Industry Source: Full Tilt Poker Funds Indeed Frozen

After initially questioning how US law enforcement authorities could freeze funds belonging to Full Tilt Poker, one powerful CEO in the online gambling sector has looked into the issue further.

His findings:  “I have looked into it and I do believe much of the funds were frozen.”

The source, who is quite connected in the industry, could not elaborate any further on his findings.  This does support Full Tilt’s claims that most of the monies in question are frozen. 

Others have speculated that FTP removed funds from bank accounts prior to the actual seizures and are reluctant to send funds to US citizens out of fear new accounts can be traced. 

Full Tilt Poker has not paid US customers millions of dollars owed since the company was indicted on April 15, charged by the Justice Department with bank fraud and money laundering.

The US Attorney’s Office in the Southern District of New York, which filed the charges against Full Tilt Poker, PokerStars and Absolute Poker, have offered to provide a channel for FTP to pay its US customers.  To date, only PokerStars has fulfilled its obligations and taken the US Attorney’s Office up on its offer. 

- Chris Costigan, Gambling911.com Publisher