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  • appguy

    Hey guys,

    New here. Does anyone have any experience with FantasyAces and their withdrawal times? I requested a $600 payout to PayPal 7 days ago and still have not received it. Their website says 24-48 hours.

    I would assume these smaller sites would have a heavier focus on customer service, which is why I chose FantasyAces (along with the smaller GPP games). Apparently not?

    MOD NOTE: FANTASYDRAFT PULLS OUT OF ACES DEAL, 1/30: In an official statement from FantasyDraft, the company has said “Unfortunately, because of issues identified during our due diligence, we are unable to purchase the assets of Fantasy Aces. We will continue to provide the best possible daily fantasy experience for our users, and are committed as always to putting our Players First.” We’ll post any additional news as it’s confirmed.

    MOD NOTE (Feb 1, 1:53 AM EST): FANTASY ACES HAS FILED FOR BANKRUPTCY Initially reported here.

    MOD NOTE (Feb 13, 8:40 PM EST): HUGE NEWS VIA FANTASY DRAFT, REIMBURSING FANTASY ACES PLAYERS Initially reported here.

  • OsRitmos

    @EadesScience said...

    Shame on you for having your britches down!

    The only person to blame if you lost money on this deal is yourself. If you followed common sense you would have been wise enough to only play on sites that implement PayPal as a money exchange. You deposit as you wish and withdraw as you wish. By this I mean that at end of the contest your account is empty. You deposit back the next day ever how much play you are going to need. The deposits are immediate and the withdrawals happen within a few hours on DK.

    It is silly to blame this fiasco on anyone except yourself as you failed to do due diligence and research who exactly runs the DFS industry and from that knowledge be very proactive. If you had done this then you would have come to the realization that a great percentage of DFS, including RG, is run by gamblers (ex poker industry folks). Historically speaking, these folks do not have the most upright of reputations. Just look at the poker industry and what happened. The very next bandwagon these guys jumped on was DFS. Draw your own conclusions here.

    On another note, the only person looking after you is yourself in this environment. Do not trust anyone except yourself. You just cant afford it in my opinion. I still love the game even given I know what I am playing against. It is still fun! I use proactive safeguards so I know that I will not have to sell the farm so to speak.

    Keep the faith my friends….This is just a bump in the road. Keep your friends close and your enemies closer.

    Ricky

    I’m sorry but this is complete drivel. Using PayPal as a gauge of legitimacy is ludicrous – they are about as risky as it comes when it comes to payment providers. Other payment providers require legal consent forms (like Optimal Payments, who used to process a majority of payments for FanDuel and DraftKings). PayPal will let nearly any shady DFS site do business with them (hint – they don’t even know it’s happening). We couldn’t even get Stripe, Braintree, etc. to accept DFS payments.

    I understand your point was about the timing of transactions, but not all non-DK/FD sites are timely with said transactions.

    This just reads as an “I told you so” post and completely self-centered at best. You added nothing here.

    I’ll add that, as a former player and site owner myself (not one that you would have ever heard of because we never offered paid games due to the inherent risk and the fact that our investors refused to accept said risk), the FSTA is a joke of a body that needs to be shut down. All their “members” do is pay your $600 yearly, grab their badge to put on the bottom of their site, and BOOM they’re an FSTA member. The FSTA does 0 policing, 0 investigating, etc. other than continuously hounding members about paying their dues. I think they have good intentions but it’s implemented terribly.

  • garrett296

    I joined FA in November, but had over 10k in my account when all of this happened, so this hurts pretty bad. I had maybe the absolute worst timing I could have possibly had. Anyway… I decided to email the lawfirm’s address listed on the fantasy aces email update they sent out on 2/1. I more or less demanded to know what steps would be taken to return player account balances, mainly because I was curious what BS they would say back to me. And I got this response…

    Thank you for contacting Red Hill Law Group.

    We are general bankruptcy counsel for Fantasy Aces LP, a Delaware Limited Partnership.

    Bankruptcy case number 17-10359 is pending before the United States Bankruptcy Court, Central District of California located at 411 West 4th Street, Santa Ana CA 92701. The Honorable Erithe Smith, United States Bankruptcy Judge presiding. You may obtain a proof of claim form directly from the court at www.casb.uscourts.gov
    The complete case number is 8:17-bk-10359-ES.

    Please note we are the attorneys of record for Fantasy Aces LP and as such can not give legal advice to you. If you desire legal counsel please consult an attorney of your choice.

    If you would like to be added to the notice list please respond to this message with only your name and mailing address for the US Postal Service including:
    Complete Name
    Complete Street Address
    City State and Zip Code
    The amount of your claim

    Once received your name and address will be added to the notice list for this case. You will be notified when the duly appointed chapter 7 trustee is able to make a distribution to you. This process generally takes many months.

    Also note negotiations are currently in process for the chapter 7 trustee to sell assets of Fantasy Aces LP and these discussions include assumption of your user accounts. It is possible this process will take less time than noted above for distribution to you.

    Thank you for contacting Red Hill Law Group.

    Bert Briones
    Managing Attorney

  • OsRitmos

    I’ll add to this that my company raised over $300k, paid for sports statistics data up-front (12 mo. in advance) from SportRadar for 2 years, always paid our bills ON TIME, had a crazy unique competitive advantage over DK/FD in our real-time fantasy sports product (swap players mid-game), and still managed to maintain a positive net balance on our website until we decided to close down due to obvious industry constraints. I cannot believe Fantasy Aces, a site I trusted for so long, would do such a thing to their players.

    At the same time, I will call out RG for blowing my company off ~1.5 years ago. We had angel funding but plenty of money in the bank. Instead they chose to go with companies like Fantasy Aces and never respond to our messages after initial conversations…we all see how that went.

    I actually remember a time when I was at the FSTA in NYC 2 years ago and I saw the guys from Fantasy Aces and I looked up to them. I thought, “How can my company get to the position they are in?”. They were drafting their lineups in a huge circle-jerk of fantasy sports teams in the middle of the summer. If only I knew how shady they were actually being run…

  • tristanwolf

    @OsRitmos said...

    I’m sorry but this is complete drivel. Using PayPal as a gauge of legitimacy is ludicrous – they are about as risky as it comes when it comes to payment providers.

    Aside from the ridic post you were quoting, this is ridic too. A multi billion dollar company owned by ebay is about as safe as you can get.

  • tristanwolf

    @Zieg30 said...

    As others have noted previously, their personal assets are not necessarily protected. It seems pretty clear that they perpetrated a fraud here.

    Also, another member gave great advice earlier that seems to have been ignored. If you received a withdrawal from FA within the 90 days prior to the bankruptcy, you should wait until the bankruptcy process plays out before assuming that you’ll get to keep it. Just tread carefully.

    There’s no way this could be true. Business creditors sure but not players own money.

  • Galante118

    • Blogger of the Month

    @Zieg30 said...

    As others have noted previously, their personal assets are not necessarily protected. It seems pretty clear that they perpetrated a fraud here.

    Also, another member gave great advice earlier that seems to have been ignored. If you received a withdrawal from FA within the 90 days prior to the bankruptcy, you should wait until the bankruptcy process plays out before assuming that you’ll get to keep it. Just tread carefully.

    Why lol they gave Me my money, and aren’t getting a dime back.

    People on this forum literally make things up

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    No mention of FantasyAces on Tom Frisina’s LinkedIn account. Maybe his connections should be updated and made aware that he is the CEO of FantasyAces…….

  • kame222

    @Zieg30 said...

    As others have noted previously, their personal assets are not necessarily protected. It seems pretty clear that they perpetrated a fraud here.

    Also, another member gave great advice earlier that seems to have been ignored. If you received a withdrawal from FA within the 90 days prior to the bankruptcy, you should wait until the bankruptcy process plays out before assuming that you’ll get to keep it. Just tread carefully.

    This dude is high!

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    @thedude404 said...

    No mention of FantasyAces on Tom Frisina’s LinkedIn account. Maybe his connections should be updated and made aware that he is the CEO of FantasyAces…….

    We should all be doing this. That is the only way we can make this thing hurt for him.

  • zpruitt3

    Will they be sending out 1099s from 2016? Can’t do my taxes until i recieve this

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    @zpruitt3 said...

    Will they be sending out 1099s from 2016? Can’t do my taxes until i recieve this

    Why dont you email them? They would probably know. Or you could wait until the end of the 2nd week of February as most times the 1099’s are sent out at the end of Jan/beginning of Feb.

  • swedishchef

    @Ryazan said...

    So this Draftpot place just vanished without a word and player funds are frozen there too? Why is no one talking about it?

    I recently received a withdrawal from Draftpot relatively quickly so unless others are having a different experience I don’t think player funds are frozen there.

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    @ohiostate241 said...

    We should all be doing this. That is the only way we can make this thing hurt for him.

    I’m also pretty sure that all those philanthropic organizations he is supposedly associated with on his linkedin account dont want to be associated with or receiving money from a known criminal…..

  • breedloveboxer

    Aces owes me 9.5k, yet, I need to be concerned that any funds that I received by them in the past 90 days may be taken as well!? They have already essentially stolen money from hundreds of people, and looking at previous comments, I do believe that these guys aren’t “slummin’ it.” Given their actions, we need to be able to take legal action against these guys. They have clearly been negligent.

    Lawyers out there, what are we able to do besides “Be careful” or “tread carefully”!? I want to take action. What action can those of us affected by this take?

    I have now seen two posts from individuals who reportedly have a background in law which conveyed filing for Chapter 7 as being beneficial to Aces, and terrible for players, yet, offered zero advice regarding what we as players can actually do to fight, to get what we deserve. I’m not a lawyer, but bankruptcy can’t be THAT good, so as to further destroy the people who have been adversely affected by this.

    Lastly, enough with the comments about “I’m glad I am a small stakes player”, or “You should know better”… you are the same people who strive off of the demise of others. Shame on you. Comments like those serve zero purpose in this forum. You have got to be a better person than that. This is a forum which should be used to help those who were adversely affected by these crooks, not to kick them while they are down to make you feel better.

    Humor on the the hand…I’m down with that.

  • stv1313

    Has anyone seen the full 90-page bankruptcy filing? I’ve only seen the first 12-14 pages on the internet.

    Is there a chance that the other 78 pages includes the full list of known creditors (i.e. everyone who had a player’s balance)? I had over $5k on this site and if I’m on that list, I’d like to hang it proudly in my office. :-)

  • kellykip

    @swedishchef said...

    I recently received a withdrawal from Draftpot relatively quickly so unless others are having a different experience I don’t think player funds are frozen there.

    I had a balance on Draftpot that was sitting there for months until I remembered it was there. Requested a withdrawal about a month ago and it was in my account within 24 hours.

    They seem to be one of the exceptions who did it right.

  • LSRDustin

    @stv1313 said...

    Has anyone seen the full 90-page bankruptcy filing? I’ve only seen the first 12-14 pages on the internet.

    Is there a chance that the other 78 pages includes the full list of known creditors (i.e. everyone who had a player’s balance)? I had over $5k on this site and if I’m on that list, I’d like to hang it proudly in my office. :-)

    I have the full filing. There are names and addresses of a lot of players, but I don’t know what the rhyme or reason is as to who is listed.

  • Zieg30

    • 615

      RG Overall Ranking

    • 2018 DraftKings FGWC Finalist

    @Galante118 said...

    Why lol they gave Me my money, and aren’t getting a dime back.

    People on this forum literally make things up

    “They” wouldn’t be getting it back. The funds would go into the pool to be distributed to creditors (which would include you, you’d just get a tiny fraction of what you had before).

  • Zieg30

    • 615

      RG Overall Ranking

    • 2018 DraftKings FGWC Finalist

    @tristanwolf said...

    There’s no way this could be true. Business creditors sure but not players own money.

    The players are unfortunately merely creditors in this instance.

    And the money that was paid out was not the “players’ own money”, but in fact everyone else’s money too given that there wasn’t enough money to go around.

    Here’s an explanation of the rule from one of the first sites that returned from a google search for “preferential payment”:

    “Many businesses are surprised to learn that there is a Bankruptcy Code provision, commonly referred to as the “Preferential Payment Rule,” which generally provides that where a debtor makes a payment to a creditor and the debtor files bankruptcy within 90 days thereafter, the creditor can often be forced by the Bankruptcy Court to pay all the sums paid by the debtor back into the bankruptcy estate for distribution to general creditors.”

  • rotokevin

    2014 RG Bowling Co-Champion, CPA & DFS Tax Guru

    • 2014 FanDuel WFBC Finalist

    @Zieg30 said...

    The players are unfortunately merely creditors in this instance.

    And the money that was paid out was not the “players’ own money”, but in fact everyone else’s money too given that there wasn’t enough money to go around.

    Here’s an explanation of the rule from one of the first sites that returned from a google search for “preferential payment”:

    “Many businesses are surprised to learn that there is a Bankruptcy Code provision, commonly referred to as the “Preferential Payment Rule,” which generally provides that where a debtor makes a payment to a creditor and the debtor files bankruptcy within 90 days thereafter, the creditor can often be forced by the Bankruptcy Court to pay all the sums paid by the debtor back into the bankruptcy estate for distribution to general creditors.”

    Yup, this is all true. Everyone jumping on the dude that first brought it up should apologize.

  • Zieg30

    • 615

      RG Overall Ranking

    • 2018 DraftKings FGWC Finalist

    @breedloveboxer said...

    Lawyers out there, what are we able to do besides “Be careful” or “tread carefully”!? I want to take action. What action can those of us affected by this take?

    I have now seen two posts from individuals who reportedly have a background in law which conveyed filing for Chapter 7 as being beneficial to Aces, and terrible for players, yet, offered zero advice regarding what we as players can actually do to fight, to get what we deserve. I’m not a lawyer, but bankruptcy can’t be THAT good, so as to further destroy the people who have been adversely affected by this.

    I am not a specialized bankruptcy lawyer, though have had decent exposure to the bankruptcy process. Ultimately the players should band together and hire counsel (given the relatively minor balances at issue it likely won’t make fiscal sense for all but a handful of players to hire their own counsel) to get involved in the bankruptcy process and represent you as creditors.

    I do think given the obvious fraud involved it may be possible to get at the owners’ personal assets, but that can take awhile.

  • swingaway

    He’s not making that up. Without getting into the whole workings of bankruptcy- while it is your money- there is certainly a chance that if you received a payout from FA within that timeframe- the court can try to get it back from you. Not apples to apples but to use an example, it happened in the Madoff situation ( and countless others).
    People who withdrew “ their” money within 90 days of Madoff’s company declaring bankruptcy- WERE subject to having that money “ clawed” back.
    Again, not apples to apples, but he’s not making it up.
    I seriously doubt you have anything to worry about in this case- but it wouldn’t be unheard of for the courts to attempt to add any money FA “ paid” out, to the bankruptcy pool- as insane as that sounds .
    The whole situation sucks . It sucks that they co-mingled money- it sucks that they were liars- it sucks that they stole money that wasn’t theirs- it sucks that people lost their money to these scumbags- it sucks that it puts another stain on DFS.

  • breedloveboxer

    I understand this is a general rule (Personal Preference Payment Rule), but you are disregarding the process they took to get to where they are now. They would not have been in this situation had they kept players funds in segregated accounts, and bowed out when they realized it was not working. Rather, they used player funds to operate the site. How can we potentially owe money back for their negligence?

  • Ryazan

    • x3

      2015 FanDuel WFFC Finalist

    • x2

      2015 FanDuel WFBC Finalist

    I didnt expect a bankrupcy from aces, their site looked pretty simple, i liked it alot and all, felt like a classic NES video game – point being that it doesnt seem like operational costs were high and they had a small staff. I dont get how they didnt survive on rake alone.

  • Messiah717

    Does anyone really think this company has any major assets to liquidate? I’m sorry to say but I don’t see many creditors if any seeing any money out of this. Chapter 7 doesn’t mean money magically appears.

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