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Federal Grand Jury Possibly Investigating Full Tilt Poker
Topic Started: Apr 6 2010, 01:12 PM (327 Views)
MANGLER
Administrator
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http://news.bluffmagazine.com/federal-grand-jury-possibly-investigating-full-tilt-poker-10075/
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MANGLER
Administrator
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If jesus or any other pro gets jailed the owner of that player can pick someone who hasn't been picked in the draft tpo replace them

it would have to be before the 1st event of wsop, which is doubtfull since it starts late may and the new law goes in effect early june.

Edited by MANGLER, Apr 6 2010, 01:15 PM.
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Piley
Master of Magic, Overlord of All Colorado
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UIEGA ---Is it May 1st or June 1st that it goes into effect?



Congressman Barney Frank already stated that there will be no more delays of the UIEGA enactment.


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"
The Liberals have been fighting poverty for nearly
a century now. Poverty has won. Give it up already!
"
-- Christopher E. Otwell, 2011 August 24
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When Hope is Lost, listen to this: http://itunes.apple.com/us/podcast/hope-is-emo-ipod/id160169398
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Febiv
Overlords of the Di Yu
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So, is it illegal to own a business, or have "controlling interests" in a business in another country?

I understand that the business is not legal in the US, but if it is legal in THAT country, and these guys are paying taxes on their income from that business, what the hell does the government have to say about that?

Am I missing something?
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Piley
Master of Magic, Overlord of All Colorado
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The specifics of the case is Money Laundering to foriegn interests and off-shores Banking Accounts.


As of last year<?>, sites such as PayPal, Neteller, PokerStars, FullTilt, etc... are now considered to be "Foriegn Bank Accounts" by the IRS and the tax code changes of last year. It is illegal to fail to report the money held in those accounts for your Taxes. Even if you don't believe that the US Government has the ability to look at those accounts with the current system.


Until the Pro-Poker legislation gets passed, this might actually turn into a case of the Department of Justice taking FullTilt and PokerStars to court after all. If for no other reason than to obtain information for tax evasion and money laundering by individuals.

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
"
The Liberals have been fighting poverty for nearly
a century now. Poverty has won. Give it up already!
"
-- Christopher E. Otwell, 2011 August 24
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-



When Hope is Lost, listen to this: http://itunes.apple.com/us/podcast/hope-is-emo-ipod/id160169398
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Febiv
Overlords of the Di Yu
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Ahh..ok, then that would make sense, and they deserve any punishment they receive.
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Strangla
Lords of the 11th Chamber of Torso-severing
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Ok so can somebody explain to me the delaration of PP as a foreign Bank, and also how this new "UIEGA" will effect us statesidef for Online Poker
We Specializing in Magic the Gathering Sets/Singles/Supplies

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Piley
Master of Magic, Overlord of All Colorado
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Quote:
 

also how this new "UIEGA" will effect us statesidef for Online Poker


In effect, it will become illegal to transfer any money via an internet transaction (just like the 60's Anti-Racketteering and Money Laundering Laws do) for any form of gambling and betting. (Online Poker and other skill games are included in the definition of gambling for interstate and inter-country commerce). It also clarifies that "Therefore, even if chance is not the predominant factor in the outcome of a game, but was still a significant factor, the game could still be deemed to be a 'game subject to chance'" (which is illegal, and includes Poker).


According to some readings of this, by some attorneys and according to the Department of Justice, it is illegal to engage in Online Poker at all, either under the existing 1960's Wire Act or the new UIEGA Act which further strengthens that fact.

A congressional report on UIEGA:
http://www.ustreas.gov/press/releases/reports/unlawfuinternetgambling11.12.08.pdf



If you want to read the act's wording:
http://www.law.cornell.edu/uscode/31/5361.html

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005362----000-.html

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005363----000-.html

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005364----000-.html

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005365----000-.html

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005366----000-.html

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005367----000-.html



-------------


Quote:
 

Ok so can somebody explain to me the delaration of PP as a foreign Bank


To better understand it, I would suggest listening to John Becker, who is a former Pro-Magic Player and an active US Tax Attorney that happens to represent a number of Pro-Magic and Pro-Poker clients talk about it. John Becker and Bill Stark did an excellent 20 minute Podcast on the topic.

http://mtgcast.com/?p=4007



Additional Reference:
http://www.bankrate.com/finance/taxes/foreign-bank-account-tax.aspx

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
"
The Liberals have been fighting poverty for nearly
a century now. Poverty has won. Give it up already!
"
-- Christopher E. Otwell, 2011 August 24
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-



When Hope is Lost, listen to this: http://itunes.apple.com/us/podcast/hope-is-emo-ipod/id160169398
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Febiv
Overlords of the Di Yu
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Quote:
 
It also clarifies that "Therefore, even if chance is not the predominant factor in the outcome of a game, but was still a significant factor, the game could still be deemed to be a 'game subject to chance'" (which is illegal, and includes Poker).


This also includes, Bingo, MTG, Monopoly, and many other games....
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Piley
Master of Magic, Overlord of All Colorado
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Febiv
Apr 7 2010, 05:58 PM
Quote:
 
It also clarifies that "Therefore, even if chance is not the predominant factor in the outcome of a game, but was still a significant factor, the game could still be deemed to be a 'game subject to chance'" (which is illegal, and includes Poker).


This also includes, Bingo, MTG, Monopoly, and many other games....
That is correct.


I never understood why WotC's been able to avoid the "Anti-Poker" arguements with Magic Online yet...


Especially, since the servers are hosted in Washington which was the first State to specfically ban Online Poker by it's residents.


-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
"
The Liberals have been fighting poverty for nearly
a century now. Poverty has won. Give it up already!
"
-- Christopher E. Otwell, 2011 August 24
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-



When Hope is Lost, listen to this: http://itunes.apple.com/us/podcast/hope-is-emo-ipod/id160169398
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Cyrrix_chipset
Master of the 52 card deck
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don't curse it...though prolly something to do with no cash value
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Febiv
Overlords of the Di Yu
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Cyrrix_chipset
Apr 8 2010, 12:43 AM
don't curse it...though prolly something to do with no cash value
I disagree...have you seen ebay? There is cash value ;).
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Cyrrix_chipset
Master of the 52 card deck
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Cash threw secondary market must be different than straight cash??
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My YouTube channel

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Febiv
Overlords of the Di Yu
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Could be, but I don't think it is.

If I sell a large market item on e-bay, I am still supposed to pay taxes on the money right?
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Cyrrix_chipset
Master of the 52 card deck
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MANGLER
Apr 6 2010, 01:13 PM
If jesus or any other pro gets jailed the owner of that player can pick someone who hasn't been picked in the draft tpo replace them

it would have to be before the 1st event of wsop, which is doubtfull since it starts late may and the new law goes in effect early june.

Wait isn't the point of the draft to pick who you "think" will play? Not playing due to any reason other than maybe death is just part ofthe speculation isn't it?
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