Our 2017 MLB Premium Content Is Now Available For Purchase! FULL DETAILS

MAIN FORUM

Comments

  • 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.

  • PJGuin23

    DFS Tax Guru

    @Stewburtx8 said...

    Everyone’s situation is different. It’s why the answer is always to contact a professional.

    If I won a few bucks on Aces and they do not send a 1099, I might lean towards not reporting it. If you won $100k and had $50k still in my account balance, well I would probably try to find a way to at least report the $50k I got off the site as income. If you won money on Aces and have multiple other “businesses” or DFS income from other sites, or are just generally a higher audit risk, I would probably do my best to report proper income/winnings using Paypal statements, bank statements, etc. At least so that the number you report as income is supportable. No one is opting to pay the government more money in taxes. It’s just a matter of trying to report proper income to the best of your ability. Getting audited is not fun and can result in significant penalties and fines.

    Just because Fantasy Aces does not send 1099’s does not mean you are simply in the clear in terms of reporting income/winnings. It just removes the clear paper trail to the IRS.

    Great answer. I just popped in to see if anyone somehow received a 1099 from them. Again it doesn’t matter. Income is income. How it’s calculated and losses taken are a different story.

  • btwice80

    • 439

      RG Overall Ranking

      RG Overall Ranking
    • Ranked #81

      RG Tiered Ranking

      RG Tiered Ranking

    I filed the complaint form with California DOJ, but I have a question about the FBI one. Do Paypal transactions count as wire transfers, cash, or just select other? I was going to select wire, but then I thought that may only apply to an actual bank wire transfer.

  • stv1313

    • 209

      RG Overall Ranking

      RG Overall Ranking
    • Ranked #19

      RG Tiered Ranking

      RG Tiered Ranking
    @btwice80 said...

    I filed the complaint form with California DOJ, but I have a question about the FBI one. Do Paypal transactions count as wire transfers, cash, or just select other? I was going to select wire, but then I thought that may only apply to an actual bank wire transfer.

    For what it’s worth, I just selected “other”. I think that the goal of completing the form is to notify the FBI that something terrible has happened. I wouldn’t worry about correctly crossing very ‘t’ and dotting every ‘i’ when you fill out the form. They’ll get the idea if enough of us do it.

  • FH1129

    Hi MLKURTZ26,

    I did receive the above Form 309C. For anyone that hasn’t received it, I’m happy to send you a copy if you private message me. It provides the information on the Bankruptcy Trustee, Bankruptcy Clerk’s Office and the Meeting of Creditors which is March 14 at 9:00AM. Under “Proof of Claim” it states that “No property appears to be available to pay creditors. Therefore please do not file a proof of claim now”. If it later appears that assets are available to pay creditors, the clerk will send you another notice telling you that you may file a proof of claim and stating the deadline.

    Like several of you, I have filed the claims that Brit Devine has provided. There is also an address for Bankruptcy Fraud and Abuse that is posted on the letter received:

    Fraud Complaint Coordinator
    Office of the United States Trustee
    411 West Fourth Street, Ste. 7160
    Santa Ana, CA 92701

    For those of you who are close enough in distance to attend the creditors meeting, “REPRESENT” for all of us!

  • Yeoman

    @Zieg30 said...

    Legal consequences. As has been explained previously in this thread, under certain circumstances (e.g. fraud), the bankruptcy trustee can pierce the corporate veil and go after the owner’s personal assets.

    In addition to losing their personal assets, there’s also the prospect of losing their freedom for a time if they’re found guilty of criminal fraud.

  • herberh2

    Pretty much this. There was no investment to be had by any DFS operator at that time. They were not profitable so if theyre out of money and that’s the only offer they can get, then they sell. They likely retained the software to try to sell as FA had their own.

    FF’s parent company can also use all of this as a nice tax writeoff.

    FA already didnt have player funds so they were just writing a check for monopoly money in shares and showing growth in hopes of duping a future investor or acquisition.

  • Yeoman

    @onepinrodney said...

    IMO, there’s no chance of any player funds coming out of the BK, the business is broke. Any chance will come out of a successful criminal trial and a sentence that includes to pay restitution (out of their personal assets). I don’t know how these guys could not be guilty of wire fraud. It’d be nice to see them sentenced to restitution AND prison time. That would not be an atypical sentence. I’m just going to report them anywhere I can.

    Even if they aren’t found guilty in a criminal trial, there’s the possibility of court-ordered restitution, out of their personal assets, as a result of a civil suit—the essential difference being that the civil court only requires a preponderance of the evidence, while the criminal court requires evidence beyond reasonable doubt.

  • aerolaw

    sure, just like Phenoms,Fantasy Jungle, WCOFF…no consequences at all, and certainly no morals,ethics,decency. All ran contests and took entries on the eve of their bankruptcy filings.
    Its become an inherent risk in the business for players, and a very real one

  • vcuram00

    Man I was out of the country and I just saw this when I was going through my mail and got the bankruptcy letter. To find out the whole thing was a con was pretty shocking, I met the brothers and the father at the live final and was really impressed with the whole operation. Seemed really first class and the fact that it was family run actually gave me more confidence, thought they would be less likely to want to ruin there name etc. I was fortunate enough to win the faffc and the cash out process for the check was a little sketchier than FD or DK, but I never won that kind of money on those sights and figured it was just how it was. Thank god I pulled all my money out after VA changed the laws and I wasn’t able to play on the site. At the time I was cursing the legislators in Virginia for taking away what was my favorite DFS site, guess they were doing me a favor…I feel terrible for everyone that lost money, hopefully you are able to recoup some of it. After reading this whole thread though I have to agree with the sentiment of some of the others, first they take away cfb which was my favorite sport, then the sites start this mass consolidation and now it turns out some of them were just flat out stealing our money. My DFS enthusiasm is at an all time low….

  • biglucky

    • 159

      RG Overall Ranking

      RG Overall Ranking
    • Ranked #99

      RG Tiered Ranking

      RG Tiered Ranking
    • x2

      2016 DraftKings FBWC Finalist

      DraftKings FBWC Finalist
    • 2016 DraftKings FGWC Finalist

      DraftKings FGWC Finalist

    If someone was interested in purchasing there software would that be something that the court has control over now or would someone still have to deal with the guys at Fantacy Aces to secure a deal of this nature? I’m sure there software has a certain value and although I know its not enough to cover player balances I could see it fetching 10-50k which would be a start. If anyone has some info how 1 would go about making an offer for there software please post this info: Thanks

  • wolfjb1

    If you’re serious, contact the attorney for Aces. His name is listed in the bankruptcy petition and it was emailed out to all of us who had money with them.

  • cy1985

    Hope you guys all get paid. All I have to say on this topic.

  • YoungFischer

    Suppose you have $1,000 in your FantasyAces account and someone approaches you wanting to buy your balance at a discount. For how much would you be willing to sell it?

  • kame222

    @YoungFischer said...

    Suppose you have $1,000 in your FantasyAces account and someone approaches you wanting to buy your balance at a discount. For how much would you be willing to sell it?

    A bowl of gumbo and a sack of crawfish. ūüėā

  • Stewburtx8

    • 631

      RG Overall Ranking

      RG Overall Ranking
    • 2012 FanDuel WFBC Finalist

      FanDuel WFBC Finalist
    @YoungFischer said...

    Suppose you have $1,000 in your FantasyAces account and someone approaches you wanting to buy your balance at a discount. For how much would you be willing to sell it?

    That’s an interesting scenario. Obviously depends how much you need the money and if you would prefer to just “cash out” and not worry about it anymore. Honestly think it is worth about 5-10 cents on the dollar at most in my opinion. How eager are they to make this transaction? I think at 20 cents on the dollar I’d have to take it. Just my opinion.

  • mbaldauf

    If you look through the BK filing they list an internet company (Social Growth Technologies) as a secured creditor with a lien on FA’s website, user data, social media, etc. If FA cannot pay Social Growth the $222k they still owe, Social Growth should end up owning all of that information.

    Social Growth’s information is all in the BK filing (also here http://socialgrowthtechnologies.com/contact/)

  • FantasyDraft_Rep

    FantasyDraft Rep

    Grinders,
    As members of the DFS community committed to doing things the right way, we feel that we need to do our part to protect the lifeblood of the industry, you the players. So, we have decided to get involved. Today we have entered into an agreement with the FantasyAces bankruptcy trustee to obtain player account and balance information in order to help reimbursing missing player funds.
     
    Through this agreement, we have committed to reimburse Fantasy Aces players up to $1,000 cash to cover missing account balances, this makes 99.6% of the players whole. In addition, to help those with larger balances we are also going to offer the following:

    • Players with a Fantasy Aces cash account balance between $1,000 – $5,000: ¬†
      • We will provide $1,000 Cash + Remaining balance in FantasyCash up to $4,000 ($5,000 total)
    • Players with a Fantasy Aces cash balance >$5,000: ¬†
      • We will provide $1,000 Cash + $4,000 FantasyCash + a¬†Pending Bonus¬†for the remainder of your balance
      • Pending Bonus is earned at a rate of 4% for each $1 in entry fees paid in USD, and is paid as FantasyCash
         

    Upon court approval, we will provide additional detail on how you can claim your funds on FantasyDraft.
     
    I want to reiterate that FantasyDraft is committed to being a responsible citizen of the DFS community. That means we do things the right way, and your funds will ALWAYS be segregated and protected. We are licensed or registered in all states that have passed DFS regulation and are compliant in each. When we say that We Put Players First, we mean it.
     
    Steve
    CEO & Co-Founder

    MOD NOTE (Feb 13, 8:40 PM EST): YOU CAN DISCUSS THIS AND ASK QUESTIONS IN A FRESH THREAD HERE

  • stv1313

    • 209

      RG Overall Ranking

      RG Overall Ranking
    • Ranked #19

      RG Tiered Ranking

      RG Tiered Ranking

    Holy Cow! This is awesome news!!!

    FantasyDraft is the bomb!!!!

  • kame222

    @FantasyDraft_Rep said...

    Grinders,
    As members of the DFS community committed to doing things the right way, we feel that we need to do our part to protect the lifeblood of the industry, you the players. So, we have decided to get involved. Today we have entered into an agreement with the FantasyAces bankruptcy trustee to obtain player account and balance information in order to help reimbursing missing player funds.
     
    Through this agreement, we have committed to reimburse Fantasy Aces players up to $1,000 cash to cover missing account balances, this makes 99.6% of the players whole. In addition, to help those with larger balances we are also going to offer the following:

    • Players with a Fantasy Aces cash account balance between $1,000 – $5,000: ¬†
      • We will provide $1,000 Cash + Remaining balance in FantasyCash up to $4,000 ($5,000 total)
    • Players with a Fantasy Aces cash balance >$5,000: ¬†
      • We will provide $1,000 Cash + $4,000 FantasyCash + a¬†Pending Bonus¬†for the remainder of your balance
      • Pending Bonus is earned at a rate of 4% for each $1 in entry fees paid in USD, and is paid as FantasyCash
         

    Upon court approval, we will provide additional detail on how you can claim your funds on FantasyDraft.
     
    I want to reiterate that FantasyDraft is committed to being a responsible citizen of the DFS community. That means we do things the right way, and your funds will ALWAYS be segregated and protected. We are licensed or registered in all states that have passed DFS regulation and are compliant in each. When we say that We Put Players First, we mean it.
     
    Steve
    CEO & Co-Founder

    Awesome! Will the last tournament that was never posted to our accounts, as far as we could see, be included in the balance?

  • louiescards

    RG Moderator, DK KoTH winner

    @FantasyDraft_Rep said...

    Grinders,
    As members of the DFS community committed to doing things the right way, we feel that we need to do our part to protect the lifeblood of the industry, you the players. So, we have decided to get involved. Today we have entered into an agreement with the FantasyAces bankruptcy trustee to obtain player account and balance information in order to help reimbursing missing player funds.
     
    Through this agreement, we have committed to reimburse Fantasy Aces players up to $1,000 cash to cover missing account balances, this makes 99.6% of the players whole. In addition, to help those with larger balances we are also going to offer the following:

    • Players with a Fantasy Aces cash account balance between $1,000 – $5,000: ¬†
      • We will provide $1,000 Cash + Remaining balance in FantasyCash up to $4,000 ($5,000 total)
    • Players with a Fantasy Aces cash balance >$5,000: ¬†
      • We will provide $1,000 Cash + $4,000 FantasyCash + a¬†Pending Bonus¬†for the remainder of your balance
      • Pending Bonus is earned at a rate of 4% for each $1 in entry fees paid in USD, and is paid as FantasyCash
         

    Upon court approval, we will provide additional detail on how you can claim your funds on FantasyDraft.
     
    I want to reiterate that FantasyDraft is committed to being a responsible citizen of the DFS community. That means we do things the right way, and your funds will ALWAYS be segregated and protected. We are licensed or registered in all states that have passed DFS regulation and are compliant in each. When we say that We Put Players First, we mean it.
     
    Steve
    CEO & Co-Founder

  • srk8987

    Managing Editor

    • 801

      RG Overall Ranking

      RG Overall Ranking

    Incredible.

    Thank you FantasyDraft. FantasyAces should still be ashamed of themselves.

  • SnowShark

    All I can say is WOW!!! So incredible for FANTASY DRAFT to make this move. Just Amazing!!!

  • mbaldauf

    Thanks for stepping up Steve & FantasyDraft!

  • bhdevault

    Lead Forum Mod

    • 992

      RG Overall Ranking

      RG Overall Ranking

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

  • RolltheRock83

    Awesome news!

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

Sites mentioned in this thread

Use our links to sign up and deposit on sites listed in this thread to get these bonuses:

Subforum Index

Advertisement

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. Our goal is to help all of our members make more money playing daily fantasy sports!

Disclosures: All RotoGrinders content contributors are active DFS players. Contributor screen names can be found on their respective RotoGrinders profile pages. Contributors reserve the right to use players or strategies not discussed in their content on RotoGrinders.