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Full Tilt Poker: PokerStars finalized its acquisition
Full Tilt Poker and PokerStars found finally an agreement to stop their prosecution for defrauding American players by offering illegal online poker games. Indeed, the two online poker sites agreed that all assets of Full Tilt will go to PokerStars for $ 731 million as announced on Tuesday by Preet Bharara, federal prosecutor of Manhattan. The acquisition of Full Tilt Poker will allow it to repay $ 547 million to U.S. players, a sum that PokerStars will pay in the coming days at the Department of Justice (DoJ). The remaining $ 184 million will be used to repay non-American players, including $ 5 million for French players. By the end of this week, the DoJ will receive an upfront payment of $ 225 million from PokerStars to complete the acquisition.
The result of this acquisition also provides that PokerStars can not employ the leaders of Full Tilt Poker which charges are still pending against them. About Isai Scheinberg, the founder of PokerStars, criminal charges against him are still pending following the Unlawful Internet Gambling Enforcement Act. Within 45 days after the final acquisition of Full Tilt Poker, Isai Scheinberg must give PokerStars management to someone else. To recap, the two websites Full Tilt Poker and PokerStars have been accused of fraud. As online betting and poker is illegal in the U.S. since 2006, poker operators were disguising playersÂ’ money in payments made to fictitious online shopping sites as announced by the Justice of New York.
Source: James WILLIAMS
Friday, 03 August 2012
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