It Appears That American Full Tilt Players Will Have To Keep Waiting

[FCP Bob 1,312]

The PPA met with the Dept of Justice today and the news out of the meeting was not good for American Full Tilt players getting their money anytime soon.

 

 

http://onlinepokerreport.com/5326/ppa-releases-statement-on-doj-meeting-payment-a-long-time-away/

Today the PPA met with the US Department of Justice to discuss the status of US player balances at Full Tilt Poker.

That meeting yielded little positive news for players. Core takeaways:

• The DoJ hasn’t decided how to handle player balances
  
• The DoJ has yet to hire a claims administrator
  
• There’s a lot of daylight between now and when US customers of Full Tilt can expect to see their money.
  

Read the full text of the PPA statement regarding the meeting below.

[Lrgetrout 1]

Yeah, this is a surprise. <end sarcasm>

[FCP Bob 1,312]

http://www.justice.gov/usao/nys/vw_cases/pokerstars.html

 

November 20, 2012—Victim Update. The United States Attorney’s Office for the Southern District of New York is evaluating applicants for the position of Claims Administrator to handle petitions for remission for U.S. victims of the alleged fraud that Full Tilt Poker committed relating to player funds. The United States Attorney’s Office expects that the Claims Administrator will be selected and begin work in January 2013.

[FCP Bob 1,312]

How Full Tilt's High Rollers Lost $145 Million By Winning At Poker

According to Steven L. Kessler, an attorney based in New York City who specializes in forfeiture law and is representing high-stakes pro Adam Webb's attempt to recover nearly $59,000 in this case, it's business as usual to make seized funds difficult to recover.

 

“Any forfeiture case is about fund-raising,” he says. “In one of its publications [the 'National Asset Forfeiture Strategic Plan 2008–2012'], the government talks about bringing in $2 billion in forfeitures and returning only $700 million.” Recouping Full Tilt funds will be “a long, drawn-out process to the point that you will need to be out five or six or seven figures for it to be worth pursuing. The system is set up so that you are discouraged from going after your money. There is the cost in terms of emotion, time, effort, and cash. You can do the claim yourself, but the discovery process will require you to show tax returns and bank statements. ... It's virtually impossible to do without an attorney. Plus, look at what you’re exposing to get back what belongs to you. You have to wonder if it will turn into a tax case.”

 

He adds that PokerStars administering its own payment, in a simple and straightforward manner, was an anomaly. “I am surprised that they let PokerStars do it that way,” he says.