If you are a regular listener of my show, you know I warned people 6 months ago not to leave too much money on the sites. for 3 years prior, I told people that this was only a matter of “when” not “if”
I knew this was coming based on my talk with a Lawyer connected to The DOJ. To be clear, Mike Matusow DID NOT have any PRIOR first hand knowledge this would occur. In fact, he used to call me “nuts: when I was telling him as well!
So what can we expect now?
First off, in spite of what FTP and PS says, this does effect players beyond The USA. 76 Bank accounts have been frozen/seized by The Feds in 14 countries world wide. Many of the accounts seized were not only the payment processors for The USA, but for many other countries.. Please read THE FULL 52 PAGE INDICTMENT HERE . More international subpoenas are currently in the process of being executed. Many people simply have not read the entire indictment, and beleive this only effects USA players.
Simply put, these sites cannot meet any cash out demands because these assets, along with more assets, are frozen and will be frozen. I expect legit payment processors to ” run for cover” and distance themselves from FTP and PS. Now FTP issued a statement claiming they beleive online poker is legal, as do ” some of the best legal minds in The USA”.. Well, SO DO I!! but this is not about online poker in and of itself, but offshore sites engaging in alleged money laundering and fraud, in order to CIRCUMVENT THE UIEGA, tricking banks to process these payments, when The UIEGA clearly states it is illegal for them to do so, WILLINGLY, KNOWLINGLY!
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In my opinion, the only chance FTP and PS has to beat this case, is for their attorneys to argue that the UIEGA in and of itself is unconstitutional. The Federal Reserve is supposed to be the oversite with jurisdiction. How can a privately held institution like The Fed have this kind of authority? Also, it appears to be a violation of “equal protection under the law” Article 9, I beleive. Why were some Sports betting and horse racing sites in The USA and abroad allowed to have their payment processors process these bets, wheras online Poker sites were not? Having said all of this, it is likely you will not see your money ever again. It will be seized by The USA GOV, just like they seize alleged Drug dealers money and possesions. I also beleive The USA will claim that the very servers themselves the sites use to run the games, were built and maintained from “illegal and illicit gains”, therefore they will seize those servers with the aid of foreign countries where the servers reside, and effectively shut down FTP and PS indefinetly world wide. This is the classic DOJ play book tactics I describe above. They handled the Warez busts in 2003 in the same manner. They will seize as much as they basically WANT TO SEIZE and freeze, and foreign Governments almost always go along with The USA, not wanting to “piss off The USA”
I have more to say in the coming days over this issue so stay tuned!
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