Full Tilt Poker begins the distribution of its customers’ indemnification
Online poker brand Full Tilt Poker has announced the distribution of $76 million (€55.2 million) to approximately 27,500 US customers of the poker website.
According to CNN, a court-appointed administrator announced the decision on Friday after customer accounts had been frozen since 2011 due to a criminal case.
Non-profit advocacy group the Poker Players Alliance praised the action but claimed that there are still “several thousand” former Full Tilt players awaiting payment of their money.
John Pappas, executive director of the PPA, said that there are between $50-60 million in unclaimed or disputed funds that have not yet been distributed.
Prosecutors had accused Full Tilt, as well as fellow online operators PokerStars and Absolute Poker, of circumventing federal laws against online gambling by deceiving banks and credit card issuers into processing payments for players in the US.
In July 2012, the Justice Department announced a $731 million settlement with PokerStars and Full Tilt to resolve the allegations.
In addition, Full Tilt also settled allegations that it had operated a ‘Ponzi’ scheme and failed to maintain sufficient funds on deposits that players could withdraw.
Full Tilt agreed to forfeit almost all of its assets to the government, with PokerStars subsequently acquiring the online poker operator.
As reported by iGaming Business, Raymond Bitar, former chief executive of Full Tilt, pleaded guilty to multiple gambling and fraud charges last year. click here for other casino new.
He faced a prison sentence but was later released due to health problems.