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The Moment of Truth for Full Tilt Poker: July 26 Hearing Quickly Approaches

Written by:
C Costigan
Published on:
Jul/17/2011
Full Tilt Poker

Mark your calendars those of you affected by the Full Tilt Poker closure.

By month’s end we are supposed to hear word on this mysterious group of European investors looking to inject beleaguered Full Tilt Poker with enough cash to pay back US customers and those throughout the rest of the world. 

We’ll believe it when we see it.  To date, FTP is yet to pay back those customers living in the US since the Justice Department there charged executives with money laundering and bank fraud on April 15.  In Europe, Full Tilt Poker’s licensing arm in Alderney pulled the plug heading into July, resulting in remaining players throughout the world unable to access funds.

One important date has come and gone for US players looking to file claims with the US government.

As Gambling911.com reported last week, these customers had until 11:59 pm EDT Friday night to file their claims with the US Attorney’s Office in the Southern District of New York.

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Those who haven’t filed claims and individuals living outside the US will likely have to wait for July 26.  This is the day a hearing will take place by the Alderney Gambling Control Commission to determine the fate of Full Tilt Poker.

Should Alderney establish Full Tilt Poker has the capacity to pay back players, they could reinstate the license and allow FTP to commence payouts.  Alderney is not likely to do so should Full Tilt Poker be unable to find a channel in which to pay back US customers, however.

There is wide speculation that FTP executives emptied out bank accounts associated with payment processors they knew were under investigation prior to the Justice Department seizure orders. 

Sources close to Gambling911.com have suggested that Full Tilt Poker higher-ups might fear US authorities will be able to trace back new accounts and ultimately have those frozen as well once the online poker firm begins paying back US customers. 

Gambling911.com has your around the clock Full Tilt Poker news.  Please be sure to bookmark us if you are new to this website and always follow us on Twitter

- Chris Costigan, Gambling911.com Publisher

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