Online poker players get $76 million back after site’s 2011 closure
Their accounts have been frozen because 2011 due to a criminal case.
CNNMoney (New York) February 28, 2014: 6:18 PM ET
. consumers of the defunct poker internet site.
Prosecutors accused Complete Tilt and two other internet sites — PokerStars and Absolute Poker — of circumventing federal laws against World wide web gambling by deceiving banks and credit card issuers into processing payments for U.S.
The Poker Players Alliance, a nonprofit advocacy group, applauded the action, but said there are nonetheless “numerous thousand” ex-Complete Tilt players in the U.S. who have but to acquire their money. players.
A court-appointed administrator announced the distribution Friday of $76 million to roughly 27,500 U.S.
Former Full Tilt CEO Raymond Bitar pleaded guilty last year to various gambling and fraud charges. John Pappas, executive director of the PPA, estimated that there are involving $50 million and $60 million in unclaimed or disputed funds that have yet to be distributed. Full Tilt also settled allegations that it had operated a Ponzi scheme, failing to sustain sufficient funds on deposit for players to withdraw.
Below the settlement, Complete Tilt agreed to forfeit virtually of all its assets to the government, with PokerStars acquiring them.
In July 2012, the Justice Department announced a $731 million settlement with PokerStars and Full Tilt to resolve the allegations. He faced a substantial prison sentence but was released for the reason that of overall health difficulties
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