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oct
31

$3.7M to be Returned to Affected Players from Absolute Poker Shutdown

Tags: Absolute Poker, Black Friday, Garden City Group.
Posted on Tuesday, October 31, 2017 by "T".

Good news for the so-called victims of Absolute Poker, as a second round of payments for them had just been approved by the government.

Garden City Group (GCG), the third party firm that was hired to assist in the remission process for the victims of the defunct poker sites Absolute Poker and (its sister site) Ultimate Bet, stated that a second round of payments have just been approved by the U.S. Department of Justice.

According to GCG, with awards reaching up to $3.7 million, this amount shall be distributed to 4,600 petitioners. This amount was actually what was in the customers' respective accounts when the poker sites closed after Black Friday back in 2011. Though no information was said regarding WHEN this second round of payments will be given to the affected players, GCG says they will contact them both in the USA and abroad via email in the coming weeks.

Just this August, around $33.5 million was returned to 7,400 former players of the site.

Below is a statement from GCG regarding the latest payments:

"GCG has been informed that the Money Laundering and Asset Recovery Section of the Department of Justice (MLARS) has approved a second round of payments to Petitioners who confirmed their Absolute Poker / Ultimate Bet account balances prior to the September 7, 2017 filing deadline. The distribution will include payments to approximately 4,600 Petitioners with awards totaling approximately $3.7 million.

Payments will be made via electronic ACH to Petitioners residing in the United States and via foreign currency check to Petitioners residing outside of the United States. In cases where a foreign currency check cannot be issued, the payment will be made via USD check or foreign currency wire depending on the Petitioners country of residence.

Within the next few weeks, GCG will be sending an email notice to all approved Petitioners that contains the amount and method of their payment. For Petitioners scheduled to receive their payment via electronic ACH or foreign currency wire, the email notice will also include instructions for submitting the required banking information needed for payment.


GCG will also be sending an email notice to certain Petitioners who were approved for payment and were identified as having a delinquent debt qualifying for collection through the Treasury Offset Program. Payments for these Petitioners will be reduced in order to satisfy their debt in part or in whole. To receive the balance of their payment, Petitioners must provide GCG with the information required to complete a Unified Financial Management System Vendor Request Form. Instructions on how to provide this information will be included in the email notice.

Specific questions regarding outstanding debts and offset amounts cannot be addressed by the Department of Justice or GCG. To obtain information on your individual debt, you must contact the Treasury Offset Program at (800) 304-3107 or visit https://fiscal.treasury.gov/fsservices/gov/debtColl/dms/top/debt_top.htm for additional information.

Petitioners should continue to check this website for updates regarding the payment process and this administration."

An estimated $60 million worth of players' money was lost when the Absolute Poker/Ultimate Bet sites suddenly shut down in 2011.

Source:
https://www.highstakesdb.com/8245-another-37-million-to-be-returned-to-absolute-poker-victims.aspx

 

 


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9 comments for "$3.7M to be Returned to Affected Players from Absolute Poker Shutdown"

 doubletop77710/31/2017 10:04:36 AM GMT
It is very good news that these players' will be getting some of their money back from this firm. It has taken such a long time to get this far and it must be some kind of relief to the payers because they must have thought they would be getting nothing
 CALICUL10/31/2017 2:09:46 PM GMT
I did not think this absolute poker is so rich. I refer to network players and the amounts of money running in their accounts. probably were very good at that time. I'm surprised that people will get the money back. Usually other rooms that have committed fraud and cheating never paid anything back.
 Mober10/31/2017 9:35:26 PM GMT
It is good to hear that another batch will be released, so that more players will get their money
back.
4600 more players is a good number.
Lets see if at the end everyone iwll get paid.
According to the article, 37 millions have been given so far, from the estimated 60 millions.
 pochui11/2/2017 2:46:19 PM GMT
well I guess its a great thing hearing that money that was stolen will be returned to those poor souls who haven't managed to lose it themselves playing against superusers and colluders. now its just a matter of finding them and shipping cash back.
 Gerimantas11/2/2017 8:27:30 PM GMT
Yes this is big money to be stole, in total more than 60 millions of dollars, so mow this pay of 3.7 millions is not big, but as text say that 33.5 millions already are returned, so with this money now only 23 millions of dollars is left and players for all people who have money steal from them is returned.
 DaCapo7111/7/2017 11:01:53 AM GMT
I had also some Bucks in my old Absolute Poker and Ultinate Bet account. I don´t remember how much, but this was a good news that we have a chance to get our money back Thumbs Up And i´m surprised that they pay money back after this long time.
 Mober11/8/2017 11:27:50 PM GMT
So, have you managed to get that money back yet.
From what we have seen here, they were sending emails to all the ones getting money.
If you havent received any yet, maybe you should try contacting someone relevant for the case.
 pajalnick11/10/2017 5:17:22 PM GMT
this is certainly good news for all deceived players .... people who lost money probably already forgot about it ... or remembered something bad in their life ..... and then after a rather long time the money suddenly returned ... This is a big surprise and probably a very good mood ... good news
 Tony_MON7ANA11/11/2017 4:29:11 PM GMT
I was a Platinum (second tier) VIP player back in 2010 on Absolute Poker. I was doing alright. I remember I made a full withdrawal in late March 2011 because I needed to buy a new laptop. I was totally shocked when the Department of Justice seized the Cereus Poker Network domains in April 2011!

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