Carib Sports In Trouble

[Jolly]

http://www.post-gazette.com/localnew...feit0802p8.asp

[Blowfish]

From what I have read, this was a confiscation of personal assets of Rogers, not of the book's money. I doubt Carib is keeping it's post-up money in banks in Pennsylvania and Ohio.

This certainly was unfortunate though, doesn't our government have anything better to do than track down victimless crimes?

[Forkball]

What's the difference if he owns the book?

[Blowfish]

There is no difference......I don't think Carib kept its assets in the states, that would make no sense for a variety of reasons. It would be difficult to pay players, funds would be easier to track, and that would defeat the purpose of operating offshore.

The fuss seems to have died down, this won't hurt Carib.

If anyone has any cash they don't need laying around in safety deposit boxes....I'd be more than happy to start guarding it for you!

[Jolly]

The point is, if the book had a bad run, certainly these funds would be used to help make the book healthy again. Not anymore cause the funds are gone. Don't let anyone fool you into believing these books have multi millions in their coffers. There may be 5 books total that fit into that category. The rest are hand to mouth.

[Blowfish]

How would one get $1.6 million in cash from safety deposit boxes into the system to pay offshore bettors? The majority are unknown customers and no one is going to meet them on the street.

That's a lot of Western Unions to a third world country. It's a lot of money to move anywhere.

[Jolly]

I don't think it would be hard to accomplish. Especially for those players asking for smaller withdrawls. Trust me, while the funds may have been earmarked for personal use/retirement, whatever, they were also a safety blanket that's no longer there.

[FittyCent]

it might not be hard to accomplish but there would be other smarter ways to get and keepmoney offshore.

with the patriot act and new airport security stuff it is really almost impossible to move cash around without a lot of detection.

[Unregistered]

Notice the original date of this thread.

Another rock solid industry pioneer that has never missed a beat in regards to payouts.

[Cincy]

Here here! I have played with Carib for many years. I must admit I was a little worried when I read about the legal problems of the owner but it's true they have never missed a beat.