Poker sites seized by FBI - Page 38

also, what about pokerstars using moneybookers? are people able to withdraw there?

On June 02 2011 06:25 rS.Wisdom[9] wrote: also, what about pokerstars using moneybookers? are people able to withdraw there?

PS <- -> MB works fine

Pokerstars getting through this just proves how far and ahead they are of their competition. Pokerstars will always be the best.

I dunno why, but I've always felt FTP operated outside of their own bankrolls, like they never had the money to pay everyone back even without DOJ seizures and shit. Kinda like the banks. They may have 10 trillion on the books, but if all 250 million customers try to withdraw at once, they couldnt do it, they dont actually HAVE the money in their hands to give to you. They spend it on private jets and bonuses and yachts and shit and just assume there will always be enough in circulation to pay out the vast majority of withdrawals. This is how I see FTP's business model.

On June 02 2011 12:06 NewbSaibot wrote: I dunno why, but I've always felt FTP operated outside of their own bankrolls, like they never had the money to pay everyone back even without DOJ seizures and shit. Kinda like the banks. They may have 10 trillion on the books, but if all 250 million customers try to withdraw at once, they couldnt do it, they dont actually HAVE the money in their hands to give to you. They spend it on private jets and bonuses and yachts and shit and just assume there will always be enough in circulation to pay out the vast majority of withdrawals. This is how I see FTP's business model.

Pretty sure that's how like, any businesses work. It's not about what you have in liquidity, it's about what you are worth.

On June 02 2011 13:40 Arirang wrote: Show nested quote + On June 02 2011 12:06 NewbSaibot wrote: I dunno why, but I've always felt FTP operated outside of their own bankrolls, like they never had the money to pay everyone back even without DOJ seizures and shit. Kinda like the banks. They may have 10 trillion on the books, but if all 250 million customers try to withdraw at once, they couldnt do it, they dont actually HAVE the money in their hands to give to you. They spend it on private jets and bonuses and yachts and shit and just assume there will always be enough in circulation to pay out the vast majority of withdrawals. This is how I see FTP's business model. Pretty sure that's how like, any businesses work. It's not about what you have in liquidity, it's about what you are worth.

Yeah but look at stars, they had 150 million liquid or whatever they paid out to all their american players. All it took was a few phone calls to the US Gov't to approve it and boom they were done, and continue to operate to this day as if nothing happened.

If I had any significant amount of money on FTP I would go crazy bonkers shit.

ITS OVER GUYS

meh, wondering if one should leave ftp while it's still possible. not been too up to date with the recent activites.

suggestions?

sorry about your monies :/

So everyone, this is where all the money is going

http://odenton.patch.com/articles/cou...t-470000-in-online-gambling-seizure#c


County Police Net $470,000 in Online Gambling Seizure

Anne Arundel County police will get new equipment after sharing proceeds of the seizure of millions of dollars stemming from a federal investigation into illegal online gambling.



The Anne Arundel County Police Department will be getting some new equipment after receiving more than $470,000 as part of the seizure of funds tied to a federal investigation into illegal gambling.

Federal investigators shared the money after county detectives helped in an investigation that seized more than $33 million from gambling organizations using banks in Guam and Charlotte, NC.

Police said they would use the money for equipment to assist with undercover investigations, plus new vehicles and weapons.

The U.S. Immigration and Customs Enforcement’s Homeland Security Investigations division led the probe, which centered on payment processors that move funds between online gamblers.

Anne Arundel County Police have three officers assigned to ICE HSI in Baltimore. Detective Scott Dunn is assigned as an undercover officer exclusively with the money laundering task force. County police are currently involved in 12 federal task forces, including four with ICE.

“This type of activity exists in this county just like it does in other jurisdictions,” Anne Arundel County Executive John Leopold said. “Wherever we find it, we’re going to root it out.”

Federal investigators said they targeted online gambling sites because the proceeds from illegal gambling are often used to fund other illegal activity and organized crime. It is illegal for Internet gambling businesses to operate in Maryland, regardless of where the website is based.

In its investigation, ICE HSI in Baltimore created a fictional payment processor business, Linwood Payment Solutions, and spent between December 2009 and January 2011 processing more than 300,000 transactions worth more than $33 million.

According to an affidavit tied to the case, ICE used a woman based in Maryland to set up an account on the gambling website BetEd.com and use the phony payment processor to receive funds.

In April, a federal grand jury indicted two companies and three men, who were then charged with conducting illegal gambling business and money laundering. The government also seized 11 bank accounts and the domain names of 10 gambling sites.

“The cooperation between our department and [ICE HIS] investigation goes far beyond normal law enforcement task forces,” County Police Chief James Teare Sr. said.

The investigation involving Anne Arundel County Police is separate from the investigation resulting in the closure last month of several major Internet poker sites including Full Tilt Poker, Absolute Poker and PokerStars.

Teare said the department receives an average of about $250,000 per year in forfeited assets. He said the $470,407.62 in assets announced Thursday is the largest one-time distribution in the department’s history.

Leopold said he was happy to see the department receive new equipment as a result of the seizure.

“Especially in these tough economic times, when I’ve had to make very unpleasant budget cuts, I’m pleased to see these revenues will come to the police department to help them out and help them do their job,” he said.

I think I will make that my new pic for PS

forgot to mention this:

http://news.ycombinator.com/item?id=2617478

The thread from the article, interesting stuff in there

shit man i don't know about u but i need to get me some new guns and vehicles

cliffs?

On June 03 2011 23:13 dogmeat wrote: cliffs?

POLICE: "It is a way for us to continue to fund our operations"

On June 03 2011 23:53 Zep wrote: Show nested quote + On June 03 2011 23:13 dogmeat wrote: cliffs? POLICE: "It is a way for us to continue to fund our operations"

perfect cliffnote

i want my money!!!!!!!!