Tuesday, September 20, 2011

Howard Lederer, Chris Ferguson and Rafe Furst named by Manhattan U.S. Attorney in amended Black Friday civil complaint - ESPN

Howard Lederer, Chris Ferguson and Rafe Furst named by Manhattan U.S. Attorney in amended Black Friday civil complaint - ESPN:

'via Blog this'

My Take: IM SPEECHLESS.....UM WOW.......I ACTUALLY HAD HEARD SOMETHING IN PASSING ABOUT THIS A FEW MONTHS BEFORE FULLTILT WAS SHUT DOWN BUT DIDN'T THINK MUCH OF IT BECAUSE I WAS NOT PLAYING AT HIGH ENOUGH STAKES THAT I HAD ANY SIGNIFICANT RISK AND BETWEEN MY 2 FRIENDS AND I WHO EACH HAD ACCOUNTS ALL OF THE WITHDRAWS MADE HAD NO PROBLEMS, OTHER THEN THE LENGTH TO GET THE ACTUAL MONEY. Surprise it takes longer to get the money back from Full Tilt then to get it to full tilt and have it available on the tables.

Ok, So basically because Full Tilt had a policy to credit players accounts before they actually had the money from the players bank account they ended up shorted X amount each month, quarter, year and as it built up more and more eventually they had player funds equaling 390 million(or so players thought) and they only actually had 59 million on hand.

I thought it was strange that when I first signed up and deposited $100 they immediately credited my poker account since at 10 pm on a Saturday they obviously didn't withdraw my money yet. Well, once you become verified which basically means they know who you are and your id and bank account match with a phone bill or something then you can withdraw larger amounts instantly ect ect. Well, the first problem with that is that a copy of an id, phone bill and bank account number could all be stolen by the same person and faxed to them and they did very little if any follow up in the beginning a few years ago, I did notice that it was getting harder and harder and they put more restrictions on bank transfers recently.

The other problem which I assume is the biggest one for them is there are hundreds, thousands, maybe even millions of people in the world with bank accounts that have little or no money at all. Well if your just crediting them because they ask for it then obviously either they can lose the "$100" they had and you never get it anyways or they win and you take it back from there poker account and then they go about their day continuing to play with the difference in money they had won which they shouldn't have been able to in the first place. Then you have the issue of the people they played against who lost money. Well, how is it fair to me that when I went to western union and sent $200 to you so you already have my money that some random guy that did a bank transfer and does not won against me and now i'm done playing for this week and little do I know I shouldn't have lost in the first place really?

Def let me know what you guys think of this, it's going to be a HUGE STORY BECAUSE there are tons of players that are still owed money from FULL TILT, I KNOW THAT I STILL AM OWED.

IF YOUR OWED MONEY LET ME KNOW WHAT YOU THINK SHOULD HAPPEN.