Dwan insists eChecks fiasco cause for Full Tilt downfall

Posted by Steve Ruddock on Sep 21, 2011 Posted in Poker News | No Comments »

One of the many charges added on Tuesday by the US Attorney’s office –sought after amendment in their civil case against Full Tilt Poker, Absolute Poker, and PokerStars— in addition to the already numerous charges leveled against Full Tilt Poker on Black Friday, was that Full Tilt Poker continued accepting US player deposits when it was impossible for them to process the payment.

When the news broke on Tuesday, former(?) Team Full Tilt Poker Pro Tom Dwan opened up with his thoughts and information on the Full Tilt Poker mess, and pointed to the unprocessed deposits as the major cause of Full Tilt Poker’s demise.

Dwan has been answering questions on the 2+2 poker forum in a moderated thread titled: Q&A durrrr answers questions about FTP.

In one response, durrrr spoke about the shortfall caused by processing eCheck payments when they did not have a payment processor able to complete the transactions (Full Tilt would later try to collect these deposits but ended up with a shortfall in the neighborhood of $130 million): “Any competent person who had a % of FTP would’ve shut down processing to the U.S. at any point once they noticed the hole, and bam they still have a nine-figure business,”

Dwan also appeared on the PokerNews Podcast Tuesday night, and backed-up most of his statements he had been making in the forums throughout the day.

Here are a few other important points Dwan made:

* Dwan was under a Non-Disclosure Agreement while the potential investors negotiated with Full Tilt Poker –he was kind of vague on how he specifically signed/agreed to the NDA.

* Dwan made just over $1 million in his time at Full Tilt Poker

* Dwan OWES Full Tilt Poker money at this point –he did state it was less than what he made

* Dwan will repay his loan to Full Tilt Poker as soon as the mess is cleared up

* Dwan will distribute the $1+ million he received from Full Tilt if the company fails to repay its players

* Dwan stated that loans were common between the site and its sponsored players, and initially they were given out too liberally

* Dwan guessed Full Tilt Poker funds were now worth less than $.10 on the dollar

It will be very interesting to see which other Full Tilt Pros also come forward now that it appears the company is almost entirely insolvent; Mike Matusow has already been vocal but hasn’t talked specifics because he didn’t want to “hurt” the company’s chances of finding investors –that may all change now.

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