United States Poker Players, Inc.

[LeapFrog]

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Can someone link to previous discussion?

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As far as I am aware, all previous discussion has been deleted from the forum (or moved to the Mod forum), based on the reasoning I summarized above...

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Here is the link to the thread I made asking about the thread that was deleted/moved to mod playground. As far as I know its nonlocked and whatnot. Disclaimer, contains posts by adanthar [img]/images/graemlins/smile.gif[/img]

http://forumserver.twoplustwo.com/showfl...rue#Post8612194

edit: don't know if mods want to let this whole discussion die a graceful death or whatnot -- if so, my apologies

[Skallagrim]

I dont know why Sniper keeps calling this proposal illegal. While it may be "spam" to put the link up, discussing the idea should not be stopped. We need to discuss all ideas.

As far as I can see, this site says it will sell you stock in its PRIVATELY TRADED corporation and that once you own stock it wil set up an account where you can play poker with "corporate" money if you choose. Seems to me there is nothing illegal about a corporation soliciting private investors, I must assume this is allowed in whatever country they are incorporated in (private investors solicit me all the time here in the US).

And it certainly seems to me to be a good way to get around the UIGEA, since that law specfiically does not apply to buying stock. And also it seems the poker site wouldn't be breaking the UIGEA either, as it is accepting funds from a place where it is perfectly legal for them to do so. Of course, this idea would seem to be useless in those states that specifically make playing online poker illegal, but why wouldn't it work in the other states (like mine)?

Maybe I am quite wrong about this, but I certainly would prefer a discussionn of the matter rather than a flat "its illegal - say no more."

Skallagrim

[Sniper]

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And it certainly seems to me to be a good way to get around the UIGEA, since that law specfiically does not apply to buying stock.

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It is not a UIGEA issue... it is specifically related to SEC regulations surrounding soliciting investors by offering stock.

[Skallagrim]

Again, correct me if I am wrong, but dont SEC regulations only apply to publicly traded stock? Awhile back I was approached by some friends in Europe to invest in their private corporation, my return was to be in shares of stock in that corporation. Did either they or I break the law? If I did I didnt know It!

Skallagrim

[LeeLoo]

I know nothing about stocks and what is legal and what is not so I am asking what the SEC has to do with a Costa Rican company ( or wherever they are).

[John Paul]

I am not a lawyer or an expert on this, but would it make any sense for anyone to buy this "stock" and then not play poker? Is there any way they would profit? If the answer is no, then I think it could be argued that it is not actually stock in any sense. Rather it would just be a trying to get around US regulations just by relabelling the deposit as a stock purchase, when in fact it is not stock.