Full Tilt Poker was the 2nd largest poker room before April 15. Obviously, news PokerCollectif regulars have followed the vexations of this room since that date. Several things have been said, but the big question remained unanswered is "Where is our money?". Several million dollars are still frozen and several players are beginning to be eager to find their uncertain left bankroll at FTP.
Last Tuesday, Full Tilt Poker has publish a pretty detailed statement explaining the reasons for their non-payment of players. The release brings three new information:
First, we learn that the U.S. Government has frozen the sum of 115 M$ for the past two years until the "black friday". Obviously, the majority of this amount it was well before black friday. FTP has always been able to do with this loss, to the day when other misfortune are abatus on them.
Secondly, the communiqué tells us that at least 6 groups of potential investors have travelled to Dublin (Poket Kings Ltd. location) for negotiations.
Thirdly, the communiqué tells us that if Full Tilt Poker is opened, it will be under new management.
Finally, the communiqué tells us also that the company has suffered several losses for 2 years.
Full Tilt Poker was the victim of a major fraud orchestrated by one of its older processors of payment in the person of Daniel Tzvetkoff.Tzvetkoff was arrested in April 2010 and have flown nearly 42 million dollars over the past two years.
There has also been a problem with the processor of payment between late 2010 and early 2011 At that time, the players making a deposit at Full Tilt Poker were credited in their FTP account without be charged on their bank account. This would have caused significant financial losses. Some sources say that the losses would be more than $128M. An article from Forbes magazine is more conservative, referring to losses of 60 M$.
In closing, here are some significant passages of the release:
"The American Government seized approximately 115 million $ on the players retained by American banks Fund."
"Between the end of 2010 and the beginning of the year 2011, Full Tilt Poker has experienced problems with unprecedented with some of its contractors who have contributed to the financial problems."
"Although the company was developing to solve the problems caused by these payment providers, Full Tilt Poker has never anticipated the fact that DoJ proceed as he did grabbing our global domain name and by closing the site at the global level."
"We recently hired an additional financial advisor via a bank investment group that will help us in our search for an infusion of funds to inject and a new team of leaders to restart the site and pay the players."
"Full Tilt Poker is committed to repay in full all its players and restore confidence passed."
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