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Full Tilt Poker has Been Sold

Written by:
C Costigan
Published on:
Jun/30/2011
Full Tilt Poker has Been Sold

A group of European investors have purchased Full Tilt Poker in a deal that could see US players recover up to $150 million.

Full Tilt Poker was indicted on April 15 by the US Government on charges of money laundering and bank fraud.   The company has been unable to pay back US players.

The company had its license yanked yesterday with the site down ever since.

From the LA Times:

Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings. The attorneys spoke anonymously because of the sensitivity of ongoing negotiations with the federal prosecutors in Manhattan who brought the charges.

The money is also intended to allow the company to settle a civil lawsuit brought against it by the U.S. attorney's office at the same time as the criminal indictment, the attorneys said.

The government is seeking to recover $3 billion from Full Tilt, Poker Stars and Absolute Poker.

This story is developing…

- Costigan

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