trending / - - - - - - - - -

trending / playstation 4 - ni no kuni - halo - wii u - bungie interview - ces top picks - radeon hd 7850 - woods pga tour

PokerStars Agrees to $731 Million Settlement with U.S. Government

/ Jul 31st, 2012 No Comments

PokerStars

PokerStars

PokerStars has agreed to pay $731 million and will acquire Full Tilt Poker to settle civil charges that the company used fraudulent ways to process payments and avoid U.S. regulations on Internet gambling.

The settlement between PokerStars and the U.S. Department of Justice consists of $547 million being paid by PokerStars to the U.S. government over a three year period. That money will be used in part to reimburse Full Tilt Poker customers in a process administered by the government. PokerStars already has reimbursed their own customers who were affected shortly after U.S. operations were closed.

A separate fund of $184 million will be created by PokerStars to pay off all outstanding balances to non-U.S. customers.

Despite the controversy surrounding the site, PokerStars has remained open for business without interruption for all non-U.S. customers with all licensing in good standing.

Under the agreement, PokerStars has not admitted to any wrongdoing. PokerStars and Full Tilt Poker will be able to apply to relevant U.S. gaming authorities to offer real money online as soon as the framework for such activity is introduced through state or federal regulations.

PokerStars plans to reintroduce Full Tilt Poker as a separate brand under a new, independent management team. PokerStars is based out of the Isle of Man. Full Tilt Poker will now be operating in Dublin with regulatory oversight from the PokerStars team in Isle of Man.

Full Tilt Poker collapsed in April 2011 when the U.S. government attacked major online poker operations. Full Tilt Poker CEO Ray Bitar was arrested by feds and the government repeatedly declared Full Tilt as a Ponzi scheme.

U.S. players who had money on deposit at Full Tilt Poker will be able to apply with the Department of Justice to receive reimbursement.

PokerStars.com is the world’s most popular online poker site. It launched in December 2001 and has more than 49 million registered users. Over 82 billion hands have been dealt and more than 565 million tournaments have been played through PokerStars.

Ryan Bloom

Ryan Bloom

Chief Editor at Gaming Illustrated
Ryan Bloom is a writer and avid gamer from Orange County. He received a B.A. in Communications with a minor in American Studies from California State University, Fullerton in 2010. Follow him on Twitter @BloomsTweets.
Ryan Bloom
Ryan Bloom

Latest posts by Ryan Bloom (see all)

tags:

Related Posts

call of duty advanced warfare

Call of Duty: Advance Warfare Collector’s Editions Announced

Jul 30th, 2014No Comments

logitech_g402_feat

Logitech Unveils G402 Hyperion Fury FPS Gaming Mouse

Jul 30th, 2014No Comments

LittleBigPlanet 3

LittleBigPlanet 3 Release Date Announced

Jul 30th, 2014No Comments

The Last of Us Remastered

Sam Raimi To Produce The Last of Us Movie

Jul 29th, 2014No Comments

Top Articles

Tales From The Borderlands Preview Jul 24th, 2014 at 9:00

The Golf Club E3 Impressions Jul 8th, 2014 at 9:00

Fenix Rage (Xbox One) E3 Impressions Jun 30th, 2014 at 10:00

Lords of the Fallen (PS4) E3 Impressions Jun 26th, 2014 at 8:00

Titan Souls E3 2014 Impressions Jun 23rd, 2014 at 9:00

Metal Gear Solid V: The Phantom Pain (PS4) E3 Impressions Jun 20th, 2014 at 10:00

Pillars of Eternity E3 Preview Jun 19th, 2014 at 10:00

Hyrule Warriors E3 2014 Impressions Jun 18th, 2014 at 8:00

Destiny Alpha Hands-On Impressions Jun 16th, 2014 at 8:11

Skylanders Trap Team E3 Preview Jun 10th, 2014 at 12:00