FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the client balances associated with the stricken and bankrupt Fantasy Aces internet site, its CEO announced on Monday on the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood regarding the industry.’ The majority that is vast of Aces customers will be paid in cash, while bigger balances are topped up with FantasyCash.

FantasyDraft was in the verge of acquiring the website month that is last it pulled out of the deal citing ‘issues identified during our homework.’ It in fact was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings soon unveiled the truth that is messy Fantasy Aces’ situation: the business had failed to segregate player funds from its operational costs and owed its customers $1.3 million.

An account listed in the filings as ‘Players Account’ contained just $2,419. Even though the ongoing company listed assets of $1.8 million, that may be liquidated to pay creditors, it also said it had liabilities of $2.96 million.

In short, Fantasy Aces could not pay its customers.

99.6 Percent to Get Cash

‘As members associated with the DFS community focused on doing things the right way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we now have determined to o (more…)

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Brandon Steven, 2010 WSOP Main Event Top-10 Poker Player, Subject of Federal Investigation

Brandon Steven, 2010 WSOP Main Event Top-10 Poker Player, Subject of Federal Investigation

Kansas businessman and well-known poker player Brandon Steven is under surveillance by the US Department of Justice (DOJ), and he apparently wants the world to know about it.

Millionaire Brandon Steven is one of the best poker players who doesn’t consider it his profession, but his casino and gambling activity has now put him at the center of a DOJ probe.

Media outlets in Kansas have published a letter this week provided by Steven that clearly shows his involvement in a federal investigation. According to the document, the DOJ’s District of Kansas office revealed to the businessman that a telephone line he’s been utilizing was wire tapped for 30 days between May 14 and June 13, 2015.

Steven says the federal probe relates to his involvement with trying to build a casino in southeast Kansas, as well his routine playing of high-stakes poker. He explained to the Wichita Eagle that he’s fully cooperating and has committed no wrongdoing, nor have any charges or allegations been levied at him.

Steven is certainly no stranger to the poker circuit. He’s amassed over $3.1 million in live tournament earnings since 2006, and finished 10th at the 2010 World Series of Poker (WSOP) Main Event for a win of $635,011. His distinguished poker resume includes 14 WSOP cashes.

No Crime Committed

The DOJ letter doesn’t assert any criminal misconduct, but simply informs Steven that he’s been watched.

‘This notice (more…)

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