Home / Poker News September 2011 / DoJ Addresses Full Tilt Player Fund Issue in Statement
DoJ Addresses Full Tilt Player Fund Issue in Statement
Posted by: James Carter. - Fri, 2011-09-30 07:00
Hot on the trail of the news regarding the revocation of its license by the AGCC,
Full Tilt Poker released a statement in which it said that the AGCC’s move that showed cleared disregard for the slighted players, would make it much more difficult for the poker room to restitute all pending player funds, but that regardless of the difficulties, the company remained intent on eventually repaying everyone in full.
The DoJ issued a statement regarding the above said funds as well. The update was part of the DoJ’s Victim Notification System, which requires the DoJ to indentify all victims of a given case and to provide those victims with the means to access the system. According to the DoJ update, the Department has the FBI trying to locate and secure as many FTP funds and records as possible, so that they can then be used to reimburse victims of the operation which the Department billed “a global Ponzi scheme” some days ago.
The seizure of the funds alone presents no guarantees for the players however. Even the DoJ admits that the eventual return of player funds hinges on quite a number of factors, among them successful litigation, the amount of money seized etc.
The DoJ has also specified that it is currently impossible to determine how long the recovery of funds would take. At any rate, they estimated the procedure to take “many months”.
Whether this is good news for Full Tilt players or not is debatable. Looking after US players’ interests, will the DoJ look to reimburse US-based players before everyone else? What will happen to those who have money stuck at the site but are not US residents? Will they ever be able to recover their monies? Are they not the victims of the same case?
Based on the general vibe, one would have to conclude that the chances of anyone seeing any money from Full Tilt Poker are mighty slim right now.
