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Feds bust PokerStars, Full Tilt Poker and Absolute Poker

Discussion in 'Sports and News' started by Inky_Wretch, Apr 15, 2011.

  1. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Howard Lederer, Chris Ferguson indicted for money laundering:

    http://www.subjectpoker.com/2011/09/ftp-civil-amended/
     
  2. Chef2

    Chef2 Well-Known Member

    oopsie.

    this will not end cheaply for any of these 4.
     
  3. JakeandElwood

    JakeandElwood Well-Known Member

    Wow. That's pretty crazy.
     
  4. Inky_Wretch

    Inky_Wretch Well-Known Member

    So the site only had $60m, but owed players $360m?
     
  5. RickStain

    RickStain Well-Known Member

    Borrowed from a poker site I frequent for its excellent chess subforum:

    "There is no more Howard Lederer, only Juardo Lederazales, an independently wealthy Portuguese man sipping martinis on a beach in the Caribbean somewhere."
     
  6. Ben_Hecht

    Ben_Hecht Active Member

    He's probably hoisting a few with Ken Lay.
     
  7. BB Bobcat

    BB Bobcat Active Member

    The funny thing I noticed on the poker message board is half the people seem sure that this news means they are getting their money (as the DOJ will get it for them) and the other half are sure it means they aren't getting their money.

    I tend to believe the latter, since their money is mostly gone.
     
  8. rmanfredi

    rmanfredi Active Member

    During coverage of the trial (if there is one), they need to have a percentage next to each defendant's name, showing their odds of winning acquittal.
     
  9. Webster

    Webster Well-Known Member

    I think this could help legalizing online poker. A site agreeing to pay taxes and agreeing to things like maintaining all deposits in cash or short term secured loans would be more palatable to Congress.
     
  10. bigpern23

    bigpern23 Well-Known Member

    That's not the craziest thing I've ever heard and I hope you're right, but I'd be surprised if it comes to fruition.

    I wonder if Full Tilt (or Lederer or Ferguson or whomever) is going to try to argue that since the players often choose not to cash out their winnings, they had enough to cover those who do? I read somewhere that many, if not most, winning players keep their money in their accounts and try to build a bigger stake (which they often eventually lose).
     
  11. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Why aren't banks Ponzi schemes? No way they have enough on hand to give all depositors their money should they ask at the same time. Ask Mr. Potter.
     
  12. poindexter

    poindexter Well-Known Member

    Banks have assets to back it up, though not cash. Receivables like bank loans.

    Doubt Full Tilt had any assets in lieu of cash.
     
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