For those living under a rock,
back on April 15, 2011, the United States government seized Full Tilt poker's assets. As a result, the player funds were trapped and have been frozen ever since. 2 and a half years later, the Full Tilt player base is finally in line to receive its rightful share of their accounts back. It should be noted that the owners of Full Tilt have long been paid out for the sale of the site and / or acquitted of all charges. It should be noted that although there was major supposed accounting issues with the online site, the main shareholders of the site continued to live their lives unscathed - continuing to live in nice, expensive houses, with nice, expensive cars, sticking it in the eye of the account holders by continuing to play high stakes poker, golfing, and otherwise living a carefree life filled with revelry and debauchery. WTF?
Nevertheless, I am happy that it looks like I will receive my portion of the player funds, a modest sum. I suppose I consider this "found money," since I had kinda written off the $~2k years ago as a cost of doing business in the
post-UIGEA poker world. I guess I'm going to take this money and do what I do with all my money - hookers & booze! Okay. Maybe not - who am I kidding? It's probably going into the bank never to be heard from again until retirement. Boo! I guess I wasn't really missing it in the first place.
Anyway, received this letter last night from The Garden City Group, Inc. (GCG), the company appointed by the government to distribute the asset base:
TO: United States Full Tilt Poker Players Who Were Victims of Full Tilt Poker’s Fraud
PLEASE READ THIS ENTIRE NOTICE CONCERNING SETTLEMENTS WITH
FULL TILT POKER (“FTP”) AND POKERSTARS. IT IS TIME-SENSITIVE AND MAY
AFFECT YOUR LEGAL RIGHTS. IF YOU SATISFY THE ELIGIBILITY CRITERIA
DESCRIBED BELOW, YOU MAY BE ENTITLED TO PAYMENT. YOU CAN ALSO VISIT WWW.FULLTILTPOKERCLAIMS.COM FOR ADDITIONAL INFORMATION.
I. Purpose of this Notice
The purpose of this Notice is to inform you that you may be
entitled to receive a distribution from the assets forfeited by Full
Tilt Poker (the “FTP Fund”), which resulted from the settlement
agreement resolving the allegations in the amended civil forfeiture
complaint in
United States v. PokerStars, et al., 11 Civ. 2564
(LBS), pending in the United States District Court for the Southern
District of New York (the “Action”). You must complete the online
Petition filing process in accordance with the steps in this Notice in
order to be potentially eligible to share in the distribution from the
FTP Fund. This Notice is being sent to all potentially eligible
victims of FTP’s fraud who have been identified by The Garden City
Group, Inc. (“GCG”), the Claims Administrator retained by the United
States, utilizing data supplied by FTP. As explained in greater detail
below, Petitions for Remission must be completed online through the
administration website at
www.FullTiltPokerClaims.com.
THE DEADLINE TO SUBMIT A PETITION FOR REMISSION IS NOVEMBER 16, 2013
(THE “BAR DATE”). IF YOU FAIL TO SUBMIT A TIMELY AND COMPLETE
PETITION FOR REMISSION, YOU WILL BE BARRED FROM RECEIVING A PAYMENT
FROM THE FTP FUND. WHEN FILING ONLINE, YOU MUST USE THE NUMBERS BELOW
IN ORDER TO BEGIN THE PETITION PROCESS:
Petition Number: XXXXXX
Control Number: XXXXXXXXXX
II. Background
In July 2012, the United States entered into settlement
agreements with FTP and PokerStars, two of the three online poker
companies named as defendants in the Action brought by the United
States alleging bank fraud, wire fraud, money laundering, and illegal
gambling offenses. Under the terms of the settlement with FTP, the
company agreed to forfeit virtually all of its assets to the United
States in order to fully resolve the Action. The amended complaint
filed in the Action alleged that FTP defrauded its players by
misrepresenting to the public that player funds held by FTP were safe,
secure and available for withdrawal at any time. In reality, the
company did not maintain funds sufficient to repay all of its players
and instead, utilized player funds to finance more than $400 million in
dividend payments to FTP's owners.
Under the terms of the settlement with PokerStars (the
"PokerStars Settlement"), the company agreed, among other things, to
forfeit $547 million to the United States and to assume FTP's liability
for the approximately $184 million owed by FTP to foreign players.
The PokerStars Settlement also provides that PokerStars will acquire
Full Tilt’s forfeited assets from the Government and precludes
PokerStars from offering online poker for real money in the United
States unless and until it becomes permissible to do so under relevant
law.
Utilizing funds forfeited from PokerStars, the United States
Attorney for the Southern District of New York and the Asset
Forfeiture and Money Laundering Section (“AFMLS”) of the United States
Department of Justice have established a Petition process by which
eligible U.S. fraud victims can seek compensation for their losses.
III. Eligibility Criteria
To qualify for a payment from the FTP Fund, you must satisfy
certain eligibility criteria described below. Those criteria include
the following:
- You must be a U.S. citizen or you must have resided in the United States at the time of playing on the FTP gaming site.
- You did not receive compensation as a foreign FTP player in connection with the PokerStars Settlement.
- You must have deposited funds into an account with FTP.
- Your account with FTP must reflect a balance owed by FTP to you as of April 15, 2011.
- You are excluded from participation in the remission process if you are:
- A past or present employee of FTP or any of its past or present affiliates;
- A past or present vendor of FTP that received compensation through FTP players’ accounts;
- A past or present Team Full Tilt player;
- A past or present shareholder of FTP, Tiltware LLC, Kolyma
Corporation A.V.V., Pocket Kings Ltd., Pocket Kings Consulting Ltd.,
Filco Ltd., Vantage Ltd., Ranston Ltd., Mail Media Ltd., or Full Tilt
Poker Ltd.;
- A past or present officer or director of FTP, Tiltware LLC,
Kolyma Corporation A.V.V., Pocket Kings Ltd., Pocket Kings Consulting
Ltd., Filco Ltd., Vantage Ltd., Ranston Ltd., Mail Media Ltd., or Full
Tilt Poker Ltd., or any of their past or present affiliates;
- A defendant in any civil action or a claimant in any
forfeiture action brought by the Department of Justice related to the
violations alleged in this action, or any related action (or any of his
or her affiliates, assigns, heirs, distributees, spouses, parents,
children, or controlled entities); or
- A person who, as of the Bar Date, has been the subject of
criminal charges related to the violations alleged in this action, or
any related action (or any of his or her affiliates, assigns, heirs,
distributees, spouses, parents, children, or controlled entities).
Please be advised that receipt of this Notice does not
indicate that you have been determined to be eligible to participate in
the FTP Petition for Remission process; if AFMLS determines at any
time, before or after you submit a Petition, that you are not eligible
for remission, your Petition will be denied.
IV. The Distribution Formula
The amount that an Eligible Petitioner is entitled to receive
will equal the final balance in the Petitioner’s account with FTP as
of April 15, 2011 (the “FTP Account Balance”). You may view your FTP
Account Balance through the online claim filing process at
www.FullTiltPokerClaims.com.
Once you log on using the Petition Number and Control Number set forth
above, you will receive directions for accessing your account
information and filing a petition and/or disputing the reported account
balance.
If the funds available for distribution from the FTP Fund
equal or exceed the aggregate FTP Account Balances for all eligible
Petitioners, each eligible Petitioner with an approved claim shall
receive the entirety of his or her FTP Account Balance. If the
aggregate FTP Account Balances for all eligible Petitioners exceed the
monies available for distribution, payments shall be made to eligible
Petitioners on a pro rata basis.
Prior to the payment of funds to a Petitioner, GCG will
provide the Petitioner’s Social Security or other Taxpayer
Identification Number to the Government, in order to offset and collect
any qualifying debts currently listed in the Treasury Offset Program
Database.
V. Online Filing Deadline
ALL PETITIONS FOR REMISSION MUST BE SUBMITTED ONLINE THROUGH THE CASE WEBSITE AT WWW.FULLTILTPOKERCLAIMS.COM BY NOVEMBER 16, 2013.
VI. Petition Determinations
GCG will email to each Petitioner AFMLS’s determination
concerning his or her Petition. If a Petition is denied in whole or in
part, GCG will state the reason for such denial and the Petitioner can
appeal the ruling through the reconsideration process.