Topic: bitfloor issues? - page 26. (Read 55562 times)

hmmm, this is starting to look worse and worse.

At first I was giving him the benefit of the doubt, now I just don't know.

So one thing we know is that his day-to-day expenses are being paid for out of the BitFloor accounts, he has no other source of income but is flying to New York once in a while with no problem. So even if everybody gets their money it will only be a % of what is was originally, with the percentage going down each day.

Now onto the check

1) He took the money and ran, he's already going bankrupt so it can't get any worse, he might as well. All of his customers are too dumb to get their money back anyway.

2) BoA really did write him a worthless check that he can't cash anywhere. In this case everyone who had an account learn a valuable lesson, and that will be to never do business in the USA because the FBI will fuck you up.

*yawn* I hope no one takes this guy and his unsubstantiated FUD seriously.

No.  Let's say this is BofA.  The check Roman would have received in the mail would have been issued by BofA to Bitfloor or to Roman (that we do not know but it does not matter as long as Roman is the person that is authorize to sign for Bitfloor).   It is the LAW they must redeem the check that is written against their bank.  LAW.   He can demand cash (that is his RIGHT).  Let's assume this a $1Million, they would not give him cash, they would give him a bank draft which his lawyer could open escrow with.   But this whole conversation is STUPID because you can open escrow with the CHECK that BY LAW the bank MUST cash. 
From this escrow fund, the lawyer can start paying the people owed money 10 cents on the dollar (my best guess at what you have a chance of seeing).   And yes, this lawyer will get paid well.   But this will take FOREVER, because legally all the people who lost money because of Roman's first clusterfuck will also have a claim and it will take months to even confirm an accurate list of who is owed money.   
My bet is there is no check.   There is already an account opened by a lawyer with the money in it now.
For christ's sake, you all realize that Madoff's accounts were closed and Baker and Hostettler did not have a problem opening accounts to "cash" the check for his remaining balance and deposit all the funds they went and collected from the people that had been previously paid out right?   This is getting silly.
The people that should be concerned are the ones that cashed out in the last 90 days of operation.   You will be getting called and the money will go back into the "kitty".

This is exactly what I was thinking.

Seriously, hasn't ANYONE seen Dumb and Dumber?

My head hurts.  Do I read that the people who don't trust Roman with a check want him to stroll down the street with a fist full of cash in his pocket?

I'm more comfortable with the check and a wait.

After you identify these attorneys and are certain that they will actually accept the check and disburse the funds in a manner that keeps the FinCEN concerns clean, and you have a name and telephone number, the next step is for you to PM AudenX with that information. 

It is not good enough for them to say, yeah, in principle there is no problem.  They have to actually be willing to do it.

It is, of course, a part of any settlement agreement whether you get a facilitator's fee.  I can't find the part of my post where I claimed to be a member of a committee or have any specific authority.

LOL.  We are paid well enough to have bank accounts, but not by much.

I have an active bank account back home.  I did not have one where I was "working at a temporary remote location" out of state.  There are good reasons to have a local account, even if it means opening and closing an account each year.

I'm glad somebody replied to that ... i'm too tired to. It often worries me that many people just naturally think banks can do whatever the hell they want to.. like issue a check and then refuse to cash it. And that's just normal and okay.

The issuing bank MUST redeem the check.   You understand that correct?  You have some comprehension of the law correct?   Stop trolling.   Get me the issuing bank's name and the name on the check and I will confirm it for you but BY LAW the bank must HONOR the check they have written.   You cannot write a check that cannot clear, understand?   Start using google to educate yourself and stop using cut and paste to post the same spam over and over again.   

Have you talked to the issuing bank and confirmed that they will allow him to withdraw the necesary amount of cash?  Have you found a specific attorney who has agreed to escrow the funds? Horray!  Please let us know where/who.  As soon as I talk to them and confirm that you are being honest, I'll personally fly to California grab Roman by the collar and drag him to the bank so I can get my money (and all of you can too).

Worst case he could cash (yes, cash) the check at the bank that issued it.   The "cash" could then be given to escrow opened by the attorney.   Any lawyer could open an escrow account to hold these funds with the check.  This is BS.    More likely, there are going to be HUGE problems because when you go bankrupt (officially since he was probably bankrupt BEFORE the 1st hack and just was not smart enough to know it) the receiver will go back and collect ALL the money that was paid out in the last 90 days and re-distribute it to all the people owed money.    I cannot even imagine what a clusterfuck this completely disorganized guy that looks for couches to crash on has left for an adult to clean up.
Anyone ever hear of a term call segregated accounts?    Hmmm.   You think there might be a problem because Roman has never heard of a seg account?

From what I understand after reading AudenX's latest email update is that the issue is with the size of the check (based on everyone who has provided the amount they are owed it is at least half a million and perhaps much more) and the enormous amount of regulative red tape that any bank would be required by FinCen laws to go through in order to accept a check of that size from anyone. When the bank trying to deposit the check carries out their required due diligence they will contact the issuing bank (Chase, I believe) to learn as much about the check as possible. When that bank learns about Roman, Bitfloor and that the money is related to Bitcoin, most banks will want nothing to do with the funds.

They dont want to risk being tied to laundering .. at least not on the small-time level.

So you have found someone specific who has committed to accepting this check in an account that BitFloor can use to disburse the funds?  Horray!  Please let us know where/who.  As soon as I talk to them and confirm that you are being honest, I'll personally fly to California grab Roman by the collar and drag him to the bank so I can get my money (and all of you can too).

It's not a bank just for Roman. It's an attorney's trust account. The attorney would then be able to make payments on behalf of Bitfloor. Has no one here every been involved with a settlement that has gone through an attorney? Even the big class action suits go like that. Some sleazy attorney sues facebook for showing your personal photos to the world. Every person that signs up for the lawsuit gets $12.50 after the attorney's cut. Facebook puts x amount of dollars into the attorney's trust account, and attorney sends out the settlement. I'm breaking it down for you a little bit if you've never heard of one before. You'll have to agree to accept xx% of what you are owed, and you'll get a check in a few months. Of course this isn't a class action, but maybe that will help you understand an attorney's trust account that is already opened with a bank.

For crying out loud, a casino in Las Vegas will pretty much let you deposit it into an offshore account no questions asked.

you were a professor, and you had no bank account?

So you have found a specific bank officer who has committed to accepting this check and opening an account that BitFloor can use to disburse the funds?  Horray.  Please let us know where/who.  As soon as I talk to them and confirm that you are being honest, I'll personally fly to California grab Roman by the collar and drag him to the bank so I can get my money (and all of you can too).

There are a lot of attorney trust accounts that access million dollar checks all the time. If you have been on either side of getting money into or out of an attorney, you might know that.


How are you involved in this process and capable of offering a 1% fee? If I've somehow missed you becoming a trustee of the entire Bitfloor process, PM me with your number and I'll call you. I've talked to a couple of attorneys since we posted now, and they see no reason that accepting a check from a closed account, and creating a settlement agreement with all of the customers, that the bank would have any problems letting the check be deposited into their trust account.

Stop spreading your FUD and making it sound like he has a worthless million dollar check. Again, while the kid behind the whole thing is taking a permanent vacation.

As a non tenured  professor, I move pretty often.

There was a fund raiser for me about a year and a half ago.  I had about $3,500 in checks, approximately $50 each, made out to me.  Essentially all of the checks were drawn on a few banks in town.  I had bills in my name in town to prove residency, a requirement to open an account.

I had a respectable job.

Two banks declined to accept the checks and open an account.  The third bank welcomed my business.

So, again, I invite anyone to identify a bank that will open an account that is associated with bitcoin, with a check that is between $100,000 and $1,000,000, and the need to make payments to a large number of people.  Be sure to disclose the FinCEN guidelines to the bank before opening the account, because surprising a bank is a bad idea.

I claim that it is not all that easy.  A post of "what could go wrong" only proves to me that you have not tried.  If you do have success and can name a bank, an officer, and his contact information in PM, you just may help the entire process move forward.

Again, if you think it is trivial, make it happen, take a 1% fee for your work.

Um? Yes.

Isn't that what they already did?


Except perhaps the banks.