By Ian Hiaring, Rakeback.com Poker News Staff Writer
It’s no secret that Full Tilt Poker was having an increasingly difficult time with payment processors in the months leading up to Black Friday, and when Bradley Franzen pleaded guilty to an assortment of charges related to the indictments of Black Friday, one piece of information was revealed that shed some light on these problems.
In a press release from the U.S. Attorney of the Southern District of New York regarding Franzen’s plea bargain it states that “The company was facing the shortfall because it continued to credit funds to player accounts despite being unable to actually debit (or”pull”) funds from customers.”
In a nutshell, Full Tilt Poker was crediting player’s accounts with funds that they were never able to retrieve from bank accounts due to not having payment processors in place. In essence, the company was providing ‘loans’ with hopes of being able to collect on them at a later date.
As chronicled on the Subject: Poker website, Full Tilt Poker made attempts to collect on some of these ‘loans’ in early 2011 by sending e-mails stating that “Due to third party processor issues there has been a delay in debiting your bank account for this transaction.”
Players who received e-mails from Full Tilt Poker stating that they still owed for deposits that were made months ago were suspicious, and as a result, many bank accounts were emptied and details were changed so as to avoid what they thought was a scam or perhaps they were the victims of internet hackers.
Of course, Full Tilt Poker’s attempts to recover the missing funds were stopped cold with the indictments of Black Friday, leaving a gaping hole in its financial records that has proved to be troublesome for U.S. players wishing to withdraw their funds from this site.
In the end, it’s yet another ding against Full Tilt Poker, and raises the question of whether or not the company will be able to exist, let alone operate, when legalized, regulated poker is a reality in the United States.
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