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thetman

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Posts posted by thetman

  1. Gave some stranger on the interweb gambling money- got ripped off. What are the odds?

    Totally moronic statement. It's no different than buying off of Ebay or the classifieds on thousands of different forums or a million other places online. You go by credibility, reputation, feedback,etc and if it all appears good it usually is. This site had all of that and operated for 10 yrs. in good standing. And since your statement indicates that you obviously don't have a clue about any of the history of the site or person we're talking about I would suggest not making yourself look any more asinine than you already have.
    I couldn't agree more
  2. You guys in any Masters leagues? They appear to be doing the same thing Phenoms was (minus the theft so far).

    masters payouts are terrible

    Terrible meaning they don't/won't/take a long time to pay?

    Or terrible in % kept/commish fee/only top 2 paid?

    Just curious, am desperately looking for something like Mike's site to join..

    they barely pay 50% back on the cheaper leagues
  3. Like I said earlier, he probably looked at the year over year decrease in funds coming in and decided to steal the cash now

    This is my guess, as well.

    Dailys are crushing it, and I know several people dropping the head-to-head leagues to concentrate on FanDuel. Great time to walk away with everyone's investment.

    Serious question...what's to stop FanDuel or any of the other dailys from doing the same thing. Granted you wouldn't have the time invested but what if, after they collected a bunch of deposits at the beginning of the year they just closed up shop and bailed with people's cash? Hard to trust any website tied in any way to gambling.

    DFS sites are required by law to keep player funds separate from operating costs. As opposed to required by industry convention, or required by a promise they made on their own website.

    Also, FD and DK raised over $100m in venture capital between them this past offseason. They're not small operations. The sheer size alone offers some protections- just like you are probably safe leaving your money with a Vegas casino while you go gamble with their chips.

    Thanks for this info, Adam!

    Does anyone have information on how much we can trust LeagueSafe, or the various smaller DFS sites?

    I think sites are going to have to be up front and transparent as to how they are handling player money in the future. I'm leery as can be at this point.
  4. This is the first I've heard of this site but can someone give me some background? How long have they been around? Who is this guy that ran it? I clicked on the link above to see the site and based on first impressions there's no way I would ever have signed up for that and sent money. It looks pretty amateurish.

    He was a long time board member (Unlucky) here at FBG. He started running leagues largely composed of guys that posted here. I can't remember the details, but he was a staff member for a bit. You would have to asked Joe or David for details there. I interacted with him a bunch. Seemed a solid guy and he built a great reputation here among board members. Hence, a guy like me isn't going to be so quick to condemn the guy. I'm not trying to excuse the guy's actions, but my default setting is going to be that he did something stupid and just flushed his life down the toilet. I understand why people would want to quickly condemn the guy as a thief, but someone like myself or Bri who have been around for a long time are going to withhold judgment without knowing more. I'm not excusing his actions because I don't really know what those actions were. Do I feel for guys that might be out $100 bucks? Sure. Some might be even out more than that. That blows and you have my sympathies, but like I said my default is that Mike did something stupid and his life is a heck of a lot worse than it was a year ago. How can any of us know for certain? I certainly don't.

    this sums up me pretty well too at this point
  5. we have no proof that he "stole" it

    So billing statements from thousands of customers isn't proof? I'm not really sure what you mean by this. We sent him money to hold on to for league prizes at the end of the season, he used that money for something else. That is stealing.

    is that stealing or mismanagement of funds/bad business decisions?
  6. Guys, I'm a first year user of this site. I had played for 10 years prior to this one with Antsports. When that site was going under, I found out about Phenoms and emailed Mike back in July. He told me he heard a lot of complaints about Steve @Antsports and even asked me if I felt he was open to being bought out (how funny is that now after knowing what kind of financial spot he was in at that time)? Anyway, I decided to give it a try here as I liked the roster structures and the auction league options. Now it looks as if I'm right back to where I was with Antsports. In many ways, Steve was better as at least I got my prize money before he shut down. A lot of others got screwed though. It wouldn't surprise me if Mike and Steve had a little "how to take people's money and get away with it" chat months ago. Like everyone else, I feel taken after having spent so much time and effort building my teams. An option for everyone to do is to contact your bank or credit card company and dispute the entry fee charges. That's what I did just earlier and they have already "temporarily" credited back my entry fees. They said they will ask for emails and anything else I can provide them, and then they will try and contact Mike directly to verify everything. I asked them the obvious question of "what happens if he never responds"? And they said if that happens, more than likely the dispute resolution will fall in my favor and I'll get the charges I spent on entry fees back. I would imagine different banks and CC companies handle disputes differently, but mine looks kind of promising. It's worth a 5-10 minute phone call at least.

    Interesting. I'll be making that phone call in the next day or two for sure.

    sounds like we should all be on the phone
  7. I agree with all of this.

    The fact that he actually is replying emails indicates that he probably didn't just take the money and vanish, and that he probably did just make a really bad business decision rather than scamming everyone outright, but the result is the same either way, and I still don't see anyone getting any money back. From a legal standpoint, he'd open himself up to lawsuits left and right if he arbitrarily decided to play this league 20%, that league 30%, etc.

    Right, I'm sure the first thing his lawyer told him was to not pay ANYTHING back. That would be the absolute last thing he should do. I'm sure he will use the 200-300k he has left toward legal fees. I realize now that the odds of any of us seeing any money from Mike are about 0, but I do want to see him locked up for this at this point.

    locked up? That seems a little much to me. Maybe I'm naive.
  8. He might be trying to fix this but you don't

    A. Delete your existence from the board and all forms of social media if you're an up and up guy. He's trying to hide... That's what these actions say. That's not good for anyone.

    B. Use pool money for website upgrades in the first place. That's not your profit. That money is not yours, it's the customers.

    You take out a business loan. If you put up the 200k and costs for the website exceed it, you cut your losses or find a solution. That's how you run a business.

    Who is going to buy a business when you're going into it already owing hundreds of thousands to your "customers"

    I don't care what the user base is, most of those folks are going to have a horrible taste in their mouth. Under this xtreme optimal conditions you might make your money back in 3 years.

    Not happening.

    I can understand getting rid of his accounts to avoid the flood of negative posts he was sure to receive. Using the prize money was his fatal mistake, but is it criminal? I'm not sure.
  9. It's easy to just pile on and call him a crook instead of actually using your brain. Mike has earned the benefit of the doubt to me. If partial prize money, keeper deposits, and basketball entry fees aren't paid, then I will lead the charge against him. Until then, I'm taking a wait and see approach.

    Also, you say if "partial prize money" isn't paid? So paying folks 20-40% is good enough in your view and absolves him? That is insane.

    Serious question...is using prize money to develop the site a crime or just bad business? I'm not an ambulance chasing lawyer so I don't know the answer.
  10. It's easy to just pile on and call him a crook instead of actually using your brain. Mike has earned the benefit of the doubt to me. If partial prize money, keeper deposits, and basketball entry fees aren't paid, then I will lead the charge against him. Until then, I'm taking a wait and see approach.

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