The sixth wave of remissions for the Full Tilt Poker balances of American players is set to come in the next few months, according to an announcement Tuesday by PPA Executive Director John Pappas.
The next round of payments from the Garden City Group, estimated to be around $4 million, will push the grand total of remissions from Full Tilt to over $100 million. Approximately 2,000 petitioners will receive payments in the sixth wave, which is expected around the end of August at the latest – with players representing a fairly wide variety of circumstances and concerns set to get their hands on money more than four years after Full Tilt shut their doors to Americans on Black Friday.
“The current pool under review includes 1) some petitioners who disputed their petition based on an incomplete withdrawal that we have subsequently been able to match to FTP data; 2) petitioners who filed without login credentials that have been matched to FTP accounts and either claim the balance on record or fall within the de minimus thresholds previously identified by DOJ; 3) a very small number of pro players who provided appropriate documentation and 4) possibly some additional petitioners who confirmed their balances and have subsequently provided updated information to GCG as requested,” said Pappas in a brief statement on Two Plus Two.
Pappas’ report and information comes after he reached out to a contact at the Asset Forfeiture and Money Laundering Section of the Department of Justice, who’s still overseeing the case and verifying qualifications before GCG can officially pay them out. There are a number of other steps that have to happen before these petitioners see any money.
“The AFMLS audit is complete for this wave,” said Pappas. “However, there still needs to be sign offs from SDNY, Dept. Treasury and DoJ. I am told that funds should be available for players by end of August — this however is a VERY conservative estimate (their words not mine) — and that it is likely that remission could come much sooner.”
To date, there have been five separate waves of repayment stemming from a settlement made by Full Tilt and PokerStars in July 2012. In that agreement, PokerStars forfeited $547 million and assumed Full Tilt’s liability for an additional $184 million owned to players outside the United States. The first set of payments, and the most significant of the five waves, saw 27,500 players paid an estimated $76 million.
More than 80 percent of the players – approximately 36,600 in total – who submitted a petition have received their balances as of April 2015.
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