Full Tilt Poker Reportedly Investigated by Grand Jury

[seaeyes]

full tilt poker Reportedly Investigated by Grand Jury

Here is a link to a very interesting article http://www.pokernewsdaily.com/full-tilt-poker-reportedly-investigated-by-grand-jury-9520/

Could be bad new for us, Americans
Here part of it.

According to the Financial Times newspaper, Full Tilt Poker, the world’s second largest online poker site, is being investigated on money laundering charges. A “federal grand jury in Manhattan” had taken up the case.

The article, which was published on Monday by a Financial Times reporter in San Francisco, read in part, “A federal grand jury in Manhattan is investigating one of the largest internet poker sites serving U.S. gamblers and could bring indictments against some of the world's best known professional players, according to people familiar with the case and a subpoena issued to a witness this week.” Two poker players singled out are Howard Lederer and Chris Ferguson, whose names were brought to light in a civil suit last year as having an ownership stake in the company​

 

[IcyBlueAce]

WTF.


Kentucky Justice and Public Safety Cabinet Secretary J. Michael Brown, who represents the state in the ongoing squabble over the rights to 141 internet gambling domain names, serves as the plaintiff in the new case. A 14-page complaint filed on March 25th calls for the defendant, Pocket Kings (owners and operators of Full Tilt Poker), to refund the State “the amount of money lost between March 25, 2005 and September 25, 2009 by persons located within the borders of Kentucky.” In addition, the Commonwealth is seeking pre-judgment and post-judgment interest, attorney fees, and “such further relief as the Court deems just and proper.” No dollar amount is given.

http://www.pokernewsdaily.com/kentu...tes-to-recoup-losses-by-state-residents-9555/

 

[PasoTex]

This is unfortunate, but I can't say I'm too surprised by this. Online poker sites definitely are taking a risk by making games available to players in the U.S. After the passage of the The Unlawful Internet Gambling Enforcement Act, party poker chose to leave the U.S. market because of the risk its officers would be criminally prosecuted. The sites that stayed behind, most notably poker stars and Full Tilt have benefitted immensely as their businesses have grown, but they have to have known that they are risking prosecution.

 

[WVUsellers3]

Thanks guys for the links...I'm writing a paper for one of my classes about internet gambling.

And these are very interesting reads!

 

[TheMountainBoy]

Good choice on your topic WVUseller! s3, and you will actually be motivoted to complete this assignment. I feel that in many ways that the site is set up, I just decides to go my way

 

[steveestewart]

Yeah this sucks bad, but can't say I didn't see this coming either. Too bad there's going to be some good names thrown around through the mud for a while. Whatever. Can't have any fun, haha

 

[blackmax]

I suppose to some this may come as a shock but now it gets harder and harder for us american players.I would hate if anything to severe comes out of this thing.I'll tell you the names listed are big!....not good at all.

 

[atlantafalcons0]

I wonder how good Chris Ferguson's and Howard Lederer's poker faces will be when they are in front of the grand jury???

LOL

 

[IcyBlueAce]

I wonder how good Chris Ferguson's and Howard Lederer's poker faces will be when they are in front of the grand jury???

LOL

You can't punish Jesus.

 

[Tonawanda]

Very Little Interest?

I am curious why there have been so few posts in response to this story.

Actually only 5 players that expressed their concern out of 129 views.

I make 6, buts will cease and desist from commenting. I have probably expressed myself too many times here already.

I think most here are tired of the continuing saga of the US efforts to stop online poker and continuing discussions about it.

Hey, at least its not as bad as the online poker rigged thread. I think I finally got away from that one even though I was entertained for quite a while.

 

[Wes747]

Does anyone know how long something like this actually takes to go to court? I'm thinking at least a year....but I have no basis for that statement.

As of now I really don't think it will affect anyone. I don't think FT will change at all until the court actually makes a ruling.

 

[crowhui]

i don't think it will ever stick....they will all walk,,

 

[TheUndertaker]

Damn this suck cuz i only play at full tilt hope everything works out and they stay in business.

 

[atlantafalcons0]

i don't think it will ever stick....they will all walk,,

It's all about money anyway. It's not like they want to see "The Professor" in jailhouse orange.

LOL

 

[LizzyJ]

If this ever gets to trial, this is going to super complicated. The government is looking at RICO, the Wire Act and UIGEA violations. Plus most of Full Tilt's businesses are set up overseas, offshore and in an Indian reservation, so there is going to be jurisdiction issues as well. I'm surprised the IRS has been snooping around. All this posturing because the government can't tax Full Tilt's revenues.

 

[CAMurray]

(Corporations Rolling in cash) + (Your Average Attorney) = Law suit

Trust me Full Tilt has a small % alloted budget wise for these type of issues.

And if not; I want all my losses back because they used coercive advertising to lure me in and I wasn't aware of what I was doing.

:bird:

Honest!

 

[bazerk]

If this ever gets to trial, this is going to super complicated. The government is looking at RICO, the Wire Act and UIGEA violations. Plus most of Full Tilt's businesses are set up overseas, offshore and in an Indian reservation, so there is going to be jurisdiction issues as well. I'm surprised the IRS has been snooping around. All this posturing because the government can't tax Full Tilt's revenues.

^^^

Disclaimer: I'm not an attorney (& I don't play one on tv either ).

As a reminder, a grand jury decides if there is a probable cause to indict (accuse) individuals or corporations on criminal charges based upon the evidence presented.

Even though partypoker exited the US market, following the passage of the UIEGA in OCT 2006, in 2009 they agreed to pay a $105M fine as part of a non-prosecution deal with the US DoJ.

IMHO, this current Grand Jury investigation is occurring @ an inopportune time -- potentially collecting a fine from Full Tilt is like killing the goose who lays golden eggs >>> in the long run, on-going tax revenue would far exceed any fines.

The Wire Act of 1961 (the basis of the 'money laundering' charges) is sorely in need of revision to include the technological advancements that have occurred since it was enacted.

 

[Pascal-lf]

As a UK citizen, I'm amazed at the fact that a simple online poker site like Full Tilt is considered a money laundering organization?

Isn't America designed to be a democracy, land of the free, etc, and surely this should mean that if people want to play poker online then they should be able to? =s

 

[only_bridge]

American politics and legislation is so complicated.
Wouldnt it be easier to do like us in Europe.
Have a king who decides everything.

 

[Sean Pilgrim]

As a UK citizen, I'm amazed at the fact that a simple online poker site like Full Tilt is considered a money laundering organization?

Isn't America designed to be a democracy, land of the free, etc, and surely this should mean that if people want to play poker online then they should be able to? =s

+1 I agree 100%, it's my money, I should be allowed to do anything I want with it as I have worked for it.

 

[salim271]

(Corporations Rolling in cash) + (Your Average Attorney) = Law suit

Trust me Full Tilt has a small % alloted budget wise for these type of issues.

And if not; I want all my losses back because they used coercive advertising to lure me in and I wasn't aware of what I was doing.

:bird:

Honest!

^ LOL! +1

 

[malice777]

As a UK citizen, I'm amazed at the fact that a simple online poker site like Full Tilt is considered a money laundering organization?

Isn't America designed to be a democracy, land of the free, etc, and surely this should mean that if people want to play poker online then they should be able to? =s

im also a uk citizen but im not amazed at all about anything the american government do to control their citizens they claim to be world leaders in freedom and democracy yet their legal system is amongst the toughest in the world even a small misdeamener that would get you a comunity service order in the uk can get you hard time their prison system is draconian an woe betide anyone who is making a buck and not giving the irs a cut..:icon_salu

 

[TIGERSTUMP]

the way some ov top player play at mega high stakes cash games that ive watched over the last few years,,on ft,,is not the way u see live cash games played on tv,,wen stakes are as high,,lets face it,,its an easy way to loose a good stake ov money to a m8 ,,then tax man cant touch ye,,so much

 

[CAMurray]

In defence of my countries' legal system, I understand that it is believed Professional players have accepted funds from parties believed to have acquired the same from ill-begotten means. These same pros then aledgidely "washed" the funds through the gaming sites for a fee. Again, I dont know these allegations to be acurate but thats what my aupair said she heard from the guys that does our grass.


:itsme:

.

im also a uk citizen but im not amazed at all about anything the american government do to control their citizens they claim to be world leaders in freedom and democracy yet their legal system is amongst the toughest in the world even a small misdeamener that would get you a comunity service order in the uk can get you hard time their prison system is draconian an woe betide anyone who is making a buck and not giving the irs a cut..:icon_salu

 

[dwolfg]

I'm not worried. I believe this case will be eventually thrown out.