BetIslands - has this happened before, and what was the end result?

mtneer1212 · 12-19-12, 11:31 PM

BetCascade, FullTilt, BetonSports, BetEd, WSEX - the list goes on and on........ each one has a unique flavor, but they all smell like shit.

Miz · 12-19-12, 11:35 PM

Seems like full tilt was the largest scale. I am not a poker guy though. I have only read about the other scam books. I guess it comes down to risk tolerance. If you are a winning player, the returns are often too great not to risk it. Sometimes you get ripped off, now I will know the warning signs a bit better. I admit their customer service and prompt payouts (I received 3 and was up on them the entire time) were enough for me to let my balance swell and stay in there. Should have withdrawn more often, and not let it stay in there so big.

mtneer1212 · 12-19-12, 11:42 PM

The Full Tilt one was the most astounding since the poker site assumes no risk. They just collect rake and fees. If the government hadn't intervened, the same thing would have happened just at a later date.

DoubleRedDragon · 12-19-12, 11:47 PM

serry man

Miz · 12-19-12, 11:51 PM

Originally posted by mtneer1212

The Full Tilt one was the most astounding since the poker site assumes no risk. They just collect rake and fees. If the government hadn't intervened, the same thing would have happened just at a later date.

Exactly! That whole thing was mind boggling.

tgobygun · 12-20-12, 12:02 AM

so what was the result - did people ever get their money back? was their legal action?

mtneer1212 · 12-20-12, 12:11 AM

Originally posted by tgobygun

so what was the result - did people ever get their money back? was their legal action?

For the others, the money has disappeared along with the thieves. For FullTilt, there is legal action that includes Howard Lederer and Chris Jesus Ferguson.

mtneer1212 · 12-20-12, 12:12 AM

Update: Lederer just settled his case with the US

Howard Lederer has agreed with the United States government on a settlement of the civil case against him, putting to rest one of the last remaining loose ends of the 2011 Black Friday debacle. The Stipulation and Order of Settlement was filed Tuesday in the United States District Court in the Southern District of New York.
In the settlement, Lederer agreed to forfeit two bank accounts, a 1965 Shelby Cobra automobile, a property at 309 Kingsclear Court in Las Vegas, $30,000 traceable to the sale of a property at 5426 Fawn Chase Way in Las Vegas, and all proceeds traceable to the sale of a property at 2735 Twin Palms Circle.
According to an estimate at Zillow.com, the Kingsclear Court property’s estimated market value is just over $500,000 while the Twin Palms Circle property is estimated to be worth over $470,000.
Additionally, Lederer is to liquidate $168,000 from various accounts to hand over to the government as well as pay a civil money laundering penalty of $1.25 million. $500,000 of that latter figure is due within 18 months while the remainder is due within 36 months.
In the settlement, Lederer admits to no liability or guilt of any kinds. He also agrees to not make money, either directly or indirectly, from internet gambling businesses in the United States. Interesting, the agreement does leave the door open for him slightly, as it adds:
…until if and when a change in applicable law takes place making the offering of such gambling lawful in the United States and Lederer, or whatever entity with which he is affiliated, obtains appropriate authorization from all relevant governmental regulatory authorities.
Howard Lederer was not originally named in the April 2011 Black Friday indictment, but was added in September of that year when the government filed a civil lawsuit against him, Chris “Jesus” Ferguson, Full Tilt Poker CEO Ray Bitar, and Rafe Furst. In the suit, the U.S. was originally seeking $42.5 million from Lederer for his role in the defrauding of Full Tilt customers. He has denied any wrongdoing.
This agreement is similar to that of Furst, who settled his case with the United States in November. The financial figures in Furst’s agreement, however, were much smaller than in Lederer’s. Furst was required to forfeit a trust account and pay a fine of $150,000. The U.S. was originally seeking a forfeiture of $11 million from Furst. The rest of the terms were almost identical, including the agreement not to work in the online gambling industry.
Because of his legal troubles and his obliterated reputation, Lederer had essentially disappeared from the public eye after Black Friday until very recently. This fall, he sat down for a lengthy interview with PokerNews.com to discuss what he knew about the Full Tilt scandal and also began sitting down at the cash game tables at the Bellagio and Aria casinos. Poker player Nick DiVella attempted to circulate a petition to ban Lederer from Aria, but casino management, while understanding his motives, did not permit him to pass the petition around the property.

tgobygun · 12-20-12, 02:45 AM

Thanks mtneer1212 - I guess my question is this - clearly other offshore books have failed, however what's giving some people hope within this forum is the idea that some other book will come in and offer a huge rollover or offer some kind of resolution... the real question is whether that's a bunch of BS/never gonna happen so forget about it, or if its a true possibility?

I'm out over $18K on this. Why the F%^& I had that much in my account is beyond any common sense. Had a huge run lately but still absolutely no excuse.

JasonDC · 12-20-12, 02:52 AM

Originally posted by tgobygun

Thanks mtneer1212 - I guess my question is this - clearly other offshore books have failed, however what's giving some people hope within this forum is the idea that some other book will come in and offer a huge rollover or offer some kind of resolution... the real question is whether that's a bunch of BS/never gonna happen so forget about it, or if its a true possibility?

I'm out over $18K on this. Why the F%^& I had that much in my account is beyond any common sense. Had a huge run lately but still absolutely no excuse.

Im by no means an industry insider..im just a recreational bettor that lost over 6k in this but it seems to be unanimous among everybody that has any knowledge about the offshore betting industry that there will be no bailout..it sucks to have to concede defeat andkiss the money goodbye but thats the reality of the situation.

tatommack · 12-20-12, 02:55 AM

Anyone that had a balance over 20k can hire a guy and fly to CR and collect their money in person problem solved. they will be there because most of those guys can never step on US soil again.