FROM DOJ Release; said:Under the terms of the settlement with PokerStars, the company agreed to forfeit $547 Million to the U.S. and to reimburse the approximately $184 million owed by Full Tilt to foreign players, in order to fully resolve the allegations in the complaint.
Under the terms of the settlement with Full Tilt, U.S. victims of the company’s alleged fraud will be able to seek compensation from the Department of Justice (“DOJ”). The funds that will be used to compensate qualifying victims will come from the $547 million that will be forfeited by PokerStars as part of its settlement with the Government.
DiamondFlush; said:US players with account balances outstanding, will be compensated separately. U.S. victims of the offenses allegedly committed by the FTP companies or other members of the FTP group as put forth in the amended civil complaint, shall have the opportunity to file a petition for remission with the U.S. Department of Justice, Asset Forfeiture Money Laundering Service (AFMLS), taking into regard the PokerStars forfeited funds, to seek compensation for their losses. The value of the remission applications is expected to be approximately $ 150 million. For clarity of compensation purposes, US players and “rest of world” players shall be categorized based on their verified and approved locations on the Full Tilt site as of June 29, 2011.
US ATTORNEY; said:By March 31, 2011, two weeks before the initial complaint in this action was unsealed, Full Tilt Poker owed approximately $390 million to players around the world, including approximately $160 million to players in the United States.
I don't know when I will spend my $2k from FTP - but I have decided on what!
and
hmmm ... so who is making money from on line poker? :icon_scra
I think pokerstars is straight up gonna cash you out, i dont think the government is taking care of the payouts. but i could be wrong
At last!! PokerStars buys Full Tilt Poker and we will get our money back - you can all be happy now!
Full Tilt will be forfeiting all assets to the US government who will then in turn transfer some of those assets to Pokerstars. Pokerstars wil refund money to non US players within 90 days. US players will be refunded separately by the US government.
Yeah I have never understood why Merge and Revolution could allow US players but Pokerstars can't.
Well that and, I hope at least, Merge / Revolution / bodog haven't brought a bank to launder their funds.Because Merge and Revolution are so small that the DOJ has ignored them. Its no more legal (in the eyes of the DOJ) for them than it was for Stars and Tilt but Merge isn't advertising in prime time on NBC and sponsoring TV shows.
Well that and, I hope at least, Merge / Revolution / Bodog haven't brought a bank to launder their funds.
Welcome back.Awesome news. I'm back baby!!!
I was awake and saw the news as soon as it broke! They were nice enough to ait until I got back from the tanning bed to announce it.
Anyone else wonder how the **** the DOJ can mandate how a non US company is to deal with the ROW?
Anyone else wonder how the **** the DOJ can mandate how a non US company is to deal with the ROW?
Well dropping charges against both companies for one, but the real question is how the DOJ can make up / interpret laws to begin with.... Legislatures make the laws, the courts interpret those laws, the DOJ is just supposed to enforce those laws.
Well dropping charges against both companies for one, but the real question is how the DOJ can make up / interpret laws to begin with.... Legislatures make the laws, the courts interpret those laws, the DOJ is just supposed to enforce those laws.