Feds target online poker sites

[Neato Torpedo]

I don't gamble and I've never used any of these sites, nor will I ever. Doesn't interest me.


So put your thinking caps on. How do any of these sites hurt me, Joe Average Citizen, to the point where the Feds have to go to such lengths? How is this serving me? I don't get what benefit I receive from these crackdowns. If these sites go away, how is my life better/safer? How do I gain more liberty here?

WELL

If they're committing bank fraud, then whatever banks they were targeting lose money and they end up charging higher rates for their customers to make up the money that was, you know, stolen from them.

bank fraud? i promise you no bank was hurt here. this is all about getting a cut of the rake.

The FBI said Friday it's indicting 11 defendants -- including the founders of PokerStars, Full Tilt Poker and Absolute Poker -- with bank fraud, money laundering, and illegal gambling offenses.

bank fraud, money laundering, and illegal gambling offenses.

bank fraud, money laundering

[Neato Torpedo]

Of course, if they're found innocent, we can safely say there was probably no bank fraud. But until then you can't really "promise" anything either way.

[BronXBombers51]

What exactly constitutes bank fraud? The banks assuredly lost no money. They are being accused of basically telling the banks that these money transfers were for reasons other than online poker. Is that fraud?

[thedude]

What exactly constitutes bank fraud? The banks assuredly lost no money. They are being accused of basically telling the banks that these money transfers were for reasons other than online poker. Is that fraud?

Whoever knowingly executes, or attempts to execute, a scheme or artifice—
to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises;

[shawngee03]

makes me wonder what the other sites are doing right now. mass exodus?

i have money in Bodog...and i know as soon as i get home im going to try and get it out. but i have to think its done via a check...so good luck on my part getting that check sent

they were talking about it on the radio this morning and taking calls from people who had thousands of dollars in the various sites hit. that sucks

[BronXBombers51]

Tons of people at twoplustwo.com are trying to create a week-long uproar about this, and rightfully so IMO. The money frozen doesn't belong to the sites, it belongs to US citizens. First, it should be released back to them. Especially when you read these horror stories about online pros who have most of their net worth frozen right now. Secondly, if DOJ wants to pursue these companies for illegal activities, fine. But the fact that the government considers playing poker a crime, is ludicrous. So hopefully by making a stink about this, we can finally get licensed and regulated (and taxed) online poker in the US.

Poker Players Alliance website if you'd like to help:
http://theppa.org/

I sent some emails to Congressmen and the like. I don't know whether I'm more bummed about potentially being out $400 or the prospect that I won't be able to play online poker for a really long time.

[wrveres]

relax child.
my point was, i doubt any back here was hurt ... at all.

[GiantsFan14]

the sites were basically forced into band fraud and money laundering in order to continue allowing players to cash out. despite the fact that online poker is not illegal, the government felt the need to crack down the sites awhile ago by making it illegal for banks to accept checks from those sites. the sites were forced to find ways around it in order to stay in business in the US and now are being punished severely for it.

this is severely screwing over a ton of professional poker players who support themselves and their families by playing online. i got myself through college playing poker online and my best friend and housemate spent a ton of time getting very good at the game and still plays. he made money coaching players, making training videos, and playing himself, and now not only does not have that as income but has to worry about whether he'll get a significant amount of money that he had in online accounts. he was already planning on quitting and going to med school, but the fact that this happened now is going to make it much more difficult on him.

the fact that the goverment feels that this is a priority with all the problems we have now is mind-blowing. they could legalize it, regulate it, tax it, and make a ton of money off it, but i don't see any reason why they should go to these lengths to end it completely and ruin A LOT of lives in the process.

[StlSluggers]

i got myself through poker playing poker online

i didn't realize times were that hard

[GiantsFan14]

i got myself through college playing poker online

i didn't realize times were that hard

fixed