Now that PokerStars has agreed to buy out the Full Tilt Poker site for a sum of $731 million, the poker players are now finding it difficult to process their claims. PokerStars has settled the civil case with the U.S. Department of Justice and according to the agreement – the founder Isai Scheinberg will no longer be involved in the deal.
According to the deal, PokerStars has decided to pay out a sum of $547 million to the US players and according to the agreement, the company will absorb most of the Full Tilt Poker assets.
Poker players who are looking for their payments to be returned will note that the PokerStars company has decided to pay back Full Tilt Poker players from the US within 90 days. This has created a rush in payments and players trying to get their payments are now facing a few hassles.
Once the deal was truck, Attorney Preet Bharara who has been handling the case for Full Tilt Poker, commented on the situation, “Today’s settlements demonstrate that if you engage in conduct that violates the laws of the United States, as we alleged in this case, then even if you are doing so from
across the ocean, you will have to answer for that conduct and turn over your ill-gotten gains.”
The agreement between PokerStars and Full Tilt Poker is reportedly the biggest settlement made in the gambling industry. As per the agreement the founder of PokerStars, Isai Scheinberg will be stepping down and Ray Bitar, the head of the Full Tilt Poker site and the operations will also be removing himself from the administration and management. Bitar has been blamed for the Full Tilt Poker scandal and the events of black Friday. As a result of mismanagement of funds, the Full Tilt Poker brand was regarded as a ponzi scheme.
According to Sanford I. Millar, a Los Angeles lawyer who specializes in cases related to tax and gaming,
High-rolling players may possibly face higher compliance requirements than casual customers owed just a few hundred dollars and all could be required to make tax filings as part of their claims…Precedent in other areas suggests the DoJ will likely establish a formal claims process with another government department or independent body acting as administrator. A lot of people will pass on this and say it’s not worth the heartburn.