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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.

  • kame222

    @Ryazan said...

    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.

    They didn’t survive cause they lived the high life instead of living like they were poor for a few years. When you spend more than you bring in…it’s easy!

  • herberh2

    Too much to add in a here but I made a blog post about how to protect yourself and spot stuff like this.

  • lostless

    @Ryazan said...

    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.

    They spent all their money on marketing. ~1.1M from Jan – Sept 2016.

  • OsRitmos

    @tristanwolf said...

    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.

    Have you ever used PayPal in your life as a site operator? They do the least amount of vetting of any other options (Stripe, Braintree, etc.). They may be a multi-billion dollar company but they certainly do not act like it.

    My point is: do not use PayPal, the FSTA, or RotoGrinders as “seals of approval” for any site. They do 0 (or close to it) vetting of who they’re working with.

  • theoddsmaker

    @herberh2 said...

    Too much to add in a here but I made a blog post about how to protect yourself and spot stuff like this.

    Too late now. Had I known that an LLC would just be able to steal from everyone and file bankruptcy and get away with maybe a couple of bad LinkedIn InMail I probably would have never kept much money in the account and/or played there.

    Not going to even waste my time turning into analyzing each and every business financials I will just simply only have enough money to play for a few days and assume any day they can bounce and I never get it back.

    Lesson learned.

  • GoBirds

    Forbes did an article relating it to Fanduel – Draftkings merger and possible antitrust issues

    http://www.forbes.com/sites/marcedelman/2017/02/02/fantasy-aces-bankruptcy-further-hurts-antitrust-argument-for-fanduel-and-draftkings-merger/#794437f767a3

  • PeterYanidis

    They could have sold their company for $5 million dollars, but instead they got greedy and chose to be criminals. You could tell from their smirks that they were planning to do something like this all along.

  • Messiah717

    This is just another great example of what happens and how people get hurt when there’s no regulation. The money in the player accounts is not a company like FantasyAces money. This isn’t a bank where they use your deposited money and pay your interest. Not to mention your money in the bank is insured up to $250,000 per account. This is money either won or deposited by players that should never be used for a companies salaries or their day to day operations. Something like this is theft plain and simple.

  • squirrelpatrol

    • 28

      RG Overall Ranking

    • Ranked #23

      RG Tiered Ranking

    • 2019 DraftKings FBWC Finalist

    • x2

      2020 DraftKings FBBWC 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…….

    Whoah let’s slow down here – if there is no mention of FantasyAces on this guy’s LinkedIn account, what makes you think it’s the same person? If there is no mention of FantasyAces, it’s most likely someone with the same name who has no involvement whatsoever with this situation, right?

  • OsRitmos

    @squirrelpatrol said...

    Whoah let’s slow down here – if there is no mention of FantasyAces on this guy’s LinkedIn account, what makes you think it’s the same person? If there is no mention of FantasyAces, it’s most likely someone with the same name who has no involvement whatsoever with this situation, right?

    Look at the picture…it’s him. Executive Chairman of “Tilting Point”, Chariman and Executive Advisor of “thatgamecompany”, Consultant to Board of Directors of “Scientific Games”, EA International Board Member of “Electronic Arts”, etc. 0 mention of FantasyAces where there used to be (I visited his page just a few short weeks ago).

  • kame222

    @squirrelpatrol said...

    Whoah let’s slow down here – if there is no mention of FantasyAces on this guy’s LinkedIn account, what makes you think it’s the same person? If there is no mention of FantasyAces, it’s most likely someone with the same name who has no involvement whatsoever with this situation, right?

    This is laughable! Anyone with a set of eyes can see that it’s IN FACT the same guy. Come on now!

  • petermlopez

    That dude is not high. It’s not unusual at all – in fact, it’s common – for a Bankruptcy Trustee to try and recover payments made to creditors. Now, if the payment in aggregate was under $600, there’s probably not going to be an issue. Also, if the payment was made in the ordinary course of business, it’s probably fine, but that is a defense to the claim or attempted “claw back” that the creditor would have to assert. If there were large payments or preferential payments made, I wouldn’t go spending those funds just yet.

    I’m a criminal defense lawyer, not a Bankruptcy lawyer, but it’s not unthinkable that this would happen.

    Sorry. I was trying to quote @kame222, but it didn’t work.

  • squirrelpatrol

    • 28

      RG Overall Ranking

    • Ranked #23

      RG Tiered Ranking

    • 2019 DraftKings FBWC Finalist

    • x2

      2020 DraftKings FBBWC Finalist

    @OsRitmos said...

    Look at the picture…it’s him. Executive Chairman of “Tilting Point”, Chariman and Executive Advisor of “thatgamecompany”, Consultant to Board of Directors of “Scientific Games”, EA International Board Member of “Electronic Arts”, etc. 0 mention of FantasyAces where there used to be (I visited his page just a few short weeks ago).

    I’m looking at this link and it doesn’t look like the same guy:

    http://www.ocregister.com/articles/fantasy-742826-aces-daily.html

  • ShowMeTheMoney

    • 2012 DraftStreet DSBC Finalist

    @squirrelpatrol said...

    I’m looking at this link and it doesn’t look like the same guy:

    http://www.ocregister.com/articles/fantasy-742826-aces-daily.html

    Those are his sons Brian and Trent.

  • OsRitmos

    @squirrelpatrol said...

    I’m looking at this link and it doesn’t look like the same guy:

    http://www.ocregister.com/articles/fantasy-742826-aces-daily.html

    Not the same person – that’s Brian and Trent (sons), not Tom.

  • jhorst52

    • 59

      RG Overall Ranking

    • Ranked #48

      RG Tiered Ranking

    • x3

      2016 DraftKings FFWC Finalist

    • x2

      2016 FanDuel WFFC Finalist

    @herberh2 said...

    Too much to add in a here but I made a blog post about how to protect yourself and spot stuff like this.

    Link? I can’t find it for some reason.

  • dude_abides7

    @OsRitmos said...

    Not the same person – that’s Brian and Trent (sons), not Tom.

    So they are a family of thieves?

    Great, they can share the same cell in Leavenworth.

  • UtesfanSLC

    All. I am the attorney who mentioned the 90 day preference payment issue. I was a FA player, had roughly $5k in my account on the petition date, and have preference exposure. The causes of action that many of you have mentioned regarding suing Frisina directly are property of the bankruptcy estate and can only be pursued by the bankruptcy court appointed trustee. Filing a lawsuit against the directors and officers for breach of their fiduciary duties etc… will be barred by the automatic stay. There will be a 341 meeting of creditors where aces will have a representative – likely the CEO – answer questions that the trustee has and that any individual creditors have. I am going to call the trustee to see if I can appear telephonically. If anyone has questions about this process, or about their personal exposure, feel free to private message me and I am happy to set up a time to talk or to help in any way I can. We are all in the same boat.

  • squirrelpatrol

    • 28

      RG Overall Ranking

    • Ranked #23

      RG Tiered Ranking

    • 2019 DraftKings FBWC Finalist

    • x2

      2020 DraftKings FBBWC Finalist

    Ah ok if that’s the case then I stand corrected, I just didn’t want some random guy suddenly getting flooded with hate mail.

  • UtesfanSLC

    Also, I have not looked into this, but is the requirement to segregate player funds part of any of the state statutes regulating DFS or is it just part of the FSTA agreement that these guys signed?

  • Daut44

    • 2016 DraftKings FBBWC Finalist

    • 2016 FanDuel WFFC Finalist

    @UtesfanSLC said...

    Also, I have not looked into this, but is the requirement to segregate player funds part of any of the state statutes regulating DFS or is it just part of the FSTA agreement that these guys signed?

    They specifically said it on their website:

    Fraud, right? How do we best proceed given they made fraudulent claims and collectively (although not in the LLC) have the assets to pay off the player balances? Fraud enough to pierce the veil?

  • Hkhotsskhotb

    @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…….

    Tom might want to update two of his skills. Risk mitigation and Risk management.

    I placed funds on that website agreeing to risk in play with other players, if you lost those funds were lost. If I won I was to be paid but I also paid the rake. Any other use of those funds was fraudulent. If those funds aren’t returned then we have a theft. If I were an investor in their company or I bought shares then those come with inherent risk. That’s not the case with any players who were just depositors.

  • kame222

    Saying these guys were “nice” and “good guys” is like saying Ted Bundy was a “nice guy” I’m not saying they killed people but they are white collar criminals none the less. Prossibly broke up a marriage from a prior post and who knows what else Bottom line is they should be held accountable financially and legally. Pay the money or go to jail. I bet he would pay cause he has money and I’m sure he doesn’t want to do the time…

  • LSRDustin

    @UtesfanSLC said...

    Also, I have not looked into this, but is the requirement to segregate player funds part of any of the state statutes regulating DFS or is it just part of the FSTA agreement that these guys signed?

    the charter that includes language about segregation of funds no longer appears on the FSTA website, for what it’s worth.

  • dude_abides7

    @UtesfanSLC said...

    Also, I have not looked into this, but is the requirement to segregate player funds part of any of the state statutes regulating DFS or is it just part of the FSTA agreement that these guys signed?

    It is my understanding that it was required by some states to allow this DFS sites to continue operating with paid contests. It was part of the first wave regulation that some states enacted about a year or so ago after “ethangate”. New York certainly has this provision.

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