Poker sites seized by FBI - Page 15

On April 15 2011 19:56 blackjacki2 wrote: Should we blow our FTP and VIP points on crap we don't need before it gets sold out?

NO, then FBI will hunt down your sorry ass because you owe money, DONT DO IT

On April 15 2011 19:56 blackjacki2 wrote: Should we blow our FTP and VIP points on crap we don't need before it gets sold out?

i cant even buy items in store

managed to buy 26$ tournament ticket from the store gonna play the 5,000 guarantee PLO 46players so far

On April 15 2011 19:44 k4ir0s wrote: Should I cashout by check since its my only option?

Does anybody know for fact pokersites invest their stored money?

If not then how can it be similar to a bank run?

in b4 humanitary bombing of isle of man

Cant even sit at a cash table on stars now, entire USA blocked. I am still able to play on FTP though.

whats a bank run

http://en.wikipedia.org/wiki/Bank_run

panic causes bank runs. so i hope people at stars/ftp don't panic. imagine if everyone started panicking...

in other news, twoplustwo is probably being page request bombed to death by anxious 2p2 stars players as it is currently down no clue what's going to happen next and pokerstars steve is probably packing his bags atm

my withdrawal is currently under review atm, if i get a good explanation/reassurance from the site i wont be withdrawing more than i need, i think its best to just remain calm since we are already past being fucked and mass withdrawals will probably make matters worse.

On April 15 2011 20:25 Nazgul wrote: Does anybody know for fact pokersites invest their stored money? If not then how can it be similar to a bank run?

i think banks also have invested a % of their stored money (deposits from clients). but the point is if the people start to panic, the effect would be the same as a bank run... taking the site down.

and i think if this goes on for weeks in the media, it can happen.

side notes
ftp i managed to cash out some..
the gtd tournies have a lot of free money due to lack of players

Buy bullet, rent gun

buy gun, rent bullet

perfect time to take shots imo - less good regs, tons of fish

On April 15 2011 20:57 Zep wrote: buy gun, rent bullet

gun too expensive to buy. buy bullet, rent gun for 5 seconds

On April 15 2011 21:01 whamm! wrote: perfect time to take shots imo - less good regs, tons of fish

hah I was just thinking that


ughhh this is such a nightmare tho , guess I have no choice but to keep my money in my account and hope I dont lose it

for those interested, there are a lot of details in the 52 page indictment which can be read here:

http://www.scribd.com/doc/53107543/Indictment-DOJ-vs-Scheinberg-Bitar-Tom-et-al

according to the above document, 32 US bank accounts tied to the poker sites and 45 foreign bank accounts, which include accounts in Cyprus, Hong Kong, Philippines, Canada, England, Luxembourg, Switzerland, Panama, Malta, Ireland, Germany and the Channel Islands have already been seized by the US gov't.

the forfeiture section starts on page 49 and basically the US gov't is claiming they are owed $2 billion for "count eight" and $2.5 billion for "count nine".

The only way we will see our money is if

1 - the US govt decides to pay customer balances before taking their $2 billion and $2.5 billion claims

or

2 - these bank accounts represent only a small fraction of the poker sites capital AND they can remain solvent and maintain their non-US business AND they can find a way to get the money in the hands of US customers without being detected by the US gov't

imo, both scenarios are long shots. although I'm hopeful, I think its unlikely that US residents will ever see a cent from their PS/FTP/AP bankrolls. Considering the fact that this threatens the solvency of these companies, the bankrolls of even non-US customers is also in jeopardy. While we can only wait and hope for the best, I think it's prudent that everyone plans for the worst.

bank runs are less effective when you can't actually cashout