FTP Terms

    • noisecore
      noisecore
      Bronze
      Joined: 12.04.2010 Posts: 5,221
      How did these guys get a license with the AGCC if in their terms and conditions is said that consumer funds (player money) and company funds aren't segregated?

      You can read this in their terms and conditions paragraph 8.8

      2nd question: Did anyone see this before?

      3rd question: Why did pokerstrategy.com chose to affiliate with a company that has in it's terms already that it doesn't seperate funds. Pure marketing and profit?
  • 9 replies
    • boboistina
      boboistina
      Bronze
      Joined: 10.05.2008 Posts: 271
      1.dont know, maybe they were paid to look the other way

      2.it was well know for a long time

      3. they were 2nd biggest site with lots of players, of course they affilliate with them
    • MattKaufman
      MattKaufman
      Bronze
      Joined: 17.04.2011 Posts: 184
      The AGCC doesn't require fund segregation to obtain and maintain a license. They DO, however, require that a company have all player funds accessible.

      There's nothing inherently wrong about not segregating funds as long as you have them somewhere that is reasonably accessible in the case that they are needed.

      The real question on the topic you're considering, imo, is- how did the AGCC not audit them at any point and notice the shortfall of funds?
    • pavaka
      pavaka
      Bronze
      Joined: 09.11.2009 Posts: 364
      how can from company with 440 millions goes to 60 millions and then AGCC realised thats like 80% of the company money how can they disappear withou anyone suspect this is very shady
    • Heffron89
      Heffron89
      Bronze
      Joined: 23.01.2009 Posts: 813
      Originally posted by MattKaufman
      The AGCC doesn't require fund segregation to obtain and maintain a license. They DO, however, require that a company have all player funds accessible.

      There's nothing inherently wrong about not segregating funds as long as you have them somewhere that is reasonably accessible in the case that they are needed.

      The real question on the topic you're considering, imo, is- how did the AGCC not audit them at any point and notice the shortfall of funds?
      Then why did full tilt write that on their site? that the funds were segregated, now thats damn shady.
    • Maniatrix
      Maniatrix
      Bronze
      Joined: 01.11.2008 Posts: 674
      Because Scamward Scamerer wanted to take your money :D
    • tofu22
      tofu22
      Bronze
      Joined: 18.10.2008 Posts: 659
      so if i understand this correctly FT scaming greedy as#%&oles, the AGCC corrupt or incompetant? is this correct, because if it is the AGCC scares me more. then it could ALL be virtual play money.
    • eteris
      eteris
      Silver
      Joined: 26.08.2007 Posts: 383
      well there were a lot of virtual playmoney on FTP because they couldn't take money from americans (from their bank accounts), but FTP credited that money on FTP account. so FTP created a black hole, while americans deposited they were basically freerolling and that's why FTP went broke. it's all over 2+2 forums.
    • eteris
      eteris
      Silver
      Joined: 26.08.2007 Posts: 383
      double posted.
    • noisecore
      noisecore
      Bronze
      Joined: 12.04.2010 Posts: 5,221
      Originally posted by eteris
      well there were a lot of virtual playmoney on FTP because they couldn't take money from americans (from their bank accounts), but FTP credited that money on FTP account. so FTP created a black hole, while americans deposited they were basically freerolling and that's why FTP went broke. it's all over 2+2 forums.
      that's only part of the story, there hasn't been freerolling by USA players for amounts of 240M$