ok Poker scum, how about that Full Tilt Scam?

[jnbadger]

Quote from HedgefunTrader2:

Chris Ferguson was a trader at Bright?

Pretty sure that's right.

 

[trendo]

Quote from Div_Arb:

I may be mistaken, but wasn't one of the guys accused in this crime a successful Bright trader known as "Jesus"??

http://www.elitetrader.com/vb/showthread.php?s=&postid=181494&highlight=ferguson#post181494

 

[mgookin]

This is not the first assault on online gambling and it won't be the last. From what I heard, it's not about stealing money, but something about not processing credit card transactions. Of course the US Attorney (like any attorney) is going to distort, magnify and modify the true facts of the matter to make their agenda.

Does anyone know the specifics or have access to an online copy of the complaint, indictment or other charging document?

 

[trendo]

Quote from mgookin:

This is not the first assault on online gambling and it won't be the last. From what I heard, it's not about stealing money, but something about not processing credit card transactions. Of course the US Attorney (like any attorney) is going to distort, magnify and modify the true facts of the matter to make their agenda.

Does anyone know the specifics or have access to an online copy of the complaint, indictment or other charging document?

http://www.apcw.org/legal-documents/FullTiltAmendment_9_20.pdf

 

[wildchild]

Nothing to see here. The government is soooooooo worried about payouts to players. They managed to get their grubby hands on $115 million from Full Tilt. Make no mistake, this has nothing to do with protecting players from this so-called Ponzi scheme, it has everything to do with a lot of money changing hands and the Federal Government not feeling they got their fair cut.

 

[mgookin]

Quote from trendo:

http://www.apcw.org/legal-documents/FullTiltAmendment_9_20.pdf

Very interesting read. Thanks for the post.

 

[Mercor]

Would the winnings from these professional gamblers be considered income or capital gains.

Seems like they assume a lot of risk for Obama to think they should pay standard income taxes.

 

[wildchild]

Quote from Mercor:

Would the winnings from these professional gamblers be considered income or capital gains.

Seems like they assume a lot of risk for Obama to think they should pay standard income taxes.

Are you talking about professional poker players or celebrity poker players?

It is supposed to be taxed as ordinary income. Of course all players are honest people and will be very forthcoming about their winnings and will declare it all to the IRS. Of course if you are a celebrity player and you finished in the money at a televised WSOP event, you will have a little extra incentive to fully declare. You certainly wouldn't want anyone to pull a Richard Hatch.