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Full Tilt Poker Claims Process "Will Begin Shortly"
Garden City Group, the claims administrator appointed by the DOJ to process the return of seized funds from Full Tilt Poker players, has announced the claims process is ready to "begin shortly."
In a new post released today (Aug. 1) on the official FullTiltPokerClaims.com website, the GCG says its review of the data is now complete and processing of claims is near.
Balances as of April 15, 2011
Also good news for players is the balance taken as the basis for remission is the account balance from April 15, 2011, the day the Department of Justice originally seized the Full Tilt domain.
Players looking to retrieve funds will be emailed by the GCG, it says, and will be able to file an online claim to begin the process.
Said the GCG:
"GCG, working with the Asset Forfeiture Unit of the United States Attorney's Office for the Southern District of New York and the Asset Forfeiture and Money Laundering Section of the United States Department of Justice, has completed the review of data provided by Full Tilt Poker ("FTP").
"It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players' final balances with FTP as of April 15, 2011 (the "FTP Account Balances").
"The claims process will begin shortly. Once the process begins, GCG will email instructions on how to complete an online claim to all potentially eligible claimants identified by GCG utilizing data supplied by FTP.
"Account balances from online poker sites other than FTP are not included in this remission process. Petitioners must also meet all other requirements outlined in 28 C.F.R. § 9.8 to be considered eligible for remission...
"If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance.
"If the aggregate FTP Account Balances for all eligible Petitioners exceed the funds available for distribution, payments shall be made to eligible Petitioners on a pro rata basis."
Further updates will be posted at FullTiltPokerClaims.com. A short summary of the settlement agreement and forfeitures is also posted there.