Department of Justice Reaches Poker Stars and Full Tilt Poker Settlement
Fresh from yesterday, word has been circulating across the net about the ongoing Poker Stars and Full Tilt Poker saga. It is widely believed that United State’s Department of Justice (DOJ) – who was suing both of the online poker sites for crimes including the laundering of money – has finally reached an agreement with the two websites.
The sum is rumored to be around $730 million in total, effectively ends Full Tilt Poker, yet the future for Poker Stars is not so clear, with many speculating that in the current environment in the United States, the site may still have a future.
According to most online gambling news, the following settlement is broken down into several sections. Full Tilt Poker – or what is left of them – must hand over essentially all of their remaining assets to the United States in a bid to end the charges set forth against them.
Poker Stars must pay a total of $547 million in damages to the United States; whilst at the same time reimburse Full Tilt Poker’s foreign based players – who have fallen victim to fraud – to the tune of an additional $184 million. Once both of these matters at hand are completed, it is widely believed that the lawsuit and the grayness surrounding the Black Friday case will all come to a close.
The settlement has also indicated that Poker Stars will acquire the remnants of Full Tilt Poker from the deal, along with any United States players who found themselves being victims of the fraud scandal, able to grasp compensation through the $547 million transferred by Poker Stars to the United States government.
Other stipulations were of course added to the settlement, if online casino news is to be believed. One such stipulation includes the payment of $225 million to the government for the acquisition of Full Tilt Poker, within the next five days. A further restriction sees the current managing director of Poker Stars removed from position within 45 days, whilst he is currently under indictment for similar charges to the companies themselves.
As the case winds down, a total of seven people have been arrested and charged with involvement in the Black Friday scandal. Raymond Bitar, Ryan Lang, Bradley Franzen, Ira Rubin, Chad Elie, Brent Beckley and John Campos are the seven defendants, of which only Raymond Bitar remains to plead guilty to the charges against him. John Campos has already begun serving time for his crime, a total of three months that began in June 2012.