Another Poker Scam

ProPokerPlayer · Nov 1, 2005

Pokershare touted players ownership....you get a piece of the profits instead of rakeback....not anymore!!!!!!!

We would like to thank you for being a member of PokerShare. We are writing to
inform you that due to a policy change as of November 1, 2005 North American
residents are no longer able to play in the PokerShare cardroom.

We have closed your account, AllynLong. If you had a cash balance in your
account we have initiated a withdrawal for you to refund these monies in full.
Along with your cash balance we have converted any Tournament Entry Chips
(TECs) and included them in the withdrawal of funds.

If you are owed money, you will be receiving a check in full for your entire
account balance to your address on file. Balances in excess of $500 have been
sent by FedEx. Smaller balances have been sent by regular mail.

We apologize for the inconvenience.

BaseballGuy · Nov 1, 2005

ProPokerPlayer said:
Pokershare touted players ownership....you get a piece of the profits instead of rakeback....not anymore!!!!!!!

We would like to thank you for being a member of PokerShare. We are writing to
inform you that due to a policy change as of November 1, 2005 North American
residents are no longer able to play in the PokerShare cardroom.

We have closed your account, AllynLong. If you had a cash balance in your
account we have initiated a withdrawal for you to refund these monies in full.
Along with your cash balance we have converted any Tournament Entry Chips
(TECs) and included them in the withdrawal of funds.

If you are owed money, you will be receiving a check in full for your entire
account balance to your address on file. Balances in excess of $500 have been
sent by FedEx. Smaller balances have been sent by regular mail.

We apologize for the inconvenience.

So they are sending you your money yet it's a scam?

I don't get it.

GreenDoberman · Nov 1, 2005

PPP,

Be happy they are sending you your balance, tons of others would have just kept it.

PixWinns · Nov 1, 2005

ProPokerPlayer - In all do respect, how can it be a scam if they are refunding your balance? - Thanks

greg641 · Nov 1, 2005

yeah, how is that a scam?

Phigment · Nov 1, 2005

I think part of his complaint is that through the volume of their play players earned shares of ownership in a trust that controlled part of the site. Players then received an income (essentially a rakeback arrangement) based on their ownership percentage.

Based on PPP's post it looks like Pokershare is not buying out the trust's ownership interest.