Jeff Ifrah, an attorney who represented Full Tilt Poker in several capacities, said that the former players of Full Tilt Poker are most likely scared to claim their funds from the US Department of Justice in fear of the government taking action against them. Ifrah suggested that US authorities should help players in the process of claiming their funds in frozen accounts at Full Tilt Poker.
Details have not been Provided Regarding How Players Should Claim their Funds
According to a recently signed agreement between the Groupe Bernard Tapie and the US Department of Justice (DOJ), Full Tilt has to hand over its assets to the Department of Justice. Groupe Bernard Tapie will buy the poker room’s assets directly from the Justice Department with $80 million. The DOJ will compensate American players of Full Tilt Poker.
On the other hand, Groupe Bernard Tapie will be responsible for reimbursing players outside the US. The deal will be finalized once Full Tilt shareholders approve it. Ifrah said in this regard that players are still unsure regarding how money should be claimed from the DOJ.
Ann-Margaret Johnston, a tax expert, stated that it is extremely awkward for players to claim their money from the DOJ when the department itself stated that funds in the frozen accounts are illegal.
Full Tilt Board Members Claimed a Significant Share of Seized Funds
An issue is in the way of Full Tilt’s sale from being finalized. Chris Ferguson, along with a Full Tilt board member, laid claims to about $98 million from funds seized by the DOJ on behalf of two Full Tilt run companies – Vantage and Kolyma. The money is claimed to have been deposited by Full Tilt players and was in the process of being transferred to the accounts of the two companies when the seizure of Full Tilt accounts took place. A part of the claimed money was also deposited by Kolyma and Vantage and was about to be deposited to players’ accounts.
It is expected that Full Tilt Poker board members will withdraw their claims. Barry Boss, a lawyer of the poker room, stated that he is quite optimistic that the claims will be withdrawn by the Full Tilt board soon. For this, the deal between Groupe Bernard Tapie and Full Tilt Poker will have to be finalized, according to Barry.
Once the DOJ distributes money to players, they will have to pay taxes on their wins.
Related posts:
- Companies Comprising Full Tilt Poker Claim the Money in Seized Bank Accounts
- Full Tilt’s Investor has Reached an Agreement with the Department of Justice
- Full Tilt Share Holders Lay Claims to Seized Funds
- Full Tilt Poker’s Acquisition Deal to Be Confirmed in Few Weeks
- Full Tilt Acquisition Approved by Shareholders
