The settlements entered today with regard to Full Tilt Poker and PokerStars, and the proposed settlement with regard to Absolute Poker, do not constitute admissions of any wrongdoing, culpability, liability, or guilt by any parties. The government will maintain a portion of the $547 million forfeited by PokerStars as a substitute for the forfeited Full Tilt assets to cover the litigation of claims by other parties asserting interests in the forfeited Full Tilt assets.
for real money unless and until it is legal to do so under U.S. PokerStars is prohibited from offering online poker in the U.S.Bitar, Lederer, Furst, and Ferguson are named as civil money-laundering defendants in this complaint. Bitar and Burtnick are also named as defendants in a related criminal Indictment. PokerStars is also prohibited from employing, or otherwise hiring, Full Tilt Poker insiders Raymond Bitar, Howard Lederer, Rafael Furst, Chris Ferguson, and Nelson Burtnick.This provision is subject to re-evaluation by the parties upon the resolution of the criminal case. Within 45 days of the acquisition of the forfeited Full Tilt assets, Isai Scheinberg, who is presently under indictment in a related criminal case, shall not serve in any management or director role at PokerStars.PokerStars’ acquisition of the forfeited Full Tilt assets will be complete upon the government’s receipt of a $225 million payment from PokerStars, which must take place within six days of the entrance of today’s settlement.Īdditional terms of the PokerStars settlement include:
Pokerstars will also acquire the forfeited Full Tilt assets from the government. In addition to forfeiting $547 million to the U.S., under the terms of the settlement with PokerStars, the company must make available to foreign players all balances that were held in the Full Tilt accounts within 90 days the amount of those balances is approximately $184 million. The funds that will be used to compensate qualifying victims will come from the $547 million that will be forfeited by PokerStars as part of its settlement with the government. victims of the company’s alleged fraud will be able to seek compensation from the Department of Justice (DOJ).
Under the terms of the settlement with Full Tilt, U.S. Today’s settlements demonstrate that if you engage in conduct that violates the laws of the United States, as we alleged in this case, then even if you are doing so from across the ocean, you will have to answer for that conduct and turn over your ill-gotten gains.” Attorney Preet Bharara said, “We are pleased to announce these settlements by Full Tilt Poker and PokerStars, which allow us to quickly get significant compensation into the victim players’ hands. fraud victims will be able to seek compensation for their losses from the Department of Justice from the $547 million forfeited by PokerStars. The settlement further provides that PokerStars will acquire the forfeited Full Tilt assets from the government. and to reimburse the approximately $184 million owed by Full Tilt to foreign players in order to fully resolve the allegations in the complaint. Under the terms of the settlement with PokerStars, the company agreed to forfeit $547 million to the U.S. to fully resolve the charges in the complaint. Under the terms of the settlement with Full Tilt Poker (“Full Tilt”), the company agreed to forfeit virtually all of its assets to the U.S. in a money laundering and forfeiture complaint that was originally filed in April 2012-that were approved today by U.S. Preet Bharara, the United States Attorney for the Southern District of New York, announced today that the United States has entered into settlement agreements with PokerStars and Full Tilt Poker-two of three online poker companies sued by the U.S.
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