DOJ To Hire Claims Administrator to Process Full Tilt Payouts

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genleemb

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I read plenty about "phantom deposits" when Black Friday hit. For those that don't know what I mean. Basically there were people making deposits at FT ... the money was instantly credited to the FT account, but it was not taken out of the players bank account.

So what does this mean now that payouts are about to begin. Know what I mean ... players have to prove what is coming to them? ... DOJ just pays everyone without any type of audit? Could get ugly when you think about it.

Say you deposited 1000 bucks (no money was ever taken out of your bank account) ... ran cold and lost 500. BF hits and your FT account says + 500 dollars. Do you get 500 dollars when you make a claim or owe 500 dollars?
 
cardriverx

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genleemb said:
I read plenty about "phantom deposits" when Black Friday hit. For those that don't know what I mean. Basically there were people making deposits at FT ... the money was instantly credited to the FT account, but it was not taken out of the players bank account.

So what does this mean now that payouts are about to begin. Know what I mean ... players have to prove what is coming to them? ... DOJ just pays everyone without any type of audit? Could get ugly when you think about it.

Say you deposited 1000 bucks (no money was ever taken out of your bank account) ... ran cold and lost 500. BF hits and your FT account says + 500 dollars. Do you get 500 dollars when you make a claim or owe 500 dollars?
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I expect them to pay out all phantom deposits. In your example the player would get a 'free' $500.

Then again, I am just speculating.
 
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baudib1

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Stars' payments cover all of FT's debts, so that includes phantom deposits.

Would prefer that Stars handle the cashouts but I view this news as positive.
 
moemtg

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Very good news to hear that this is going faster than we all may thought it could have potentially taken... Interesting why the DOJ is the "CEO/CFO" of this process... Wondering if it could be a trap as for those getting paid out to with substantial amounts that it will be documented and have to be claimed on taxes... Just my thoughts.

Moe:cool:
 
MediaBLITZ

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And where will the IRS come into all this? Who will examples be made of?
 
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kidkvno1

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Charade You Are said:
IMO - just let Stars do it thru the new FTP site. Geez why complicate things.
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After reading it, it look's like stars wanted to pay the US plays back but the DOJ would not have it. :hmmmm:
 
Debi

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I think it is fairly simple - they stand to gain a lot from people who never bother to try to collect.
 
Charade You Are

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baudib1 said:
Stars' payments cover all of FT's debts, so that includes phantom deposits.

Would prefer that Stars handle the cashouts but I view this news as positive.
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How are phantom deposits a FTP debt? I would hope their bookkeeping wasn't that pathetic that they didn't know which deposits hadn't cleared...but then again.:rolleyes:

But I guess there are two situations. One where the player still has the funds that he supposedly "deposited"; the other where the funds came out of his account but were seized by the DOJ or stolen by the payment processor. In the first the player should not be entitled to the "undeposited funds", in the other, he should be. But I guess there is no way to tell the difference. What a mess the DOJ (and Congress) wrought.

These guys don't look like they want to give our money back:
Asset Forfeiture and Money Laundering Section
aag-meeting.jpg

​

"Hmmmm, what do you think they'll do if we just keep it?"​
 
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curtinsea

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I think we all see it for what it is, just another cash grab by the USG. If you have a large balance, they are going to audit you. They know what the balances were, my guess they are a step ahead of that game already.

If you have a small balance, most will just forget it. I am sure that will add up to several million free dollars

As for the Phantom deposits, they have no way to collect that. It would be contrary to law for the Gov to say you owe money to an illegal gambling operation. And since FTP credited your balance, that should speak for itself.
 
Tammy

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Charade You Are said:
IMO - just let Stars do it thru the new FTP site. Geez why complicate things.
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Because it's the US Government. Making things overly complicated is what they do.

moemtg said:
Very good news to hear that this is going faster than we all may thought it could have potentially taken...

Moe:cool:
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That's not what I get from the article. The DOJ hasn't even released specifics yet on how players should apply to get their money back. They're taking applicants for the claims processing positions until the end of August. Then there's the hiring process. Then they need to get their shit together. I have a feeling we're in for a long wait.
 
kidkvno1

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juiceeQ said:
Because it's the US Government. Making things overly complicated is what they do.

That's not what I get from the article. The DOJ hasn't even released specifics yet on how players should apply to get their money back. They're taking applicants for the claims processing positions until the end of August. Then there's the hiring process. Then they need to get their shit together. I have a feeling we're in for a long wait.
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Yep look's like it.

When has the US gov done anything fast.
 
MediaBLITZ

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juiceeQ said:
Because it's the US Government. Making things overly complicated is what they do.

That's not what I get from the article. The DOJ hasn't even released specifics yet on how players should apply to get their money back. They're taking applicants for the claims processing positions until the end of August. Then there's the hiring process. Then they need to get their shit together. I have a feeling we're in for a long wait.
Click to expand...

I could see them using Homeland Security as a model and forming the "U.S. Department of Poker Surveillance" so they can get lifetime jobs for their buddies and families with federal benefits packages. Hell, I might apply.
 
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Looks like they are using their standard claim procedure, but realise that they might be getting a quite substantial extra volume shortly.

And of course they will make a profit from a considerable amount of non claimants.

pokerstars should have done a better deal, instead of handing over all the money upfront, just make the payouts for all the validated claims.
 
dj11

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Does anyone else think this is too weird. The DOJ wants to do what the laws had forced the sites to do, find obscure payment processors to move the money.

This is BS to the nth degree IMHO...........

I agree, let Stars do it.
 
Kenzie 96

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dj11 said:
Does anyone else think this is too weird. The DOJ wants to do what the laws had forced the sites to do, find obscure payment processors to move the money.

This is BS to the nth degree IMHO........... ALSO KNOWN AS......business as usual, as Tammy said, it's what they do.



FYP.
your most welcome.
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