Home / Poker News August 2012 / KGC Statement Regarding the AP and UB Settlements
KGC Statement Regarding the AP and UB Settlements
Posted by: Jo Martin - Thu, 2012-08-09 06:40
The Kahnawake Gaming Commission was the licensing entity unlucky enough to find itself neck deep in trouble when evidence regarding blatant insider cheating at Absolute Poker and Ultimate Bet surfaced. The KGC tried to save face back then through a string of statements, but it’s safe to say that no one from the global
online poker community ever looked at them the same way afterwards. In the wake of the Black Friday indictments, the KGC found itself on the receiving end yet again: two of the companies it had licensed were directly affected by the DoJ moves, and none of them was even considering refunding its players. This time around, the KGC kept largely mum on the issue, until word of a settlement involving the two Cereus sites, AP and UB and the DoJ emerged.
On Tuesday, the KGC issued an Advisory Notice regarding the proposed terms of the settlement between the above said companies and the US DoJ. The DoJ has made it clear that there’s only one way of resolving the issue as far as the government is concerned, according to which, AP and UB would have to forfeit all of their assets and the DoJ would have to liquidate all of them. In exchange for their assets, the two
online poker operators would be let off the hook in the sense that money laundering and bank fraud charges would be dropped against all AP and UB companies, with the exception of a handful expressly named in the settlement. The funds resulting from the liquidation of the AP and UB assets would be held by the government with the goal of resolving 3rd party claims with them.
According to the KGC notice, the above said funds would only be used to reimburse players if there were any Blanca Games, Inc (the company behind the two sites) assets left after the resolution of various 3rd party claims, which basically means that according to the DoJ plan, players have a good chance of being left high and dry.
