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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.

  • KindGuy

    @breedloveboxer said...

    I have also contacted the individual who wrote that article on Forbes (I believe he is a professor of law).

    Yea, it’s Marc Edelman.

  • joephoto

    I went through this with FantasyUp and FantasyHub.

    The absolute Worst part of those experiences were the so-called “insiders”
    posting here that they don’t have news yet, but might have some tomorrow.
    That went on daily for weeks.

  • petey28

    Come on now lets do this

  • dawgem

    Attorneys following this theft… What should the robbed do?? Give us some clues, please. Big money, get a lawyer. Small time < 500, I want my F’ing money back. Do we file the 410 claim with the bankrupt court, or wait for a class action?

  • dawgem

    I don’t think I’ll get a dime back. how can we f*** with the crooks? email pranks, real pranks? a flaming bag of sh** on their door?

  • StlCyclone

    @dawgem said...

    I don’t think I’ll get a dime back. how can we f*** with the crooks? email pranks, real pranks? a flaming bag of sh** on their door?

    I would do none of that. Get them in court. Check out this guy on twitter to see dad’s house. https://twitter.com/@FantasyRath

  • KindGuy

    @elementasrat said...

    Is personal asset forfeiture really a possibility?

    Bump?

  • skeeter1114

    • Blogger of the Month

    I’ve read most of the posts in this thread. It seems like for many, the “simple” solution is for FD or DK to “save the industry” and reimburse all player accounts, like DK did with Fantasy Hub. Would I and everyone else like this solution? Absolutely. However, let’s not get to the point where we think FD/DK has to do this, or that they should. They are still running businesses that aren’t profitable, and while the goodwill from it would be extraordinary, I’m not sure it’s feasible. Plus, just because we have seen it once before, it doesn’t mean that we should expect this to happen every time, or even a 2nd time.

  • cb35

    2013 FFFC Finalist, 2013 DFFC Finalist

    • 2013 FanDuel WFFC Finalist

    @UtesfanSLC said...

    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.

    Have you looked into the case Shaoxing County Huayue Import & Export v. Bhaumik, 120 Cal. Rptr. 3d 303 (Ct. App. 2011)

    Interesting case, doesn’t appear a stay would be automatic. Seems Court may look at the individual circumstances of the case.

    Read more at: http://www.nlrg.com/business-law-legal-research/bid/72055/BUSINESS-LAW-UPDATE-Effect-of-Corporate-Bankruptcy-Filing-on-Creditor-s-Alter-Ego-Claims-Against-Officers-and-Directors

  • JCarp20

    Not really related to many people but i was playing on Aces from Idaho. Being new to the DFS scene i didn’t realize on literally every other site it’s a restricted state. Anyone know how they could do this?

  • SnowShark

    Everyone keeps talking about bankruptcy laws as if players funds were normal creditors in which case the players would be screwed. My questions is wouldn’t the player assets not fall under that category because legally they signed licenses that state player funds are kept separate which would then become fraud and bring into question if players funds were actually part of fantasy aces assets or legally they were still the players assets??? Player assets seem different then a loan or payment they owed because of the licenses they got in different states that were put in place to protect consumers. I’m sure these people would find the money instead of going to jail so some state needs to throw the hammers on these scumbags. Am I crazy???

  • raiders7532

    @thedude404 said...

    You are assuming the “big 2” are financially viable. Have either of them EVER released their financial reports? Not to my knowledge…..

    I would not be surprised if DK and FD file bankrupcy in 2 years. The end of DFS is very near. The industry caters only to the sharks “Pros”. When you have sharks mass entering $0.25 tournaments and$1 tournaments lol u know the end of DFS is near.

  • thelawnmower

    Wow. Just saw this. I probably was one of the first 20 accounts on FA. I worked with Trent and he had me beta test the site about 6 months before it went live. Hope everyone gets their money back.

  • KlairVoyant

    • 844

      RG Overall Ranking

    • Blogger of the Month

    I was sent a copy of my account history from Trent F. so I know exactly how much I was owed…..it only took a message like this to get it out of him!

    KV
    Jan 26, 1:43 AM PST

    I want a complete history of all of my transactions. I am owed $450 and $89 in bonuses. I can’t believe you didn’t give any warning! how do you expect customers to trust you when you don’t even notify them of something of this magnitude? Please contact me tomorrow!

    if I am not contacted right away I am going to contact the better Business Bureau “https://www.bbb.org/” I’ll be contacting anyone I can on the TSXV to expose your business practices and posting in every single DFS forum I can find explaining why people should not trust you and why people should not play on Fantasy Draft in the future.

    kv

    Trent F. (Fantasy Aces) (FantasyAces Support)
    Jan 26, 2:35 PM PST

    KV, Will get that over to you right now. Stand by and sorry for the inconvenience.
    Trent F.
    Co-Founder
    FantasyAces.com
    FantasyAces, LLC

    Trent F. (Fantasy Aces) (FantasyAces Support)
    Jan 26, 2:40 PM PST

    USER: KlairVoyant

    BALANCE $ 447.84
    BONUS BALANCE $ 84.18
    MEMBER POINTS 69.73

    Trent F.
    Co-Founder
    FantasyAces.com
    FantasyAces, LLC

    ID CREDIT DEBIT TYPE DATE/TIME GAME TRANSACTIONID
    3631588 0.90
    prize 2017-01-26 00:02:00 665762
    3631562 2.00
    prize 2017-01-26 00:01:53 665761
    3631522 2.00
    prize 2017-01-26 00:01:48 665760
    3631502 5.00
    prize 2017-01-26 00:01:44 665759

    etc…….

    oh and as far as 1099’s this is what I was told when talking to a FA rep not too long ago

    “Rate This Chat
    KlairVoyant
    I have one last question….when should I expect my 1099 by?

    Marvin Smith joined the chat

    Marvin Smith joined the chat
    Marvin Smith
    yes
    KlairVoyant
    Yes, you are an employee of FA?
    Marvin Smith
    We will have an electronic form you will have to fill out, then once that is done, we will send out 1099’s. This process will more then likely take place in late January.
    Yes I’m an employee of FA”

    here is the full conversation…..

    KlairVoyant
    are my payouts being processed?

    Chat started
    Marvin Smith joined the
    chat

    Marvin Smith
    Hello
    Let me check

    Can I please have your username?

    KlairVoyant
    Please, last time it took longer
    then the stated time frame and also took me contacting your company 3x. a co-founder
    had to hand mail me my check. Do you have a formal payroll department? And does FA segregate player’s funds from business accounts?

    KlairVoyant

    Marvin Smith
    I do see 2 check request for you.
    Checks take up to 14 business days to process

    KlairVoyant
    Why did it take longer than 14
    days last time?
    Marvin Smith
    I’m not sure why it took longer
    last time. Your 2 check requests are in processing, but have not been sent
    out yet.

    KlairVoyant
    Are payouts normally hand
    addressed?
    And written?
    can I get confirmation on that?
    Marvin Smith
    Can you get a confirmation on
    what?
    Also, what do you mean by hand
    addressed and written?

    Are you referring to checks?
    I do not handle the withdrawals or how checks are written. Our processing team handles all of that.

    KlairVoyant
    About player’s funds being
    segregated…. and yes….my last check was handwritten from the business account from FA. The check was handwritten and addressed. When I get paid out by other Fantasy sites the checks are normally automatically populated and paid out of a separate players funds account. Like Fanduel Players funds
    llc
    Could you find that information out
    for me please?
    we have spoken before Marvin

    Marvin Smith (FantasyAces Support)
    Dec 13, 6:42 AM PST
    Hey kv,
    I see you have a check request that was generated on 11/28 in the amount of
    $250.
    As per our site rules: Withdrawal by check will take up to 15 days to process
    and will only be an option for withdrawals over $100.
    Your 15 days is near, and your check should be going out by the end of the week. If you do not receive your check by midweek next week, please let us know. You could also have your withdrawal through Paypal, which only takes
    2-3 days to process. If there is anything else we can do for you, let us know.
    Best,
    Marvin S.
    Customer Service Representative
    Fantasy Aces
    Marvin Smith
    I do not have quick access to that question. Please contact support@fantasyaces.com, and someone will be
    able to get that information you are asking for

    Marvin Smith
    I do not have quick access to that
    question. Please contact support@fantasyaces.com, and someone will be able to get that information you are
    asking for.

    KlairVoyant
    You have never seen a normal withdraw
    check from FA’s?

    Marvin Smith
    I do not see the checks

    After I responded to you about
    your check, how long after that did you receive it? It could have been written because it may have been expedited since it was a late check. I’m not too sure.

    KlairVoyant
    I am curious to find out why last
    time I had to get a hand written check from a Co-founder and it took even longer than the 14 days stated on your site….can you direct me to somewhere on the site where it states that the player’s funds are segregated from business operations?

    not…longer than 14 days to get here….but
    longer than 14 days to even process

    I was told by Bryan F. over the
    phone that they were

    and he assured me everything was
    ok even though he did not provide me with a reason as to why my check was not
    processed originally

    Marvin Smith
    I’m here.

    Not sure why Your original check didn’t
    reach you in 14 days. I just know our check request policy is 14 days

    Marvin Smith
    It could have been processed late due to a high volume of withdrawals.
    Yes, your money is safe with Fantasy Aces.

    KlairVoyant
    Do you have a refund policy on the
    processing fee then?

    I paid for my check to be
    processed in the time frame stated by your website

    Are you experiencing high levels of withdraws currently that
    might delay these current withdraws?

    Marvin Smith

    All of our policies can be found on our rules page. https://fantasyaces.com/gameplay-basics/rules/

    KlairVoyant
    Can you refer me to a contact from
    the Payouts department?

    Marvin Smith
    You have 2 pending withdrawals
    that were requested the 21st and 23rd. Both checks will be processed within
    15 days. Is there anything else I can help you with?

    KlairVoyant
    Yes, could you please have someone
    from the Payroll/ payouts department contact me so I can inquire about receiving a refund on my last processing fee that was on a check that was not processed within the stated time period. And can you also direct me to someone that can assure me in writing the player’s funds are segregated on FA’s? Thanks Marvin for your help, I now you are doing what you can.

    my
    Email is

    Marvin
    Smith
    I
    will also relay this message over to processing to ensure they process your
    checks in a timely manner.

    You
    will have to send your request to our support desk

    support@fantasyaces.com

    KlairVoyant
    Are
    you an employee of FA Marvin?

    $255
    was withdrawn from my account on 11/28

    I
    have to go….thank you for your time

    Marvin
    Smith
    Yes,
    your cash out was for $250. please chack your Aces account to verfiy

    KlairVoyant
    I
    have one last question….when should I expect my 1099
    by?

    Marvin
    Smith joined the chat
    Marvin Smith joined the chat

    Marvin
    Smith

    yes

    KlairVoyant
    Yes
    Are you an employee of FA?

    Marvin
    Smith
    We
    will have an electronic form you will have to fill out, then once that is done, we will send out 1099’s. This process will more then likely take place in late January.

    Yes
    Im an employee of FA

    KlairVoyant
    Great!
    have a nice Day, thank you!

    Marvin Smith
    You too.

  • KlairVoyant

    • 844

      RG Overall Ranking

    • Blogger of the Month

    sorry, that last post was really hard to read.

  • wolfjb1

    @dawgem said...

    Attorneys following this theft… What should the robbed do?? Give us some clues, please. Big money, get a lawyer. Small time < 500, I want my F’ing money back. Do we file the 410 claim with the bankrupt court, or wait for a class action?

    Yeah, I’m one of the attorneys who is a grinder.

    The first step toward getting your money isn’t really that complicated.

    As a few people posted above, contact the bankruptcy court and find out how to file a claim. Someone above already posted instructions (maybe RG could pin the post with those instructions). If you don’t know your exact balance, I would suggest that you give an approximation.

    (^Disclaimer: This is not legal advice.)

  • wolfjb1

    @cb35 said...

    Have you looked into the case Shaoxing County Huayue Import & Export v. Bhaumik, 120 Cal. Rptr. 3d 303 (Ct. App. 2011)

    Interesting case, doesn’t appear a stay would be automatic. Seems Court may look at the individual circumstances of the case.

    Read more at: http://www.nlrg.com/business-law-legal-research/bid/72055/BUSINESS-LAW-UPDATE-Effect-of-Corporate-Bankruptcy-Filing-on-Creditor-s-Alter-Ego-Claims-Against-Officers-and-Directors

    Thanks for posting. I will be researching this issue today. I’m looking to bring suit in my state pending my review of the research.

  • wolfjb1

    I just read the entire bankruptcy petition. A bunch of us grinders are named in there, with your home address. Somehow I’m not listed there, which doesn’t make much sense, but I think it’s because I tried to withdraw a couple of days before the “buyout” so they are clearly using that as a sleight of hand to allege that the money is tied up in limbo.

  • iwrestle

    @wolfjb1 said...

    I just read the entire bankruptcy petition. A bunch of us grinders are named in there, with your home address. Somehow I’m not listed there, which doesn’t make much sense, but I think it’s because I tried to withdraw a couple of days before the “buyout” so they are clearly using that as a sleight of hand to allege that the money is tied up in limbo.

    Can you link the entire petition??

  • carney259

    • 136

      RG Overall Ranking

    • Ranked #94

      RG Tiered Ranking

    Wolfjb1,

    I don’t have anything invested here, but why do you think people will get a portion of their money back by filing a claim with the Bankruptcy Trustee? The petition shows that virtually all of FA’s “Assets” are goodwill and prepaid insurance, neither of which are likely to ever be liquidated. I am an attorney, but not a bankruptcy attorney. As I understand it, bankruptcy claims are not real dollars. The claims can be worth anything from zero to pennies on the dollar to the full amount of the claim. Here I don’t see how the bankruptcy claims are worty more than monopoly money. Where is the money going to come from to pay the claims? I guess there could be clawbacks, but it’s hard to imagine that would return much after the legal costs involved with the process. There are no liquid assets to sell off. Maybe I have missed something, just curious.

  • oldschoolways

    @iwrestle said...

    Can you link the entire petition??

    Yes, please do. Not really into paying another $10 just to find out if I’m in there or not.

  • swh10e

    @mberkowi said...

    Do you want to know what makes me vomit? This is the 3rd site I deposited money based on RG’s referral/recommendation that turned into a fraudulent situation. Yes, my fault for not being safer after the first 2 near misses. The “I told you so” losers have already come out strong in this thread.

    RG was owed nearly $200,000 and was defending Aces till the final hour. I’m going to guess a very high percentage of Aces lost balances were from players refered by RG.

    The FSTA has shown it couldn’t care less about player safety. With this type of revenue, RG needs to step up its game and show some accountability for the sites you promote and help protect us players. You have way more pull than any of us.

    +1000

  • Yeoman

    @cb35 said...

    You will have to organize as a group. Fantasy Aces has D&O Insurance per page 9 of the filing. Stands for Directors & Officers Insurance and there may be coverage available to players if they (Directors and Officers of Fantasy Aces) acted negligently (not criminally – most insurance policies will not pay for criminal acts). At a real high level, using player funds to cover operations is a negligent act. It is not a simple process but if enough players that can be represented and you find the right firm (preferably California) then I think that is your best chance to see some type of return of your player balance.

    I used to write D&O insurance for a living so I guess I’ll weigh in here. By all means that should be pursued, but don’t be surprised if the insurer successfully denies the claim. Precise details differ from policy to policy but the exclusion you’re referring to is typically broader than just criminal acts—the usual wording excludes “knowingly dishonest acts” as well. They’ll deny the claim on those grounds; you can and should fight it but my gut says that when discovery’s been done we’ll find out there was knowledge aplenty.

    For those of you that owned stock, you might also have grounds for a claim against their auditors, which again is better pursued collectively. For the rest of you there’s the possibility of court-ordered restitution as part of a criminal case. Everybody that’s been hit by this should be contacting the AG in their state.

  • Yeoman

    @carney259 said...

    Wolfjb1,

    I don’t have anything invested here, but why do you think people will get a portion of their money back by filing a claim with the Bankruptcy Trustee? The petition shows that virtually all of FA’s “Assets” are goodwill and prepaid insurance, neither of which are likely to ever be liquidated. I am an attorney, but not a bankruptcy attorney. As I understand it, bankruptcy claims are not real dollars. The claims can be worth anything from zero to pennies on the dollar to the full amount of the claim. Here I don’t see how the bankruptcy claims are worty more than monopoly money. Where is the money going to come from to pay the claims? I guess there could be clawbacks, but it’s hard to imagine that would return much after the legal costs involved with the process. There are no liquid assets to sell off. Maybe I have missed something, just curious.

    Nobody’s going to be made whole but I don’t see why that’s a reason not to stake your place in the line. There were people upthread with 50k balances—wouldn’t even pennies on the dollar be worth pursuing?

  • wolfjb1

    @oldschoolways said...

    Yes, please do. Not really into paying another $10 just to find out if I’m in there or not.

    I’m not allowed to share it because I could lose access to the federal filing system and I can’t have that. Anyone can look at any document. You have to register, which is free, but I’m not sure.

    http://www.pacer.gov/reg_pacer.html

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