Full Tilt Poker Closer Towards DoJ Settlement

Groupe Bernard Tapie seems to have secured a deal with the US Department of Justice (DoJ) that will bring to an end the ordeal that has forced Full Tilt Poker (FTP) to cease operation of its international online poker room.

As we reported in October, Groupe Bernard Tapie has agreed to purchase the ailing online poker in a bid to save the collosal brand that only six months ago was the second highest grossing online poker room in the world.

The problems for FTP started in April when the DoJ seized its dot.com domain and brought indictments against its founders on allegations of bank fraud, money laundering and providing illegal online gambling to US players.

FTP was not the only online gambling operation that suffered the wrath of the DoJ. Together with it there were several other online poker and betting companies that suffered the same fate as FTP. However, all other operators have reached a settlement with the DoJ and were allowed to continue their international operation after agreeing to refund US players’ funds and immediately stop accepting US players.

FTP was unable to reach an agreement with the DoJ and was further accused by the DoJ of running a Ponzi scheme by taking money that new players deposited in their accounts and using it to pay the winnings of other players. In addition FTP was accused of using players’ funds to pay off the owners and board members of FTP.

Both these activities were prohibited by FTP main interactive license provider and FTP ended up losing its gaming license and had to stop all operations that severely affected international players. Tens of thousands of players were locked out of their player account and without any access to their own money.

For the last several months things did not look promising for FTP until the French-based corporation Groupe Bernard Tapie has agreed to buy FTP, pending resolution of matters with the DoJ.

The settlement with the DoJ will most likely come into force in a matter of a couple of weeks. It remains to be seen if all players will gain access to their funds.