, bank fraud, wire fraud, and money laundering as alleged in the Complaint, but also defrauded its poker players by misrepresenting to players that funds deposited into their...

Read more »

“DOJ Plans Action Against Merge”

September 8, 2011 - 12:15 PM EDT
By
“DOJ Plans Action Against Merge”

Subject: Poker has recently been told of planned US Department of Justice action against the Merge Gaming Network or some part of it. According to our sources, the US Attorney's Office for the District of Maryland plans to seize the assets of payment processors who facilitated transactions between the Merge Network and its US customers. It is unclear exactly which payment processors are reportedly being targeted, whether indictments are planned in addition to seizures, or whether the...

Read more »

DOJ Releases Some Stars Funds

September 3, 2011 - 9:53 PM EDT
By
DOJ Releases Some Stars Funds

The US Attorney for the Southern District of New York has agreed to release an unspecified amount of money to PokerStars. The agreement does not say how much money has been released. Instead, it says only that the DOJ has agreed to release all funds in a particular Luxembourgish account except for $5.5 million. It explains that the $5.5 million was derived from the real money play of US players. Presumably, the remaining funds in the account were released...

Read more »

FTP – a Pro Se Future?

September 1, 2011 - 2:01 PM EDT
By
FTP – a Pro Se Future?

Full Tilt Poker attorney in the pending class action lawsuit, Jeff Ifrah, has asked the court for permission to step down, citing "an unreasonable financial burden on the law firm." In a motion filed with the court on August 31, A. Jeff Ifrah, David B. Deitch, and Ifrah's law firm, Ifrah PLLC, have asked to be relieved as attorneys for the defense. Ifrah has been acting as attorney for Tiltware, LLC; Vantage, Ltd.; Filco, Ltd.;...

Read more »

FTP’s August 30th Statement

August 31, 2011 - 12:12 AM EDT
By
FTP’s August 30th Statement

Subject: Poker has received the following unprecedented statement from Full Tilt Poker: As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday. The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S....

Read more »

FTP’s “$60M Shortfall” Actually Much Larger

August 26, 2011 - 4:25 PM EDT
By
FTP’s “$60M Shortfall” Actually Much Larger

On June 16th, Subject: Poker reported that Full Tilt Poker had credited $60 million to players for deposits that never left their bank accounts. In fact, the total amount of still uncollected funds is $128 million.[2. We have been unable to determine the total amount...

Read more »

KGC Upholds FTP’s Authorization

August 1, 2011 - 7:04 PM EDT
By
KGC Upholds FTP’s Authorization

The Kahnawake Gaming Commission announced Friday that it has agreed to renew Full Tilt Poker's Secondary Client Provider Authorization. The KGC offers Secondary CPAs to sites that already hold "a valid license to operate interactive gaming issued by a comparable jurisdiction." Holders of Secondary CPAs have many of the same rights as those directly licensed by the KGC, including the ability to use Mohawk Internet Technology's servers, which...

Read more »

FTP’s Financial Relationship with Two Pros

July 29, 2011 - 3:36 PM EDT
By
FTP’s Financial Relationship with Two Pros

From June 2009 until April 2011, Phil Ivey borrowed money from Full Tilt Poker at least eighteen times, totalling at least $10,715,000, repaid loaned money to the poker site at least five times, totalling at least $5 million, and was paid at least $1.2 million by the site in various marketing payments and perks. Over a non-contiguous eighteen-month period from 2008, 2010, and 2011, David Benyamine earned at least $800,000 from the poker site...

Read more »

UMW/QT Begin Repayment

July 21, 2011 - 7:01 PM EDT
By
UMW/QT Begin Repayment

Updated 7/22/2011 4:00 EDT. Subject: Poker has received several confirmed reports that the UseMyWallet implementation QuickTender has begun paying out some customer balances. Numerous users with bank accounts in the United Kingdom and Canada have reported receiving their funds recently. The recipients reported waiting approximately two weeks for the funds to arrive. However, we have not heard any reports of customers receiving payments to bank accounts in the United States. (This is no longer the case. See...

Read more »

UK Plans to Change iGaming Regs

July 14, 2011 - 8:12 PM EDT
By
UK Plans to Change iGaming Regs

The United Kingdom's Department for Culture, Media, and Sport today announced its intentions to dramatically reform British internet gambling regulations. The planned changes would require all sites that serve British customers to obtain a UK license. Currently, the United Kingdom does not require a...

Read more »