[naresh8055]

So Full Tilt Poker just keeps player deposit safely locked away, right? Money may change hands as poker hands are won and lost, but isn’t the total deposit base intact?

Wrong. At least according to Phil Ivey’s lawsuit.

Ivey alleges that “Full Tilt Poker failed to maintain a reserve account sufficient to satisfy the return of funds to U.S. players.”

Full Tilt Poker, like most places that take your deposits, doesn’t just sock away the money. Instead, it invests a large chunk of that money. Banks do it, brokerages do it, and even insurance companies do it.

For example, in a country with a bank reserve requirement ratio of 10 percent, banks would only hold 10 percent of their total deposits in cash. They would then lend/invest 90 percent of the money to earn returns.

Of course, the greater percentage of depositor money banks invest, they more money they can make for themselves.

Regulators know this.

That’s why there are laws governing how much reserves banks maintain. Moreover, if banks ever run into trouble, a government central bank is usually there to help bail it out.

[count da money]

good i hope can get the money back

[Numenor80]

I love how Phil Ivey has become a peoples champ!

[Limplied]

Lot of people and mostly artists that thought to use their influence and spoke out against the banking systems are killed. Ivey does the same, so lets pray for him plz..

[gamemastere]

thanks for posting, keep the updates on iveys crusade coming

[oldstylecubsfan]

Full Tilt Poker, like most places that take your deposits, doesn’t just sock away the money. Instead, it invests a large chunk of that money. Banks do it, brokerages do it, and even insurance companies do it.

An industry that doesnt do it and is required to keep deposits separate from other funds...land based casinos

[stevenash]

I love how Phil Ivey has become a peoples champ!

He's a degen snake.
Been cheating since he was a kid.

[Conan]

He's a degen snake.
Been cheating since he was a kid.

if you ant cheating you ant trying to win.

[stevenash]

^
true, true, how true

[chemicalbrother]

apparently nash has evidence he wants to share with everyone.

[bigdog3580]

I am not planning to get any of my money back. Its gone.

[CntryBoy]

Luckily I cashed most of mine out right before the fiasco... getting the small amount I have left in there would be a bonus, but I don't really expect to. Props to PokerStars for handling it rather quickly!

[stevenash]

apparently nash has evidence he wants to share with everyone.

Yes you piece of mother freaking shit.

He was using a fake ID to play poker at the Hilton in NJ when he was 16.

Now get out of my face you PoS

[Czu81]

I am not planning to get any of my money back. Its gone.

It takes time but Full tilt will pay...

[ttwarrior1]

American Players wearing FTP patches at WSOP are a disgrace!

Why are they a disgrace you ask? Well their fellow Americans have not yet been paid by FTP, and not even the patch wearers are being paid currently. I have no problem with an Euro player, Canadian player, heck any non USA resident player wearing The FTP patch, as FTP is legally allowed to do biz in those countries. However, as we all know, FTP is not allowed to serve American players, and are not allowed to play on FTP for money!
Allen Cunningham took some shit yesterday at The WSOP for wearing his patch. He should expect to take shit, as long as it is not out of line shit and overly rude and vile. Allen is said to have responded to the player giving him shit, “Hey you buy stuff made in China” LOL!! Horrible Analogy Allen;
The last time I checked, it is perfectly LEGAL to buy stuff made in China. Sure, I think a lot of us would like to see more American made products being bought and sold here, but WTF does any of us buying something perfectly legal and allowed for us to buy, have to do with FTP not paying USA players, and USA players NOT BEING ALLOWED to play for money on FTP? We have a choice to buy or not buy Chinese products, We do not have a choice as Americans when it comes to FTP now do we? Man Allen, that is really a lame excuse.. Man up and tear off that patch!!
I think it is a flat out slap in the face to those of us who are owed money by FTP, and cannot play for money on FTP, when FTP sponsored AMERICAN players wear FTP patches at an AMERICAN sponsored and played in our country event!
The next time any of you see someone wearing an FTP patch, ask them “WHAT IS IN IT FOR YOU?” There has to be something in it for them to be so bold and brazen to wear the patch of a company who owes over 100 million dollars to US AMERICAN PLAYERS!
You players wearing FTP patches, think about it carefully the message you are sending out there. Remember, The WSOP will not allow patches to be worn on the featured tables. The WSOP is an American event, FTP hoping to attract new AMERICAN PLAY MONEY ACCOUNTS? lol!!
So why are you wearing those patches? TEAR THEM OFF until at least FTP settles what is owed to American players! And Yes, FTP does have a target date to pay, and I beleive they will meet that target.. However, SHOW ME DA MONEY, Then wear that patch proudly! Wear it now, WEAR IT IN SHAME!