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Full Tilt Poker Re-Payments Continue

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Garden City Group, (GCG) the firm in charge of handling the return of players' funds post Black Friday (April 15, 2011), will repay nearly $3 million to about 3,500 players by the end of this month. Since repayments began last year, former U.S. Full Tilt Poker account holders have been repaid approximately $100 million.

Anyone receiving repayment would have previously filed a “Petition for Remission” with the GCG through the Full Tilt Poker Claims Administration. The deadline to file was November 16, 2013.

Recent Updates

Recently on the GCG/Full Tilt Poker Claims Administration page, a lengthy update was posted. The two key paragraphs are as follows: 

"GCG has been informed that the Department of Justice Asset Forfeiture and Money Laundering Section has approved a new round of payments, which will mark the commencement of payments to Petitioners who have disputed their FTP Account Balances. In addition, payments will be made to Petitioners who have confirmed their FTP Account Balances and recently cured deficiencies. In all, the distribution will include approximately 3,500 Petitions totaling approximately $2.8 million."

“Disputing Petitioners who are being paid this month met one of the following established criteria approved by the Department of Justice: (i) a dispute of $500 or less, or (ii) a dispute between $500.01 and $2,000, if the difference between the FTP Account Balance and the disputed amount is 20% or less. All other Petitions with disputed amounts are still under review and, if found to be valid, will be paid in upcoming distributions.”

GCG Statement Summary

  • Payments are approved for some Petitioners who previously disputed their Full Tilt Poker account balances.
  • These specified Petitioners should expect funds to hit their bank accounts by the end of March 2015.
  • These payments will not conclude the process, as there are other Petitions with disputed balances still under review that could be paid in upcoming distributions.
  • This is an official report as authorized by the US Attorney for the Southern District of New York.

Continue to monitor the website for updates on the payment process and the administration. Full Tilt Poker Claims

 

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When Will It End?

It has been frustrating to say the least for U.S. players, considering “Rest of World” players received their Full Tilt Poker balances after the sites re-launch in late 2012 under the new name Full Tilt. One would hope that all parties involved look forward to completing this nearly 4 year long process. The GCG continues to work with the U.S. Department of Justice to settle the remaining outstanding petitions. 

Rakeback.com will continue to monitor the situation and provide new details as they emerge.

 

By Dan Dececco, Rakeback.com Freelance Author

 

 


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