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DOJ Hires Group To Help Compensate American Victims Of Full Tilt Poker

Update Released Wednesday On Remission Process

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While it wasn’t white smoke, the Department of Justice gave former American Full Tilt players good news on Wednesday for the first time in months.

The U.S. government announced that it has appointed a claims administrator to oversee the process of compensating eligible victims of Full Tilt Poker.

According to a press release, Garden City Group was chosen as the claims administrator. Manhattan U.S. Attorney Preet Bharara said in a statement: “The Garden City Group brings a track record of handling the administration of some of the country’s largest and most complicated settlements. With their selection, we take a significant step forward in the process of compensating victims of the Full Tilt Poker scheme.”

The announcement also included the following information on the process:

The victim claims process will begin shortly. Information about the claims administration will be posted on the dedicated website GCG has established in connection with the victim compensation process, www.FullTiltPokerClaims.com. Information is also available from the toll-free hotline number at (866) 250-2640.

About $159 million could go to, potentially, 1.3 million people.

American customers have been without access to their Full Tilt money since Black Friday in April 2011, when the major offshore sites were kicked out of U.S. cyberspace.

The Department of Justice settled with PokerStars last year, letting the Isle of Man-based firm acquire Full Tilt. In the deal, the government was paid enough by PokerStars to compensate American victims of Full Tilt. PokerStars handled payment to non-U.S. players.

Three of the men behind the old Full Tilt — Howard Lederer, Chris Ferguson and Rafe Furst — have settled their respective civil cases with the government without admitting to any wrongdoing. Former CEO Ray Bitar still faces the possibility of life in prison. The DOJ accused the company of defrauding former customers to the benefit of owners.

Wednesday’s update from the government comes at least six weeks later that it initially had planned. In November, the DOJ said the payment processor would begin work in January.

Image via Wikipedia.

 
 
Tags: Full Tilt Poker,   DOJ
 
 

Comments

idun215
over 5 years ago

why the DOJ wasted money on this is beyond me. PStars would have done it and have people paid back in a week.

 
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LohPilot
over 5 years ago

They want your personal information so you can be taxed.

 
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HungryHorse
over 5 years ago

Do you think it will be based on money that was in your account or on deposits you made?

 
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magster51
over 5 years ago

Hey HungryHorse,are you thinking that regardless of actual money left in the accounts, the DOJ would give you a % of any or all of your deposits?

 
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LisaJax
over 5 years ago

It's called a "Remission PROCESS" for a reason. Be prepared to submit a copy of your tax returns for the years that you had a cash balance on FullTilt. If you paid the taxes on your winnings you have no problem and will be able to get your money rather quickly. If you DIDN"T pay your taxes, I suggest you forget about going thru the "PROCESS" and risk paying penalties and interest, or worst case scenario being criminally prosecuted for tax evasion. Good luck to everyone.

 
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Harry1
over 5 years ago

Glad to see people are finally getting some information on their funds. It's almost two years since the accounts were frozen but at least GCG and the DOJ are starting to work towards getting players money back

 
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x19
over 5 years ago

holy crap people....the government will absolutely make your life horrible and miserable if you have anything coming back.....they will scrutinize you under a microscope now and for years to come.....no tax returns or no mention of poker gains or losses on filed returns?, get ready for a permanent IRS scrutiny every year......the more you have coming the more they'll examine you under a microscope.....be aware....if you have anything substantial and they think your hiding or concealing money they can and will seize and lock all bank accounts and subpoena info on assets they may seize until all is on the table and any tax debt is satisfied....they'll take your bank account and auction off assets to get their due.

 
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cory_costa22
over 5 years ago

U can't claim a gambling loss unless you are a pro

 
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zaxpoppa
over 5 years ago

In the US you can claim losses against winnings up to the amount of your total winnings as long as you are NOT a professional. So, if a non-professional wins 10K in a tourney and gets a W2G from the casino he/she can deduct up to 10K in losses to zero out the winnings on their tax returns.

 
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Dan9
over 5 years ago

So what kindve proof do you need that you lost 10K? I mean I track every nickel but when I buy in a cash game in a casino they dont provide me a receipt. Seems impossible to claim your losses if its playing cash poker live. I guess online its tracked so that would be different.

 
 

TandG21
over 5 years ago

LOhPiolet
you hit the nail right on the head
They sure will be finding away to tax anyone,
who has money coming back to them

 
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