Full Tilt Poker Claims Process Begins
Posted on: September 17, 2013, 05:30h.
Last updated on: October 22, 2013, 01:14h.
Just a month after the Garden City Group posted an update letting Americans with outstanding account balances at Full Tilt Poker (FTP) know that the remission process would be starting soon, another official update has been issued stating that those who had filed as potential victims in the case would be receiving emails telling them how to file a petition to receive their frozen funds.
Players Can File Petition for Funds Reimbursement
“The Notice provides instructions for filing petitions online through the administration website,” the update reads, referring to the emails that are expected to be sent out over the next few days. “If you did not receive an email notice and you believe you are eligible to participate in the remission process, you can file a new petition online using the online filing tab on the left sidebar of this website beginning September 18, 2013.”
As reported last month, the calculation formula for the remission process will be based on the final account balance held in players’ Full Tilt accounts on April 15, 2011 – the day of the “Black Friday” indictments and shutdowns. All players are expected to receive 100% of their funds back through the remissions process, though there is always the chance that the total of the claims unexpectedly exceeds the money set aside for players – an amount known as the FTP Fund. If that occurs, players would receive payments on a pro-rated basis. However, this is not expected to be an issue in this case at this time.
Do You Know What You’re Owed?
It’s likely that many players do not know the exact amount of money that was sitting in their account nearly two and a half years ago, and some may not even have a vague idea after all of this time. However, players can retrieve that information when they receive an email notice from the Garden City Group. That notice will contain both a Petition Number and a Control Number, allowing them to log into the claims website. From there, players can see their FTP account balance, allowing them to know their account balance.
Assuming that players agree with the balance stated, they will not need to submit any additional documentation in order to make a claim. However, if a player believes that the stated balance is wrong and wish to dispute it, they can upload supporting documentation in order to establish a different balance. The claims site mentions potential documentation including cancelled checks and wire transfer records.
Victims have until November 16 to submit a Petition for Remission. Funds will be paid electronically into a bank account of each petitioner’s choosing.
The Garden City Group is acting as the claims administrator for the Full Tilt Poker Case, and is working with the United States Attorney’s office in the Southern District of New York, as well as the Asset Forfeiture and Money Laundering Section of the United States Department of Justice.
Funds for the repayment of Full Tilt Poker players came from a settlement in which PokerStars paid to purchase the remaining assets of FTP. As a part of that deal, PokerStars agreed to take responsibility for all Full Tilt accounts outside of the United States, while the Department of Justice would handle the repayment of American players. PokerStars has since relaunched Full Tilt Poker, allowing players worldwide to either use their own account balances on the site or cash them out as they wish. The new Full Tilt Poker is not available in the United States, however.
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