Full Tilt Remission Process Now CompletedSeptember 9, 2014 1:27 pm
Following a long drawn out affair, the Full Tilt Poker remission process is now complete after the deadline to file a petition finally expired on September 3rd.
When Full Tilt was shut down in April 2011, authorities soon discovered the online poker site no longer had the $330 million in player funds that were supposed to be held in segregated accounts. Instead, Full Tilt had mixed up the money with the site’s payroll and expense accounts, inviting criticism from all quarters, not least Manhattan U.S. Attorney Preet Bharara, who labelled Full Tilt as an “international Ponzi scheme that left players empty-handed.”
A deal struck with the US DoJ in which PokerStars agreed to buy Full Tilt Poker and refund all its customers’ money subsequently saw players outside of the USA (rest of world) reunited with their funds starting November 2012. US players, on the other hand, had a more arduous process to first undergo and eventually, after a comprehensive remissions application process, the first batch of US players started receiving their money at the beginning of this year. To date $110 million in reimbursements have now been paid out to US players, with the last category of players in line for a remission being Full Tilt “professionals.” This group were given a single month ending September 3rd to send in their applications, with the FullTiltPokerClaims.com website explaining:
“It has been determined that players designated by Full Tilt Poker as ‘professionals,’ other than Team Full Tilt Players, will be able to submit Petitions for Remission to recover the portion of their account balance that is not attributable to compensation provided by FTP or affiliate revenue.”
At the time, many questioned whether professional players sponsored by Full Tilt should be entitled to compensation, but eventually the authorities decided that this group would not have known about the underhand tactics employed by the company’s board of directors, and so the way was cleared for them to receive their lost money.
While the roles of company directors Chris Ferguson, Howard Lederer, Rafe Furst have been widely acknowledged in the debacle, Ray Bitar was eventually saddled with the brunt of the blame, but avoided any real jail time after being ordered to pay $40 million. As Bitar later commented:
“I regret my actions. I know they were wrong and illegal. I am very sorry.”