US Full Tilt Online Poker Players Funds Returned

Published Saturday, March 01, 2014 - Online-Casinos.com
US Full Tilt Online Poker Players Funds Returned

It has been a long wait for those Full Tilt Poker players who have had their funds tied up in legal red tape for the last few years. Their luck seems to have gotten better of late as the announcement comes that they will be having money returned to them. Accounts that were frozen and the funds put in limbo since 2011 have been freed as a court appointed administrator will now be able to distribute around $76 million USD to approximately 27,500 players who’ s funds were tied up in the Department of Justice’s criminal investigation of Full Tilt Poker.

Federal prosecutors accused Full Tilt Poker  and two other online poker sites PokerStars and Absolute Poker of breaking Federal laws concerning the processing of funds associated with internet poker. The allegations were put to rest in 2012 when the Department of Justice settled with PokerStars and Full Tilt for an estimated $731 million. Full Tilt’s assets were bought by PokerStars as the government let go of the allegations that Full Tilt Poker had been a massive Ponzi scheme which failed to keep enough money on hand to cover the withdrawals from players registered with the site.

Online poker player not for profit advocacy group the Poker Players Alliance was happy with the recent announcement, but claimed there are still "several thousand" former Full Tilt Poker players in America who have yet to see any money. Executive director for the PPA, John Pappas, estimated that there are between $50 million and $60 million in unclaimed or disputed funds that have yet to be released to players. Full Tilt did agree to forfeit of all its assets to the government, then PokerStars acquired them.

The former CEO of Full Tilt Ray Bitar was released recently from prison after facing numerous fraud, money laundering and illegal gambling charges. Even though he faced a lengthy prison term he was set free due to health issues.  

 

 

 

 

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