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Copyright © 2016. All Rights Reserved. Poker History. Editor: Erik Smith.

DOJ TO APPOINT PAYMENT PROCESSOR

The United States Department of Justice is on a quest to search for an independent contractor that will provide money to return to the players of Full Tilt Poker. The Department of Justice is also looking for a Claims Administrator that will check with the Southern District of New York and also the Asset Forfeiture and Money Laundering Section that is present in the United States Department of Justice.

They will create a plan and carry out the whole process and get it settled straight. There are responsibilities that include solicitation and assessment of claims from around 1.3 million United States individuals that faced frauds in the connections with Full Tilt Poker.

The Department of Justice says that there are around $159 million in losses. This means that the administration will have to pay fewer expenses in the remission procedure. As a method of the process the Claims Administrator is said to be responsible for fixing financial records that are supplied against information that has been received from Full Tilt Poker.

There are many applicants that have been asked to give information that they know regarding connections that have the ability to influence the independence in getting the remission money. A schedule of fees will be charged by the Claims Administrator to continue the project as an integral part of the application. All the applicants have until the deadline of August 31 to turn in their applications. It is most likely that individuals will not get their information on how to continue with the claims for around a few weeks.

About two weeks ago, the Department of Justice established a joint agreement with PokerStars and Full Tilt Poker. In this settlement they agreed to allow the individuals that had high balances with Full Tilt Poker to be paid. Full Tilt was once a huge online poker site and when it lost its license people were shocked. This was unexpected and people never thought that this would ever happen to Full Tilt. It being second largest online poker site in the world was told to shut down in June of 2011 after Black Friday. During this time the Department of Justice revealed many accusations against many of the largest operating poker sites around.

Once the entire situation settles down and all the funds that are left in the accounts due to Black Friday will definitely have to be given back to the players. There is an exception for Cereus Network were many online players on Absolute Poker and Ultimate Bet have not yet figured out how they will ever regain their balances. They are in a tough situation and do not think that they will be able to ever return the funds to the poker players that have suffered from loss.

Source: Pokerfuse.com