DoJ seeks external help on FTP repayment
Justice department issues employment notice calling for applications for "claims administrator" role in relation to remission process.
The United States Department of Justice (DoJ) is to employ an external body to assist with the repayment of Full Tilt Poker’s (FTP) American players.
According to a notice calling for “applications from qualified persons to serve… as claims administrator in connection with the remission to US victims of funds forfeited via court-approved settlements in United States v. Pokerstars et al,” the American government has suggested that US$159m is “immediately available for distribution via the remission process”.
The figure represents a little under half of the estimated $330m held in the accounts of American residents on 15 April 2011, when Full Tilt’s US-facing operations were shut down following the indictment of CEO Ray Bitar and director of payments Nelson Burtnick. There is no indication from the DoJ at this stage with regards to how repayments will be prioritised, or if and when the remainder of the balance will be available for distribution.
Applicants for the claims administrator post are required to apply by the end of this month, suggesting a desire to begin the remission process sooner rather than later. The repayment of $184m to rest-of-world players is to be handled by PokerStars following the operator’s agreement late last month to acquire the assets of FTP and settle outstanding civil charges against both companies.
This deal was officially completed last week following Stars’ payment of $225m to the US government, with the relaunch of Full Tilt as a separate brand scheduled for “no later than 6 November”.
The role of the claims administrator, when appointed, will see them “design and execute a process to solicit, receive and evaluate claims, and to process payments, for losses incurred by U.S. victims that are attributable to the fraud alleged in the above complaint”
“In so doing the claims administrator will obtain and evaluate information, such as financial transaction records, from claimants, and analyse information contained in user account records provided in database and other format by Full Tilt Poker,” the DoJ explains.