INDUSTRY FORUM

Comments

  • Mountain_Cobra

    Is anyone else having trouble getting paid out by Fantasy Up? I submitted a withdrawal request for some of my funds over a month ago but I still haven’t been paid, despite the fact that I have exchanged many emails with them They keep promising that funds will be paid out shortly but then they go radio silent until I email them again.

    Does anyone have any recommendations about what I should do if they continue to fail to pay? I would prefer not to take legal action because of the cost and inconvenience (and because up until now they’ve provided a good service) but at this stage I don’t know what other options I have.

    Admin Note: This situation was eventually resolved when FantasyUp player accounts were purchased by the iTeam Network. Gabe Hunterton’s post is copied below. You can also read it on page 30 of this thread:

    iTeamGabe’s (Gabe Hunterton, CEO) post:

    I’m happy to be the bearer of good news. As Dustin from LSR reported yesterday, iTEAM Network has executed an agreement with FantasyUp. When we heard about the situation a couple weeks ago, we decided to do something about it.
    We announced today an agreement with the former owners of FantasyUp to acquire the www.fantasyup.com domain and customer data. Paying back FantasyUp players was the key component in this deal. No one affiliated with the original FantasyUp has any involvement whatsoever moving forward.
    After you activate your account, your funds will be immediately available for withdrawal, although we do hope you give us a chance to earn your trust and loyalty by playing in our contests. We think you will appreciate our first class customer support and our unwavering commitment to game integrity. To welcome you to the new FantasyUp.com, we’re putting on a series of overlay contests exclusively for FantasyUp players, beginning with the “FantasyUp – Fresh Start” contest; that features a $1,000 Guaranteed Prize Pool, with a Maximum of 1,100 entries and a buy in of just ONE CENT!
    While you’re playing, take a look at our unique software features like our patented “Sweat List” which shows you not only who you are rooting for, but just as importantly, who you are rooting against. Since launching five months ago, we’ve made significant investments and built our software development team to over 40 full time employees. You can expect major product development and innovation from us throughout 2016.
    Getting the site up-and-running and paying back players is a complex challenge involving technical, practical and regulatory hurdles affecting thousands of player accounts. We ask for your continued patience as we work together through this process, particularly if you reside in one of the banned jurisdictions.
    We have just begun the process of sending an email to all users who have an existing account balance.
    For further information about our agreement with FantasyUp and how it affects you, we are regularly updating the FAQ page at www.fantasyup.info. In addition, you can email us anytime at support@fantasyup.com.

  • bhale7

    What do I need to do to get added to the list. Only had ~$400 on there… but it’s more about the principle.

  • Danwahoo

    • 2013 FanDuel WFFC Finalist

    Hi All,

    My name is Dan Ziernicki, the CEO/Founder of FantasyUp. I’m sorry for not responding here sooner, but I do not frequent these forums or any for that matter.

    Before I get into what is important… I started my Company over three years ago. I wanted to leverage my experience as a DFS player to build a more robust platform and bring value to DFS players so that it would be a “no brainer” for them to play on FantasyUp. The talented people I recruited to work with busted their ass, and I am very grateful for their hard work. No one in the company (myself included) has taken one dollar in forms of compensation from the Company in over three years. Everyone bought into the vision, where the industry was going, and our ability to put ourselves in position for an exciting future.

    Mid of last year we had a very exciting and large deal complete. We received word a wire transfer for the investment was submitted after hours on a Friday and would be sent next week. One lesson I knew but learned through experience is that nothing is done until money hits the bank. The deal was delayed. We all know the news that has transpired over the past 6 months, making fund raising through investors a dead end. I put everything I had into keeping the Company alive; believing this life changing investment was soon to happen. This alone, with many bumps along the way, made it quite the roller coaster the past year.

    Now to what is most important… FantasyUp operated with a separate operating account titled: “PLAYER FUNDS.” I did not in any way steal any money; I poured all my life savings into the Company and then some. There are reasons as to why a properly allocated player funds account may not truly reflect player liabilities. I have been and am continuing to work each day to ensure all players are paid out in full. I am kindly asking for your patience on this, especially since FSTA is currently on-going.

    Lastly, you can’t believe everything you see on the internet. I do not own a the home mentioned in this thread; I do not own a home, I rent. If you would like to attack my character without truly knowing me or this business situation, that is fine. Please do not bring anyone else into this. No one wants to deal with the consequences of threats, particularly to people I may not even know.

    My sincere apologies for causing stress to those involved and thank you those who reached out to truly understand the situation and how to help.

    Dan

  • DCoop328

    @Danwahoo said...

    Hi All,

    My name is Dan Ziernicki, the CEO/Founder of FantasyUp. I’m sorry for not responding here sooner, but I do not frequent these forums or any for that matter.

    Before I get into what is important… I started my Company over three years ago. I wanted to leverage my experience as a DFS player to build a more robust platform and bring value to DFS players so that it would be a “no brainer” for them to play on FantasyUp. The talented people I recruited to work with busted their ass, and I am very grateful for their hard work. No one in the company (myself included) has taken one dollar in forms of compensation from the Company in over three years. Everyone bought into the vision, where the industry was going, and our ability to put ourselves in position for an exciting future.

    Mid of last year we had a very exciting and large deal complete. We received word a wire transfer for the investment was submitted after hours on a Friday and would be sent next week. One lesson I knew but learned through experience is that nothing is done until money hits the bank. The deal was delayed. We all know the news that has transpired over the past 6 months, making fund raising through investors a dead end. I put everything I had into keeping the Company alive; believing this life changing investment was soon to happen. This alone, with many bumps along the way, made it quite the roller coaster the past year.

    Now to what is most important… FantasyUp operated with a separate operating account titled: “PLAYER FUNDS.” I did not in any way steal any money; I poured all my life savings into the Company and then some. There are reasons as to why a properly allocated player funds account may not truly reflect player liabilities. I have been and am continuing to work each day to ensure all players are paid out in full. I am kindly asking for your patience on this, especially since FSTA is currently on-going.

    Lastly, you can’t believe everything you see on the internet. I do not own a the home mentioned in this thread; I do not own a home, I rent. If you would like to attack my character without truly knowing me or this business situation, that is fine. Please do not bring anyone else into this. No one wants to deal with the consequences of threats, particularly to people I may not even know.

    My sincere apologies for causing stress to those involved and thank you those who reached out to truly understand the situation and how to help.

    Dan

    Great Response

  • headChopper

    RG Contributor (OG Status)

    • 256

      RG Overall Ranking

    • Ranked #39

      RG Tiered Ranking

    • $1M Prize Winner

    • 2014 DraftKings FBWC Finalist

    @DCoop328 said...

    Great Response

    Huh?

  • Putz

    @Danwahoo said...

    Hi All,

    My name is Dan Ziernicki, the CEO/Founder of FantasyUp. I’m sorry for not responding here sooner, but I do not frequent these forums or any for that matter.

    Before I get into what is important… I started my Company over three years ago. I wanted to leverage my experience as a DFS player to build a more robust platform and bring value to DFS players so that it would be a “no brainer” for them to play on FantasyUp. The talented people I recruited to work with busted their ass, and I am very grateful for their hard work. No one in the company (myself included) has taken one dollar in forms of compensation from the Company in over three years. Everyone bought into the vision, where the industry was going, and our ability to put ourselves in position for an exciting future.

    Mid of last year we had a very exciting and large deal complete. We received word a wire transfer for the investment was submitted after hours on a Friday and would be sent next week. One lesson I knew but learned through experience is that nothing is done until money hits the bank. The deal was delayed. We all know the news that has transpired over the past 6 months, making fund raising through investors a dead end. I put everything I had into keeping the Company alive; believing this life changing investment was soon to happen. This alone, with many bumps along the way, made it quite the roller coaster the past year.

    Now to what is most important… FantasyUp operated with a separate operating account titled: “PLAYER FUNDS.” I did not in any way steal any money; I poured all my life savings into the Company and then some. There are reasons as to why a properly allocated player funds account may not truly reflect player liabilities. I have been and am continuing to work each day to ensure all players are paid out in full. I am kindly asking for your patience on this, especially since FSTA is currently on-going.

    Lastly, you can’t believe everything you see on the internet. I do not own a the home mentioned in this thread; I do not own a home, I rent. If you would like to attack my character without truly knowing me or this business situation, that is fine. Please do not bring anyone else into this. No one wants to deal with the consequences of threats, particularly to people I may not even know.

    My sincere apologies for causing stress to those involved and thank you those who reached out to truly understand the situation and how to help.

    Dan

    You are the true victim, Dan. Thanks for responding.

  • fizzle13

    @Danwahoo said...

    There are reasons as to why a properly allocated player funds account may not truly reflect player liabilities.

    Such as?

  • smutpeddlers

    @Danwahoo said...

    Hi All,

    My name is Dan Ziernicki, the CEO/Founder of FantasyUp. I’m sorry for not responding here sooner, but I do not frequent these forums or any for that matter.

    Before I get into what is important… I started my Company over three years ago. I wanted to leverage my experience as a DFS player to build a more robust platform and bring value to DFS players so that it would be a “no brainer” for them to play on FantasyUp. The talented people I recruited to work with busted their ass, and I am very grateful for their hard work. No one in the company (myself included) has taken one dollar in forms of compensation from the Company in over three years. Everyone bought into the vision, where the industry was going, and our ability to put ourselves in position for an exciting future.

    Mid of last year we had a very exciting and large deal complete. We received word a wire transfer for the investment was submitted after hours on a Friday and would be sent next week. One lesson I knew but learned through experience is that nothing is done until money hits the bank. The deal was delayed. We all know the news that has transpired over the past 6 months, making fund raising through investors a dead end. I put everything I had into keeping the Company alive; believing this life changing investment was soon to happen. This alone, with many bumps along the way, made it quite the roller coaster the past year.

    Now to what is most important… FantasyUp operated with a separate operating account titled: “PLAYER FUNDS.” I did not in any way steal any money; I poured all my life savings into the Company and then some. There are reasons as to why a properly allocated player funds account may not truly reflect player liabilities. I have been and am continuing to work each day to ensure all players are paid out in full. I am kindly asking for your patience on this, especially since FSTA is currently on-going.

    Lastly, you can’t believe everything you see on the internet. I do not own a the home mentioned in this thread; I do not own a home, I rent. If you would like to attack my character without truly knowing me or this business situation, that is fine. Please do not bring anyone else into this. No one wants to deal with the consequences of threats, particularly to people I may not even know.

    My sincere apologies for causing stress to those involved and thank you those who reached out to truly understand the situation and how to help.

    Dan

    I refuse to feel bad for you. The players funds should have been available for withdrawal whenever wanted and no credible site would pull this type of stunt. There were issues six months ago with people getting their funds. I do think it was nice of you to come respond and that I believe will be appreciated. But when your customer support tells people you are SOL ,your previous slow payments and continuing to take deposits when you know you are going under, your statements don’t exactly exude credibility. I hope you are able to pay these people.

    I do also agree that you should leave other people in his life out of it though.

  • MickFucci

    Wow…That’s why I stay with the safe established companies. I feel bad for everyone involved. It looks like no one ended up winning in this case.

  • smallANDflaccid

    @fizzle13 said...

    Such as?

    While I have no connection to his company, I have had my own company before.

    One context in which the funds would not be accessed by players would be if the legal structure of the company provided an entity with priority on debt recovery in the event of negative events such as bankruptcy of the underlying legal entity.
    So it could be an investor, or it could be a bank, or other creditor type (which may as well be a bank at that point).
    Particularly if the loan was using the company funds as collateral.

    Additionally in the deal and subsequent fall through that he is mentioning, this is common and there may even be nefarious reasons behind it.
    One example would be a rival company using a third party to negotiate the deal, tie up resources in the company, and then leverage that to hurt the underlying structure.
    Could also be an investor that wants the underlying property, and knows that if they delay the process there will be a desperation point and they can then swoop in and get it at a lower price point.
    There may also be an entity that saw that they could buy it, poach the funds, and then liquidate – although it sounds less likely here (this is more commonly seen in public companies with large cash holdings but low share prices, vs private entities – was very common in the ’80s to go after internal pension funds this way).

    Or it is likely just as it sounds, investor saw issues and got out.

    Point being, there are many legitimate issues where legally other entities would have priority.
    If so, then main recourse would be some sort of class action for clawback of funds, which in this case is highly unlikely to be feasible – that’s traditionally more something in a fund than something like this.
    Unless the amount of account losses is huge, it is unlikely worth the fees legal action would require.

    Again, I don’t know the guy, don’t know the situation, but those are the things I have seen from experience with a startup and 12 years in the hedge fund world.

  • DCoop328

    @headChopper said...

    Huh?

    He absolutely did not have to respond to anything. He has made his twitter private. I think it is a very nice step in the right direction to come on here and take the blame and say that he will try to get the money paid out ASAP.

    • I do not agree with any of the actions and honestly the character of this Dan Ziernicki guy but I think this response is a baby step in the right direction.
  • carp

    @WhiskeyTavon4 said...

    A simple review of some of his past twitter communication sheds some light on who he has had contact with among larger figures in the DFS industry. I sent out the first group email yesterday to try and get everyone organized. There are some really great ideas on how to proceed and some great info that has been passed along to those of us whose money Mr.Ziernicki has stolen and I personally really appreciate it. Trying to get the groups input over the next few days and proceed from there. There are around 20 people currently on the email list and as a group Mr. Ziernicki has about 30k of our money. Hopefully we can keep working to get our money back in some form.

    Pmd you. I didn’t get the email. Gunner20

  • tjabchs6

    @DCoop328 said...

    He absolutely did not have to respond to anything. He has made his twitter private. I think it is a very nice step in the right direction to come on here and take the blame and say that he will try to get the money paid out ASAP.

    • I do not agree with any of the actions and honestly the character of this Dan Ziernicki guy but I think this response is a baby step in the right direction.

    what kind of fantasy land are you living in. he deliberately set up his site/business so that he does not (it appears) have to pay back player funds if it went under like it did.

  • smallANDflaccid

    @tjabchs6 said...

    he deliberately set up his site/business so that he does not (it appears) have to pay back player funds if it went under like it did. that is corrupt.

    That is literally how every single S Corp or LLC operates, by definition.
    As long as the underlying owners don’t “pierce the veil” that structure is supposed to isolate them from personal liabilities. Specifically so personal finances cannot be sought if the company is sued.

    So take a loan and use the company assets (player money) as collateral, thinking negative events will not happen (overconfidence in bet, same thing).
    Fail.
    Creditor gets collateral.
    Nobody can legally go after the owners for their personal money, and the creditor has legal rights to the collateral.

    The number one way to “pierce the veil” (meaning proper action was not correctly followed, so pass through liability is then enacted on the owners) is to take money out of the company into personal accounts to dodge creditors.
    Given that sounds like what he is not doing and that’s the issue, you would then need to find other ways it was legally incorrect – fraud (likely best bet, although that doesn’t mean fraud was what happened, despite how you feel), commingling of corporate/personal funds, or depending on the legal jurisdiction under which it was registered there may be more lenient options like negligence in funding of the entity – but in places like Delaware (and I think Nevada and maybe Florida) they basically are always on the side of the company.

    If he was actually corrupt, then it is very easy – it would be a case of fraud, you can prove pierce the veil, and then get legal rights to him having to personally fund all refunds.
    That also has issues unless he is wealthy, in that he can then claim personal bankruptcy and you are then again in line behind banks.

  • carp

    “Now to what is most important… FantasyUp operated with a separate operating account titled: “PLAYER FUNDS.” I did not in any way steal any money.”

    If this is truly the case, you should have no trouble sending me the $5800 owed to me. As a business owner myself, I couldn’t fathom not safeguarding liabilities like yours by not paying out what was promised. On top of that, continuing to take deposits up until your site closed, was unethical.

    -Gunner20

  • DCoop328

    @carp said...

    “Now to what is most important… FantasyUp operated with a separate operating account titled: “PLAYER FUNDS.” I did not in any way steal any money.”

    If this is truly the case, you should have no trouble sending me the $5800 owed to me. As a business owner myself, I couldn’t fathom not safeguarding liabilities like yours by not paying out what was promised. On top of that, continuing to take deposits up until your site closed, was unethical.

    -Gunner20

    The problem wasn’t the player funds. It was the 1,000s in overlay, the NO RAKE, the 300% deposit boners. That $$$ had to come from somewhere.

  • headChopper

    RG Contributor (OG Status)

    • 256

      RG Overall Ranking

    • Ranked #39

      RG Tiered Ranking

    • $1M Prize Winner

    • 2014 DraftKings FBWC Finalist

    @DCoop328 said...

    He absolutely did not have to respond to anything. He has made his twitter private. I think it is a very nice step in the right direction to come on here and take the blame and say that he will try to get the money paid out ASAP.

    • I do not agree with any of the actions and honestly the character of this Dan Ziernicki guy but I think this response is a baby step in the right direction.

    All due respect DCoop, but at this point this seems like a pretty clear cut case of fraud. Regardless of any business deal that falls through or any hardships for a company, the player money should NEVER be touched by the company. Those funds should always be available for the customer.
    In that long written response by the owner, I do not see a sentence that directly addresses how/when players are going to get their money back

  • hoodOO7

    @DCoop328 said...

    It was the 1,000s in overlay, the NO RAKE, the 300% deposit boners

    Yes, but unless people were withdrawing more money than they were putting back in (which it sounds like they couldn’t even do if they’d wanted), it’s hard to see how this would be an immediate issue. I’m sure lots of these companies depositor accounts are negative at times—just like banks, for example. They often could never actually cover all deposits at any one time.

    Until people see an accounting, it’s not a stretch infer this house of cards was pulling more out of said account than just covering overlay and deposit bonuses.

    What is the balance in said account compared to aggregate of depositors funds owed? What other assets does the LLC have? Full accounting of all accounts, etc.

    Nobody here should be giving this company or him the benefit of the doubt until there are cold hard facts, numbers, and legitimate information. Not half-assed apologies and vague explanations about problems with funding.

  • DCoop328

    @headChopper said...

    All due respect DCoop, but at this point this seems like a pretty clear cut case of fraud. Regardless of any business deal that falls through or any hardships for a company, the player money should NEVER be touched by the company. Those funds should always be available for the customer.
    In that long written response by the owner, I do not see a sentence that directly addresses how/when players are going to get their money back

    You have changed my mind.

  • joephoto

    @headChopper said...

    All due respect DCoop, but at this point this seems like a pretty clear cut case of fraud. Regardless of any business deal that falls through or any hardships for a company, the player money should NEVER be touched by the company. Those funds should always be available for the customer.
    In that long written response by the owner, I do not see a sentence that directly addresses how/when players are going to get their money back

    It was a very nice letter, but its a stretch to believe he’s telling the truth now about distributing Player Funds.

    Many people feel they have been lied to for 2 months straight about this, it’s very difficult to believe.

    We can only believe it when we see our Player Funds at this point.

  • carp

    @DCoop328 said...

    The problem wasn’t the player funds. It was the 1,000s in overlay, the NO RAKE, the 300% deposit boners. That $$$ had to come from somewhere.

    There was never 1,000s in overlay.

  • tvsfrink

    @DCoop328 said...

    the 300% deposit boners.

    I refuse to believe this is a typo, and I’m disappointed I missed out.

  • tjabchs6

    @DCoop328 said...

    You have changed my mind.

    lol that was blatantly obvious dude. jeez.

  • smutpeddlers

    @tvsfrink said...

    I refuse to believe this is a typo, and I’m disappointed I missed out.

    Hahahahahahahhahaha……. That made me laugh when I read it out loud and didn’t even notice before. Guy gave out to many boners……….

  • stv1313

    • 657

      RG Overall Ranking

    For what it’s worth, I am shocked that Dan responded within this thread. Am I being an eternal optimist by thinking that he might fix this mess?

    Dan specifically mentioned that the “FSTA is currently on-going.” With that being said, I assume that he’s in Dallas right now and I’m guessing that he’s had to address the demise of his website while at this conference. Obviously, someone told him about this thread. He didn’t just stumble here.

    Maybe Dan got spooked when he heard that someone posted his dad’s resume within this thread (not a good idea). Maybe Dan is talking to people at the FSTA and they’re suggesting that he should clear this thing up ASAP for the good of the overall DFS industry. Or, maybe he’s just had a change of heart after reading thru some of the comments in this thread and is really “continuing to work each day to ensure all players are paid out in full.”

    Or, maybe he’s just blowing smoke up all our a$$es and hoping that his words will quiet the storm.

    The email that FantasyUp sent out last Thursday didn’t suggest that players would be paid out in full. However, based on what Dan wrote, I feel a little better about my chances.

    But, like I said, I might be an eternal optimist. I just hope that I don’t get burned by the smoke that might be blowing up my a$$ right now.

  • soonerdawg

    the fact that it took him the 2nd half of the message to get to the point says all…..glad i never played there

    EDIT: Nobody cares about you, they care about their funds…..Next time, put your personal stuff at the bottom; address the issue first

  • X Unread Thread
  • X Thread with New Replies*
  • *Jumps to your first unread reply

Subforum Index

RotoGrinders.com is the home of the daily fantasy sports community. Our content, rankings, member blogs, promotions and forum discussion all cater to the players that like to create a new fantasy team every day of the week.

Bet with your head, not over it!
Gambling Problem? Call 1-800-Gambler