No more Pokershare for Americans

[aaronk56]

I signed up for it but wondered if they were violating the Securites Act. Apparently they were.

[BillFranklin]

[ QUOTE ]
I signed up for it but wondered if they were violating the Securites Act. Apparently they were.

[/ QUOTE ]

Not famaliar with financial laws. Can you explain? thanks..

[Enon]

Hi guys -

I had about 30k in my pokershare account, fyi.

Email:

Due to changes in policy, North American customers are no longer allowed to play
for real money at PokerShare. We have initiated a withdrawal for you in check
form, but given the amount of funds you had in your account, I would like to
give you the opportunity to change the receipt of funds from check to another
method.

Unfortunately we do not have a phone number for you on file so we’ll need to
rely on email. If you do not wish to receive your withdrawal by check, please
reply to this email and give us your preferred withdrawal method no later than 6
p.m. ET on November 2nd, 2005. If we do not hear from you by that time, a check
will be FedEx’ed to the address we have on file for you.

Request by Wire – Please provide the following:
Bank Name, Address, Phone
Name on Account
Address and Phone number associated with name on account
SWIFT #
Account #

Your phone number for verification

Request by Neteller or Firepay – Please provide the following:
Verify the email account associated with their Neteller or Firepay Accounts.
Your phone number for verification

Thank you for your prompt attention to this matter.

Sincerely

Ella
vip@ecom-arts.com

So there goes my trust for UB. My thoughts are that the pokershare business model caused major concenrs that they were violating US securities laws (US owners owning an equity stake in a non us company that is not registered with the SEC as a foregin issuer = not legal lol). The problem witht his thought is that sharepoints were not true equity stakes. There were no voting rights or management rights associated with the "shares" which is the most fundamental right associated with equity ownership. The "dividends" were not really dividends, but rather they were a form of profit sharing. I'm not about to get all nerdy and analyze whether these paymetns are legal under US securities laws, but my guess is that the SEC thinks not. I wonder if I'll receive my somewhat substantial dividend for my play in the last quarter. I hope so, but an not very optimistic.

On a side note, what is the best site to play at ( one that a reputable source offers rakeback on obviously) that has a lot of players registered? Any thoughts?

Ryan

[jdd12]

[ QUOTE ]
[ QUOTE ]
I signed up for it but wondered if they were violating the Securites Act. Apparently they were.

[/ QUOTE ]

Not famaliar with financial laws. Can you explain? thanks..

[/ QUOTE ]

I would like to second this request, if someone has the time.

[jdd12]

Also, PokerShare's forums were just reset (all posts wiped out). This was the first message posted afterwards. It is from their Poker Room Manager, Max Wright.

_____________________________________________

This event has taken us by surprise and emails were sent from Excapsa Software and Game Theory Limited without our prior approval. This is a very serious matter and one which we are taking further with Excapsa Software and Game Theory Limited.

I would like to apologize for the manner in which this event has occurred once again and I would like to stress that it was beyond our control. We consider our players and affiliates our number one priority and we would like to assure you that we are doing everything in our power to remedy this action.

A full statement will be available shortly which I hope goes some way to explain the circumstances.

Kind regards

Max Wright

Poker Room Manager for PokerShare.com

[BillFranklin]

[ QUOTE ]
On a side note, what is the best site to play at ( one that a reputable source offers rakeback on obviously) that has a lot of players registered? Any thoughts?


[/ QUOTE ]

Even before this happened i was looking for another site with out much luck. It seems if you play tournaments or NL ring games you should find a bunch of sites but if you play Limit like me it seems you kinda screwed. There are very few sites with alot of players registered that offer good limit games above .5/1. (please someone correct me if i'm wrong)

[Enon]

They sent me my neteller deposit within about 10 minutes after I responded back with the necessary info. Phew [img]/images/graemlins/smile.gif[/img]

-Lee

[scrapperdog]

[ QUOTE ]
(US owners owning an equity stake in a non us company that is not registered with the SEC as a foregin issuer = not legal lol).

Ryan

[/ QUOTE ]

What exactly are your qualifications for making this statement? I know you are a trusted poster with your 3 posts but I would like to know exactly how you know this.
scrapperdog

[Uglyowl]

What a clown the guy was on here promoting the site like mad.