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Absolute Poker: a timeline

Absolute Poker a timeline

2000-02: Four college students at University of Montana at Missoula develop a business plan for online poker company and begin soliciting investors.

2003: Parent company of Absolute Poker, then called SGS Inc., formed, incorporated initially in Belize but with operations headquartered in Costa Rica.

Sept. 30, 2006: Congress passes Unlawful Internet Gambling Enforcement Act making it a crime for online gambling businesses to knowingly accept most forms of payment from U.S. players.

Early October 2006: SGS sells Absolute Poker to Tokwiro Enterprises, owned by a former grand chief of the Mohawk Council of Kahnawake; Absolute Poker merges with Ultimate Bet, another poker site, giving it the highest number of players.

April 2007: Shareholders sell software and intellectual property to Tokwiro in exchange for $250 million in notes, paying 12 percent annually.

August 2007: SGS is dissolved and restructured as Madeira Fjord, with headquarters in Norway and subsidiary in Portugal.

Late 2007-08: Players at both Absolute Poker and Ultimate Bet uncover cheating scandals, costing the sites market share and $22 million in refunds.

Mid 2009: Last time dividends were paid to investors, who reportedly paid from 10 cents to $3 for shares. Over time, investors have received a total of about 18 cents a share in dividends.

July 2010: Shareholders, angry at the lack of information and dividends, petition Norwegian court to force meeting of Madeira Fjord.

August 2010: Absolute/UB's gaming operation moves from Tokwiro in Canada to Blanca Games in Antigua.

April 15, 2011: U.S. district attorney for the Southern District of New York seizes the three largest poker sites, including Absolute Poker/UB and indicts two of its principals on charges of bank fraud, illegal gambling offenses and money laundering.

Absolute Poker: a timeline 04/30/11 [Last modified: Saturday, April 30, 2011 10:28pm]
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