Repayments to U.S. Victims of Full Tilt Poker Could Begin by January 2013

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U.S. victims of Full Tilt may not have to wait much longer to regain a portion of their lost funds as the United States Attorney’s Office released a statement saying that it expects that the Claims Administrator will be selected and begin work in January 2013.

Applicants to handle petitions for remission for U.S. victims of the alleged fraud that Full Tilt Poker committed relating to player funds are currently being evaluated by the United States Attorney’s Office for the Southern District of New York.

Just last week when Poker Players Alliance representatives met with the U.S. DoJ, it seemed like there was no progress on that front even though international repayment efforts of Full Tilt Poker player funds are far advanced since the site re-opened under new management on November 6. New owners, PokerStars, have made arrangements to repay $184 million to rest of the world players and much of this money has served to revive the site which now holds the number two spot in global online poker networks.

Although rest of the world players were due to receive all funds in their poker accounts, the same may not be true for U.S. players. Since it is not PokerStars handling the repayment process for American poker players, there will most certainly be fees paid to the claims administrator that will surely come from the player funds pool, so while the repayment is still good news for players, they should not expect to see their full balances returned to them. Similar to a bankruptcy where creditors or only paid a percentage of the funds owing to them.

It is also unclear on the steps that will be required and whether or not there will be any adverse tax consequences to players that may arise as a result.

 

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