Poker Stars Acquires Full Tilt PokerThis was published 04-08-2012
Following many unfulfilled rumors during the past few months regarding players of Full Tilt Poker being paid it would appear as though the latest rumor, namely that Poker Stars has acquired Full Tilt Poker, will finally see players being paid what is due to them.
Poker Stars, Full Tilt Poker and the U.S. Department of Justice have at long last, after months of speculation, managed to reach an agreement that will result in Full Tilt players being paid back in full.
In terms of the deal between the parties, Full Tilt Poker will forfeit all its assets voluntarily to theU.S.government.
Poker Stars issued a press release wherein it stated that after Full Tilt’s forfeiture, theU.S.government will transfer all those assets to them and Poker Stars will then pay out $547 million to theU.S.government over a period of three years.
Poker Stars will be directly reimbursing an amount of $184 million that it owed to non-U.S. customers within 80 days while Full Tilt players from theU.S.will have a chance to file a petition for remission with the DOJ Asset Forfeiture Money Laundering Service.
A $225 million payment will thereafter be made from Poker Stars to theUSgovernment within six days after the settlement.
All civil forfeiture as well as money laundering charges against all individuals related to Full Tilt Poker and Poker Stars will be dropped in terms of the deal.
As soon as State or Federal governments legalize online poker, Poker Stars as well as Full Tilt Poker will be permitted to offer real money online poker in terms of agreement.
Mark Scheinberg, Chairman of the Board of Poker Stars said “We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow,” said Mark Scheinberg,
Manhattan U.S. Attorney, Preet Bharara, said “We are pleased to announce these settlements by Full Tilt Poker and PokerStars, which allow us to get significant compensation speedily into the victim players’ hands.”