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Showing posts with label Ray Bitar. Show all posts
Showing posts with label Ray Bitar. Show all posts

Wednesday, September 21, 2011

DoJ Alleges that Full Tilt was “Global Ponzi Scheme”

The Wall Street Journal is reporting that the situation at Full Tilt Poker is far worse than expected:

On Tuesday, the U.S. Justice Department in a civil suit accused Messrs. Lederer, Ferguson and Furst, and another director of the company behind the Full Tilt Poker website, of defrauding thousands of online poker players out of more than $300 million that is still owed to them. The government said that, in total, the 23 owners of the site had taken out $444 million in distributions over the years.

The Justice Department's civil suit against Full Tilt alleges that in 2010, Full Tilt began having trouble accepting new bets from players, thanks to U.S. efforts to crack down on payment-processing services for online gambling. But the U.S. says that Full Tilt's owners kept paying themselves millions of dollars anyway, fraudulently depleting the player funds on deposit with the company.

Wednesday, June 29, 2011

Scott Matusow Predicts Full Tilt Will Return… To the US… No, I’m no Drunk, Why Do You Ask?

The Lynchpin will be Jack Binion buying out Ray Bitar’s Stake and getting Bitar out of the company.

From www.scottmatusow.com

As most of you know, FTP had their europe license pretty much suspended until a hearing set for July 26th can clear this issue up. However, Jack Binion has expressed a real interest in coming in and buying out Ray Bitar’s shares of FTP. The Gaming license has been primarily suspended because of Ray’s pending indictment. Take note as well, Ivey has withdrawn his statement from his website concerning his pending lawsuit against FTP. I have heard Jack wants to bring FTP back to The USA market, and if he steps in, that will happen once the pending regulation legislation is passed in Congress.
Sources tell me that it will pass, and as well, the bills will be amended to allow credit card deposits. This equates to FTP paying all of The USA customers and entering back into the USA Market. Remember, the indictments are not against FTP, but against Ray and the other guy there (forget his name atm). Once they are gone, FTP is “clean”. There is more I cannot say at this time. I would like to, but know this; You all will get paid, and Jack Binion will likey buy the controlling interest of FTP to make this happen.

Thursday, June 02, 2011

Full Tilt Insists an Account that would cover 1/3 of Player Funds Owed has been Unfrozen.

It’s on again, it’s off again, doj says no accounts are unfrozen, but full tilt says this wasn’t an account frozen by the doj just one that sort of froze itself

hair pulling womanI wrote about this a few days ago in another blog post about Ray Bitar’s account being unfrozen where many news and blog sources reported that an account was unfrozen that covered a third of the $150 million dollars owed to US players since the April 15th, 2011 Department of Justice action (codename Black Mamba).

The new poker news source Subject: Poker revealed that they contacted the Department of Justice and that they said that no accounts frozen during the April 15th action have been unfrozen and that if and when any accounts were unfrozen there would be a press release.

But NOW it seems that Full Tilt is saying that this hefty account wasn’t actually frozen by the DoJ, but that it was frozen by their bank.  EGamingReview reported that “…a company source told this publication the account in question is not one of those named in the original indictment, but a separate corporate account held with the Bank of Ireland.”

No official sources, including the DoJ will confirm or deny that this is true, although if true the DoJ wouldn’t be involved so having no knowledge would be expected.

When originally reported the addition of those 50-60 million dollars to Full Tilt’s coffers gave many US players hope that they would be paid very soon.  That hope was dashed when Full Tilt released it’s May 30th update which sent many players on a tail-spin when the found out that player funds were not segregated, etc..

Tuesday, May 31, 2011

Subject: Poker Reports That the Cake is a Lie! (And Ray Bitar Didn’t Get His Account Unfrozen)

doj_largeAround the 27th of May reports that the Department of Justice had unfrozen one of Ray Bitar’s accounts worth around 60 million.  This money would presumable be used to pay back the 150 million dollars owed to US players from Full Tilt.  However it appears that the DoJ did not unfreeze the account (as reported today by Subject: Poker):

 

 

 

The Public Information Office of the US Attorney's Office has informed Subject: Poker that NO deal has been struck with Full Tilt Poker to release or unfreeze any funds. eGaming Review Magazine reported Friday that an Irish bank account containing "more than a third of the US$100m to $150m still owed to US players" had been released to FTP. They cited an unnamed FTP source as having provided the information. The false story was widely reported on other gaming news sites, on social media, and on various poker forums. The rumor also lead to widespread speculation that Full Tilt's Monday announcement would include a timeline for the return of US player funds. It did not. The USAO representative made clear that funds had not been released and that any such action...

Subject: Poker

The other possibility is that one part of the DoJ is not talking to the other part of the DoJ.  The idea that they release a press release whenever they unfreeze a bank account sounds ridiculous on its face so another day or so will reveal the truth here.  In the mean time enjoy the chaos brought to you by the United States Department of Justice (Motto: we do what we must because we can?)

Full Tilt Posts 5/30/2011 Status Update on 2+2 Forums

TwoPlusTwo-Poker-ForumsThis new update really doesn’t change much.  They are acknowledging a lack of funds to pay players (which I thought most people understood by now, but based on the reaction of the 2+2 forum members many did not).  Some people are overreacting but the bottom line is that Full Tilt Poker WILL make good on their obligations to US players.  Now as to whether the rumor that they will make their first payments to US players sometime this week comes true only time will tell.

Here’s the full text of their update:

 

 

 

To our customers:

We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.

We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.

The most pressing questions:

1. When will the US players be paid?

We still do not have a specific timeframe for this. There has been, and remains, no bigger priority than getting US players paid as soon as possible, and we have been working around the clock to get this done. 

2. Is FTP bankrupt?

No. FTP's worldwide business is healthy and, although we've had some short-term challenges, it is operating as normal.

From: 
http://www.gamblingcontrol.org/userf...2020110516.pdf

"The AGCC’s investigation into the affairs of it licensee Vantage Limited, trading as Full Tilt.com, is ongoing; initial investigations indicate no reason to believe that player fund transactions are fundamentally threatened by any consequence of the US authorities' actions. Delays caused by these actions are in the process of resolution, with normal service now being restored for non-US players. We understand that progress in respect of US player fund repatriation is anticipated and will be the subject of a separate statement from Full Tilt in due course. The Commission will remain engaged in this process."

3. What is the company doing to speed up payouts to the US players?

We are raising capital to ensure that the US players are paid out in full as quickly as possible.

It is important to remember that Full Tilt Poker has always paid out our players, even in the face of previous legal obstacles or factors not in our control, such as payment processor defaults and prior actions by the US government which resulted in US player funds being seized.

In all of these previous instances, Full Tilt Poker has covered these losses and intends to do the same again.

4. Why are the Full Tilt Pros remaining silent?

It is not their choice. But they are constrained by the pending legal actions. 

As a final note, we understand -- and have always understood -- the effect that our brief statements have had not only on our customers, but also on our reputation. It has not been easy to stay silent and watch the damage being done to our company brand and personal reputations, but we need to be mindful of the complicated and serious legal issues raised in the pending cases.