6 May
Another 2,000 former U.S. Full Tilt players are in the queue for the next round of payments in the long-running remission process, and some pro players are included in the bunch.
So said Poker Players Alliance main man, John Pappas, on a recent post at 2 + 2. The PPA executive director indicated that he spoke with his contact at the DoJ’s Asset Forfeiture and Money Laundering Section and received some particulars of the next wave of fund disbursement in advance of an official announcement on the FullTiltPokerClaims.com website.
More details will likely be known later in the week, but what is known at this time is that about $4 million will be doled out by the end of August. That time frame remains a conservative estimate with payments possibly arriving in player bank accounts a substantial amount of time sooner.
Players set to receive funds come from four categories and here they are, as stated by Pappas: 1) some petitioners who disputed their petition based on an incomplete withdrawal that we have subsequently been able to match to FTP data; 2) petitioners who filed without login credentials that have been matched to FTP accounts and either claim the balance on record or fall within the de minimus thresholds previously identified by DOJ; 3) a very small number of pro players who provided appropriate documentation and 4) possibly some additional petitioners who confirmed their balances and have subsequently provided updated information to GCG as requested.
The Garden City Group has finished reviewing the 2,000 claimants from the above categories. But the claims administration firm must now wait for a greenlight from the bureaucrats at the DoJ, Dept. of Treasury, and Southern District of New York.
The latest update provided by the GCG followed the last payment wave on March 31 that saw more than 3,100 players receive about $2.5 million. That completed 80% of the U.S. Full Tilt remission process and totaled just shy of $100 million in funds returned to players since reimbursement began in February 2014.
