Pokerstars buys ftp finally official

[BetCheckBet]

)Please delete druff

EDIT sorry see Steve O just posted about it on another thread)


Just posted in last hour. Americans will be refunded through DOJ. FTP to reopen to players outside USA.

http://www.pokerstarsblog.com/corpor...oj-096492.html

[BeerAndPoker]

Article from Forbes

http://www.forbes.com/sites/nathanva...ll-tilt-poker/

One quote:

U.S. players that had over $300 million on deposit at Full Tilt when the company collapsed will have to apply to the Department of Justice to get reimbursed.

Basically if you evaded your taxes like many of them small timers probably have and didn't have much on the site at the time it closed then well you better think about whether you want to out yourself or not. I'm glad 99% of my roll was on Stars and not that piece of shit site.

[Corrigan]

I'm unwilling to believe this until we have official word from Chinamaniac

[Steve-O]

Article from Forbes

http://www.forbes.com/sites/nathanva...ll-tilt-poker/

One quote:

U.S. players that had over $300 million on deposit at Full Tilt when the company collapsed will have to apply to the Department of Justice to get reimbursed.

Basically if you evaded your taxes like many of them small timers probably have and didn't have much on the site at the time it closed then well you better think about whether you want to out yourself or not. I'm glad 99% of my roll was on Stars and not that piece of shit site.

That quote seems very wrong, as the number being kicked around by DOJ, Stars and FT is around $150 million. The only people that will have to worry about taxes are the ones with big amounts in their accounts -they will likely be asked to show the deposit amounts they made and then have them matched-up with FTP's internal accounting. The IRS isn't going to look at every $50 depsoit to see if a person was a long-term winner or loser at FTP. OR they may just force everyone with over $5k in their account to pay xx% at cashout.

[BeerAndPoker]

Article from Forbes

http://www.forbes.com/sites/nathanva...ll-tilt-poker/

One quote:



Basically if you evaded your taxes like many of them small timers probably have and didn't have much on the site at the time it closed then well you better think about whether you want to out yourself or not. I'm glad 99% of my roll was on Stars and not that piece of shit site.

That quote seems very wrong, as the number being kicked around by DOJ, Stars and FT is around $150 million. The only people that will have to worry about taxes are the ones with big amounts in their accounts -they will likely be asked to show the deposit amounts they made and then have them matched-up with FTP's internal accounting. The IRS isn't going to look at every $50 depsoit to see if a person was a long-term winner or loser at FTP. OR they may just force everyone with over $5k in their account to pay xx% at cashout.

Yeah, they could withhold money for taxes from paying people with "x" amount of balance but also hopefully these people did their taxes correctly all along because the bigger balance accounts will draw red flags for the US Government to crawl up their asses to make sure they have been paying the proper amount of taxes and even for those that have many keep bad records.

FTP's internal accounting already has been proven to be one big cluster fuck so that could create some weird issues as well.

[Rollo Tomasi]

i'm rich niggas




nah the DOJ can keep my fiddy dolla besides Obama needs it to build more roads for my business since he said he built my business

[BetCheckBet]

Article from Forbes

http://www.forbes.com/sites/nathanva...ll-tilt-poker/

One quote:



Basically if you evaded your taxes like many of them small timers probably have and didn't have much on the site at the time it closed then well you better think about whether you want to out yourself or not. I'm glad 99% of my roll was on Stars and not that piece of shit site.

That quote seems very wrong, as the number being kicked around by DOJ, Stars and FT is around $150 million. The only people that will have to worry about taxes are the ones with big amounts in their accounts -they will likely be asked to show the deposit amounts they made and then have them matched-up with FTP's internal accounting. The IRS isn't going to look at every $50 depsoit to see if a person was a long-term winner or loser at FTP. OR they may just force everyone with over $5k in their account to pay xx% at cashout.

Pokerstars press release says that ROW players have 184m which needs to be paid back in 3 months that is NOT including USA players. So it seems like the money involve was grossly underestimated or wrongly leaked.

PokerStars will also make available in a segregated bank account, all outstanding balances owing to all non-U.S. customers of Full Tilt Poker (an amount totalling USD$184 million), with no restrictions on withdrawals, within 90 days of completing this transaction. PokerStars has remained open for non-U.S. players, with all its licenses in good standing, without interruptions.

[Sandwich]

Diamond Flush's report: http://diamondflushpoker.com/2012/07...ment-complete/

I wonder what the DoJ petition for U.S. players is going to be like? I wonder who gets to keep all of the unclaimed funds?

Probably something along the lines of this: http://www.justice.gov/usao/nyw/zave...msbrochure.pdf

[BetCheckBet]

Ya seems like 300m totally wrong for usa players (the total balances would be almost more than the stars fine).

My brain hurts trying to figure this out. Think I will just wait for credible stuff.

[Steve-O]

Ya seems like 300m totally wrong for usa players (the total balances would be almost more than the stars fine).

My brain hurts trying to figure this out. Think I will just wait for credible stuff.

The official numbers are
$547 million settlement (which includes certain FTP assetts)
$184 million put in segragated account to cover ROW players
$150ish million that the DOJ will repay US players from the settlement funds above

Total owed to players was right on the $330 million estimate...

[BetCheckBet]

Ya seems like 300m totally wrong for usa players (the total balances would be almost more than the stars fine).

My brain hurts trying to figure this out. Think I will just wait for credible stuff.

The official numbers are
$547 million settlement (which includes certain FTP assetts)
$184 million put in segragated account to cover ROW players
$150ish million that the DOJ will repay US players from the settlement funds above

Total owed to players was right on the $330 million estimate...

That leaves DOJ 200 million in some sort of fines then right? That they get to pocket?

[Rollo Tomasi]

so Isai Scheinberg is not going to jail but what about Ray Bitter and Chris Ferguson .... ect

[Steve-O]

Isai is still under criminal and civil indictment, there was nothing in the deal getting individuals off the hook (only PokerStars and FTP as companies saw the civil cases dismissed with prejudice)

[Sandwich]

so Isai Scheinberg is not going to jail but what about Ray Bitter and Chris Ferguson .... ect

" In return for the forfeiture, the government agrees that all civil forfeiture claims and money laundering charges against the Full Tilt companies, as documented in the amended civil complaint, be dismissed with prejudice. There are absolutely no conditions that require any civil or criminal charges lodged against any Full Tilt related individuals to be dismissed or otherwise resolved, in whole or in part, as part of this agreement."

Seems to me the charges against the Full Tilt COMPANIES were dropped, but the civil and criminal charges against any Full Tilt related INDIVIDUALS are still operative....

[ftpjesus]

Diamond Flush's report: http://diamondflushpoker.com/2012/07...ment-complete/

I wonder what the DoJ petition for U.S. players is going to be like? I wonder who gets to keep all of the unclaimed funds?

Probably something along the lines of this: http://www.justice.gov/usao/nyw/zave...msbrochure.pdf

If ya read through that unless you can prove the amount on deposit you wont get crap but also heres the kicker:

Who cannot qualify as a victim?
A person cannot qualify as a victim if he/she:
• Knowingly contributed to or benefited from the offense underlying the forfeiture or was
willfully blind to it, or


Id dare say the US DOJ is going to claim most players were willfully blind.. We all knew about UIGEA and such.. I now suspect US Players wont see crap still..

[Sandwich]

Is anyone here familiar with the DOJ funds reclamation process involving betonsports.com after those indictments? I don't know, but rumor is that it didn't go well for U.S. players... and the govt basically pocketed $40 million.
(Maybe there are different legalities in effect here, I just do not know).

[Sandwich]

DoJ:

"In a related matter, the U.S. Attorney’s office also filed a motion requesting that the Court enter a settlement agreement reached with Absolute Poker/Ultimate Bet that requires the company to forfeit all of its assets (the “Absolute Assets”) in order to fully resolve this action. The motion also requests that the Government be permitted to liquidate the Absolute Assets, with the net proceeds of that sale to be held pending the resolution of claims filed by other parties who have asserted an ownership interest in the Absolute Assets."

[Steve-O]

A person cannot qualify as a victim if he/she:
• Knowingly contributed to or benefited from the offense underlying the forfeiture or was
willfully blind to it, or

What this means is that if you made money from the fraud (Full Tilt shareholder or evenperhaps a company employee) or were in one of these positions and willfully ignored it you cannot file a claim. I would say 99% of US players are fine, and maybe someone like Tom Dwan, and other sponsored pros will have to prove they had no idea what was taking place behind closed doors.

[Sandwich]

Lee Jones just corrected the date that determines whether you are a US or non-US player:

"Hi folks -
A lot of people are asking about the date which is used to establish whether you're a "U.S." or "Rest of World" player, for the purposes of from whom you get your money.

We have officially confirmed that that date is June 29th, 2011. Reports that the date is April 14th, 2011 are incorrect. If your Full Tilt account had an address in the U.S. or U.S. Territories as of June 29th, you are considered to be a U.S. player.

Best regards,
Lee Jones"

Apparently, DiamondFlush edited her article to reflect this change as well.

[Baron Von Strucker]

Lee Jones just corrected the date that determines whether you are a US or non-US player:

"Hi folks -
A lot of people are asking about the date which is used to establish whether you're a "U.S." or "Rest of World" player, for the purposes of from whom you get your money.

We have officially confirmed that that date is June 29th, 2011. Reports that the date is April 14th, 2011 are incorrect. If your Full Tilt account had an address in the U.S. or U.S. Territories as of June 29th, you are considered to be a U.S. player.

Best regards,
Lee Jones"

Apparently, DiamondFlush edited her article to reflect this change as well.

EMERGENCY radio. OBV