Posts Tagged ‘Wave’

Second Wave of Absolute Poker Refunds Approved

 Second Wave of Absolute Poker Refunds Approved

A month ago, former Absolute Poker (AP) customers who had their funds stolen by the site’s owners when AP disappeared after Black Friday saw the first wave of refunds hit their bank accounts. Those people who did not receive their money but still submitted valid claims should be seeing their money in the near future. The Garden City Group (GCG), the Department of Justice-selected claims administrator, recently announced the second wave of payments has been approved.

The GCG wrote on its site that “within the next few weeks,” all those who submitted approved petitions will be notified via e-mail with the dollar amount they will be receiving plus the method of payment. Instructions will be included on how to submit banking information for electronic transfers.

Those who owe money to the government will also receive their money if their petitions were approved, but they will have money taken out to settle their outstanding debt. From the GCG message:

GCG will also be sending an email notice to certain Petitioners who were approved for payment and were identified as having a delinquent debt qualifying for collection through the Treasury Offset Program. Payments for these Petitioners will be reduced in order to satisfy their debt in part or in whole. To receive the balance of their payment, Petitioners must provide GCG with the information required to complete a Unified Financial Management System Vendor Request Form. Instructions on how to provide this information will be included in the email notice.

The GCG says that this upcoming round of payments will cover about 4,600 former Absolute Poker players and total approximately $ 3.7 million. Compare that to the first wave of payments, which totaled almost $ 33.5 million to 7,400 former customers of Absolute.

It came as a surprise to the poker community when it was announced in April that Absolute Poker and UltimateBet customers would be getting their money back. The two sister sites were already infamous because of ownership-led “super user” cheating scandals and when the sites just dropped off the face of the Earth after Black Friday in April 2011, people just kind of thought, “Figures.”

After the Black Friday indictments, PokerStars settled with the U.S. Department of Justice, paying hundreds of millions of dollars, an amount which included the purchase of rival Full Tilt Poker. PokerStars easily refunded U.S. players whose accounts were closed when PokerStars had to leave the U.S. market. Full Tilt, though, couldn’t pay people back because some of its owners intentionally used player funds to pay themselves (and Full Tilt had money moving through payment processors frozen). Part of PokerStars’ deal involved repaying Full Tilt customers, which took years, but eventually got done.

After the payments were made, there was enough money left over from the Full Tilt process to refund Absolute Poker and UltimateBet players. This process has been much faster, taking just months to get the first payments sent to bank accounts.

The post Second Wave of Absolute Poker Refunds Approved appeared first on Poker News Daily.

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Eighth Wave of U.S. Full Tilt Repayments Coming

 Eighth Wave of U.S. Full Tilt Repayments Coming

There are thousands of you out there in the interwebaverse who get tucked into bed every night, cozy and content in the knowledge the Full Tilt funds you once had frozen after Black Friday are now safe and sound in your bank account (until an international hacking syndicate takes down the U.S. banking system, resulting in, we’ll say Denzel Washington, working tirelessly to track the shadowy leader down). Believe it or not, almost five years after Black Friday, there are still former U.S. customer of Full Tilt that have yet to receive their money. But as Professor Farnsworth would say, “Good news everyone!” Another round of payments will be coming soon.

Full Tilt claims administrator Garden City Group (GCG) announced on Friday (via FullTiltPokerClaims.com) that the eighth wave of payments has been approved. Once the payments are made, 94 percent of former U.S. customers of Full Tilt will have received their money.

The entire message from GCG is as follows:

GCG has been informed that the Department of Justice Asset Forfeiture and Money Laundering Section has approved a new round of payments, which will include payments to Petitioners who confirmed their FTP Account Balances, Petitioners who have disputed their FTP Account Balances and Petitioners designated by Full Tilt as “Professionals.” In all, this distribution includes payments to approximately 1,180 Petitions totaling approximately $ 2.6 million.

GCG has completed its initial review of all filed Petitions and, with this round of payments, we will have paid approximately 94% of those filed. GCG continues to work with the Department of Justice (the “DOJ”) to evaluate the remaining Petitions. For further information regarding the payment process and bank testing, please see the March 16, 2015 notice, which can be found on the Previous Updates tab.

Please note that GCG continues to send emails notifying Petitioners of deficiencies in their Petitions. Responses to these emails are required within 20 days of the date of the email. Please be sure to check your email account’s spam or junk folder to ensure the message was not filtered.

Counting this wave of payments, more than 44,000 players will have been paid back in the United States, receiving money totaling almost $ 112 million.

One of the trickiest parts of the account reviews for Garden City Group right now is to sort out business revenue from poker revenue. Originally, players who received funds into their accounts because of business relationship with Full Tilt, such as Full Tilt sponsored pros or Full Tilt affiliates, were excluded from the remissions process. After rethinking the situation, thanks largely to discussions with the Poker Players Alliance, those players were allowed to be refunded, but only for money derived from poker player, not from affiliate businesses or sponsorship deals. It appears that GCG is still having trouble in some instances sorting out what deposits are eligible for refunds – coming from actual poker play – and which are not.

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