Full Tilt Repayment Process to be Underway Shortly
Players who have had their Full Tilt Poker accounts frozen for more than two years got a bit of good news this week, with the company charged with overseeing the repayment process indicating that the refunds will start to be doled out soon.
The Garden City Group (GCG), the firm appointed by the United States Justice Department to handle the Full Tilt refunds, updated its Full Tilt claims information website earlier this week, outlining what players can expect in terms of repayment.
Account holders may receive full refunds, but may not
According to the Garden City Group, which is headquartered in New York but also maintains offices in Illinois and Washington State, the amount the so-called “victim players” will be repaid will be dependent on how much was in their Full Tilt accounts when the site was seized by the United States government on April 15, 2011, a date known amongst poker fans as Black Friday, amid a crackdown on illegal U.S. Internet gambling.
While it is possible that the full value of the accounts will not be returned due to the cost of undertaking the remission process, should there be a reduction in the amount, it will be taken as a ratio across the entire swath of accounts.
In a statement on its web site, Garden City Group said, “It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players’ final balances with FTP as of April 15, 2011 […] If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance.”
No word on exact date when payments will begin
While the company has yet to release an exact date when players can expect to have their cash back in hand, it says that “the claims process will begin shortly.”
This certainly comes as welcome news to players who have been waiting for a long time not only to be repaid their funds, but also for any update on the situation. Earlier this year, rumors circulated on poker forums that the remission process might not be complete for another two years.
Players outside the U.S. received refunds last fall
It has been about a year since PokerStars settled its own Black Friday-related civil case with the United States. Last summer, PokerStars agreed to pay a $731 million settlement while admitting no wrongdoing.
As part of its deal with the United States government, PokerStars took on the assets – and obligations – of its former rival online poker room Full Tilt. PokerStars relaunched the Full Tilt brand last fall in regulated markets outside the U.S., issuing refunds to players in those regions at the time of the site’s relaunch.
Fallout from Full Tilt scandal has been far-reaching
In the years that have passed since the downfall of Full Tilt Poker, many famous names in the poker world have been caught up in the scandal. Professional players such as Phil Ivey, Howard Lederer, and Chris “Jesus” Ferguson have seen their reputations (and fortunes) diminished as a result of their involvement with the room.
Earlier this year, Ray Bitar, perhaps the most vilified character in the Full Tilt saga, pled guilty to his own charges stemming from the case upon the revelation of severe health problems that require him to undergo a heart transplant.
As part of his plea deal, Bitar was able to avoid jail time, a punishment that would have been a death sentence as he would have been disqualified from receiving a donor organ and would not have had access to the kind of health care he desperately needs.
