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  • bholloway

    For those interested, here’s this story on Steven Plappert, co-founder and CFO now-defunct DFS site FantasyHub.

  • MikeSos760

    Fascinating. Makes me wonder what the financial situation is like at Draftkings and FD right now. I’m sure the legal fees are putting a dent in their coffers.

  • Redskins4

    Never addressed the 500% deposit bonus right before they went bankrupt that they heavily promoted, which was obviously an attempt to scam players when they knew they couldn’t pay out. If it wasn’t for Draftkings these guys could be facing criminal charges for fraud.

  • emac

    Thank you for sharing that. I agree with Mike’s sentiments and we should all be prudent with the amount of our bankroll that we leave on the various DFS gaming sites.

    While I am not a fan of churning funds since those PayPal and credit card fees add up and are passed on to gamers via the “rake” it makes sense to not leave more than 7-10 days worth of entry fees on the sites at any given time.

    EMac

  • tjabchs6

    “Seeing your startup fail can shake your confidence, Plappert said. But after getting a taste of startups, he doesn’t see himself slowing down because of one setback.

    ‘I know I’m going to be a serial entrepreneur.’”

  • ComicFx

    Hope this article serves as an easy vetting process for venture capital to never give you a dime again.
    “Serial entrepreneur” yeah, it must be nice to have people give you money and you go run off and hike the AT with it.
    When you used player funds you crossed the line between right and wrong. Ethically you were wrong and you probably know the exact day you did it. You never once owned up to that in the article, just blamed the environment for your ethical misbehavior. You gave DFS a nasty black eye, you caused a lot of good people grief and frustration, then you got bailed out and you’re fired up to take a break, blame someone else, and then do it again. You should have remained silent. GFY

  • cAUmberlandtiger8

    What a tool.

  • haze28

    It must be nice to be able to operate a pyramid scheme and still have nice articles written about you after it fails. They could have ruined DFS for everybody with there lack of ethics and criminal behavior. I hope any future investors can google Steven Plappert and find out about his true colors here.

  • MikeMineo

    Still hoping someone with deep pockets sues them for fraud. Bailing out people like him is part of what’s wrong with this economy – no consequences or accountability if you break the rules, so why play fair?

  • mberkowi

    • 2018 DraftKings FHWC Finalist

    Complete fluff piece. Who wants to bet the writter is friends with Plappert and/or Busa’s rich and poweful daddy’s?

  • kaetorade

    • 2013 DraftStreet DSBBC Finalist

    @mberkowi said...

    Complete fluff piece. Who wants to bet the writter is friends with Plappert and/or Busa’s rich and poweful daddy’s?

    If they are friends or whatever and the story was meant to put a positive spin on the debacle, the writer did a very poor job. The hate is now personal.

  • jimfred82

    • Blogger of the Month

    that was a very disappointing article. he didn’t really say much more in there then he did in his vague posts on here. oh well.

  • mberkowi

    • 2018 DraftKings FHWC Finalist

    @kaetorade said...

    If they are friends or whatever and the story was meant to put a positive spin on the debacle, the writer did a very poor job. The hate is now personal.

    Given the situation, the spin was as positive as possible. Here’s this innocent young entrepreneur that got caught up in the crosswinds of the industry’s whales making waves. Now he wants to go hiking and will try and raise fund for future projects. Let’s just gloss over the facts of how he unethically dipped into player and charity funds and threw the hail mary 500% deposit bonus as the ship was sinking.

  • MRCOOKONUTS

    @tjabchs6 said...

    “Seeing your startup fail can shake your confidence, Plappert said. But after getting a taste of startups, he doesn’t see himself slowing down because of one setback.

    ‘I know I’m going to be a serial entrepreneur.’”

    Serial entrepreneur?
    Serial con artist maybe..

  • wolfjb1

    This asshat’s chutzpah is just unbelievable. For Plappert to spin himself and his team of confounders as victims is just too much

    I was planning to sue him and had the complaint all drafted (I’m a lawyer) but I shelved it when DK stepped in. I’m seriously reconsidering filing the lawsuit now.

  • jregger

    @Redskins4 said...

    Never addressed the 500% deposit bonus right before they went bankrupt that they heavily promoted, which was obviously an attempt to scam players when they knew they couldn’t pay out.

    This.

    Or why players were still able to deposit funds into the site that Plappert knew was unable / unwilling to then turn around and return deposited funds to the same players.

  • Ryazan

    • x3

      2015 FanDuel WFFC Finalist

    • x2

      2015 FanDuel WFBC Finalist

    I have never played on this website.

    This piece of garbage took the money that users were paying for their fantasy teams, and he used it for his own expenses. Otherwise, everyone would have been paid back instantly when the company went under – there would have never been a “well we can’t pay our players back because we don’t have money” issue. He is an absolute thief and belongs in jail. It’s very simple, i’m not sure why logic defies most people.

  • bradizpro

    • 2016 FABC Finalist

    Blah, Blah, Blah. What a disgrace, how about owning up to your mistakes, you clowns!

  • grantgurtin

    CBS Rep

    We haven’t even talked about the social mission of the site. I don’t think one charity ever got paid which is flat out horrendous. In the four years I have been around the daily fantasy community, I’m not sure anything has been more disappointing than this.

  • danliebl

    so they got to keep the software and website? really? I would think draftkings would want to take as some sort of compensation for handing out money they didn’t have to. Why leave Fantasy Hub guys with anything?

  • inwhiterooms

    Embarrassing article. Also, how the hell do you let such a blatant typo slip through in the second paragraph?

    “FantasyHub, an online platforf”

    Such a shame that these guys got let off the hook for stealing hundreds of thousands of dollars.

  • ihaveareputation

    • x3

      2016 DraftKings FBWC Finalist

    • x2

      2018 DraftKings FBWC Finalist

    “We haven’t even talked about the social mission of the site. I don’t think one charity ever got paid which is flat out horrendous. In the four years I have been around the daily fantasy community, I’m not sure anything has been more disappointing than this.”

    Pretty sure this is not true. I received several letters last year from the charities that I selected for a number of contests thanking me for my donation. They had tax information and everything.

    We have no idea how many of those charities got paid out, but they were at least honoring them initially.

    That said, the whole situation sucks, and I would love to see a deeper investigation of what exactly happened, and I’d like to see some repercussions for that 5x deposit bonus scam towards the end.

  • RikkiDee

    • Ranked #5

      RG Tiered Ranking

    If this plappert guy really thinks hes the victim of bad timing here he really does require the mindset to succeed in business.

    I wonder if DK miraculously buying them out convinced him he ultimately is removed from wrongdoing.

  • jimfred82

    • Blogger of the Month

    He does still log in here occasionally. Would really be nice for him to step in and explain some things, but I’m sure legally he can’t. Although, if he can do an interview, perhaps that isn’t the case…?

  • wolfjb1

    He “explained” things in the article. He could certainly “explain” in depth here. There’s no way he has the balls to come on here and address the real problems, like whether he was stealing players’ money to run the site and how much he really gave to charity. He got extraordinarily lucky to be bailed out by DK.

  • jdtrey

    My money’s on the reporter was a high school friend of all of them or something along those lines. Everything about that article (including the “journalism”) seems amateur at best, which falls right in line with these other idiots..

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