Online Poker Seizure (U.S.)

[ZombieRothbard]

The founders of the three largest online poker sites were indicted on Friday in what could serve as a death blow to a thriving industry.

Eleven executives at PokerStars, Full Tilt Poker, Absolute Poker and a number of their affiliates were charged with bank fraud and money laundering in an indictment unsealed in a Manhattan court. Two of the defendants were arrested on Friday morning in Utah and Nevada. Federal agents are searching for the others.

Prosecutors are seeking to immediately shut down the sites and to eventually send the executives to jail and to recover $3 billion from the companies. By Friday afternoon Full Tilt Poker’s site displayed a message explaining that “this domain name has been seized by the F.B.I. pursuant to an Arrest Warrant.”

The online gambling industry has taken off over the last decade, drawing an estimated 15 million Americans to bet online.

In 2006 Congress passed a law curtailing online gambling. Most of the leading sites found ways to work around the law, but prosecutors allege that in doing so they broke the law.

“These defendants concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits,” Preet Bharara, the U.S. attorney in Manhattan, said in a statement.

Poker fans took to Twitter in droves, worried about the money in their online gaming accounts, fretting that online poker's days were at an end.

"Well the good news is I think I only had about $300 left on the online poker sites overall," tweeted Jimi Schindler of Madison, Wis. "Maybe I'll see that money?!!?"

http://latimesblogs.latimes.com/money_c ... y-fbi.html


You guys are running out of excuses not to be libertarians...

[The Parkus Empire]

Fuck off with that libertarian shit. Big business can be just as tyrannical as elected government.

That said, this is some stupid shit and the gubment can fuck itself.

[Farnhamia]

Fuck off with that libertarian shit. Big business can be just as tyrannical as elected government.

That said, this is some stupid shit and the gubment can fuck itself.

I guess they'll be acquitted then.

[Woot We Are Teapots]

Gambling attracts a criminal element - who woulda thunk it?

[Sorratsin]

Maybe the computer lab at my college will have people working in it for a change.

[ZombieRothbard]

Gambling attracts a criminal element - who woulda thunk it?

I play internet poker, I am not a criminal. I have never harmed anyone in my life. And I fail to see how banning online poker in the U.S. would dissuade a "criminal element".

[ZombieRothbard]

Maybe the computer lab at my college will have people working in it for a change.

Many people support themselves and their families playing online poker. For many Americans, poker is work.

[Farnhamia]

Maybe the computer lab at my college will have people working in it for a change.

Many people support themselves and their families playing online poker. For many Americans, poker is work.

How many, please?

[ZombieRothbard]

Many people support themselves and their families playing online poker. For many Americans, poker is work.

How many, please?

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

[Farnhamia]

How many, please?

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

I don't know, you implied this is denying "many people" and "many Americans" their livelihood. Seems reasonable to ask you to show how many people that would be.

[Trotskylvania]

How many, please?

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

[Sorratsin]

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

If it's keeping people off of welfare and unemployment programs it has at least a marginal positive effect on society. That's a big if, though, I doubt the business would've been successful if tons of people were earning their living off it.

[Mongolian Khanate]

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

Meh, I don't really care either way. I'm in a conflict of interests thought, my family made a lot of it's money with the gambling industry.

[Imperium Neo Roma]

These men shouldn't be arrested. They should continue to do what they do best, taking money from those stupid enough to gamble their money away, it's a valuable life lesson it is.

[Caninope]

OMG, FBI does it's jobs and uses search warrants to recover stolen property. The world is ending.

[Norstal]

Oh wow, people get arrested from bank fraud and money laundering. This means that anarchy is best for all.

1. Criminals get arrested.
2. ???
3. Anarchy.

[Mongolian Khanate]

Oh wow, people get arrested from bank fraud and money laundering. This means that anarchy is best for all.

1. Criminals get arrested.
2. ???
3. Anarchy.

4. PROFIT!!!!

[ZombieRothbard]

OMG, FBI does it's jobs and uses search warrants to recover stolen property. The world is ending.

Stolen property?

[Industrial Republics]

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

Natural selection.

[ZombieRothbard]

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

The entertainment industry is parasitic?

[Caninope]

OMG, FBI does it's jobs and uses search warrants to recover stolen property. The world is ending.

Stolen property?

The money they gained through fraudulent practices.

[ZombieRothbard]

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

If it's keeping people off of welfare and unemployment programs it has at least a marginal positive effect on society. That's a big if, though, I doubt the business would've been successful if tons of people were earning their living off it.

Is that a problem with welfare and unemployment programs, or the gambling industry?

[Avenio]

Oh wow, people get arrested from bank fraud and money laundering. This means that anarchy is best for all.

1. Criminals get arrested.
2. ???
3. Anarchy.

^This. If they were found guilty of laundering and fraud, then they should be punished for it.

[ZombieRothbard]

Stolen property?

The money they gained through fraudulent practices.

Participants in online gambling voluntarily chose to play against each other for real money. Winning money from somebody who voluntarily chose to compete against you is not theft.

[TruthSpeaker]

A professional poker player is often defined as somebody who plays 40+ hours a week, and makes 40+ dollars an hour (according to Sklansky). I am unsure how many professional poker players there are out there, I am sure statistics are available online. It is rather unimportant though.

It's a parasitical industry that has attracted second order parasites. I wouldn't be so keen on defending it. Literally nothing of value was lost, and meanwhile, people will stop gambling with money they forward from credit cards. I am unconcerned.

Its simply another form of entertainment, no more leaching off people than the music industry or whatever you prefer.