I guess one smart thing I have done in my life is not to get involved with on-line poker.
The company had continued to issue public statements that told players their funds were safe. Following the indictments of its executives in April, the company said in a statement, "Full Tilt Poker would like to assure all players that their funds remain safe and secure."
The quote is a true statements as far as it goes. Full Tile Poker absolutely would like to assure players. However three additional little words make all the difference.
".... but they aren't."
Oh, so THAT'S where my social security payments went.
Eat Mor Jonny.
From what I have read over at the Atlantic.com it looks like FullTilt was less a Ponzi scheme and more like outright fraud. Basically the owners skimming money from the player accounts for other things....including payments to the aforementioned owners.
Thankfully, I never opened an account at FTP, and everyone said at the time I should have.
I was playing at PokerStars and the games were always good, and it seemed to be professionally run, so I never bothered to play anywhere else.
When Poker's Black Friday came, I was surprised like everyone else. Within a few days I decided to cash out. PS immediately sent me an email saying they were basically swamped, but don't worry my $ was safe. After about two weeks, they sent me another email that my account was being cashed out and the check was on the way. It arrived a few days later, just like they said.
My understanding is that all PS accounts have been paid, and they are still the largest online poker site in the world.
The FTP guys just look like crooks. Phil Ivey has spent most of the past year trying to distance himself from the other partners, and I noticed his name was not brought up in the article and its widely assumed he's a partner. Could he be working with the Feds?
"An angry man catches no fish"-Zen proverb.