1. Poker Site Forced to Ante Up $731 Million

    Poker Site Forced to Ante Up $731 Million
    PokerStars, accused of money laundering, settles with the Department of Justice to buy its competitor, Full Tilt Poker, and to pay out balances owed to customers. On April 15, 2011, a day that would later become known as Black Friday in the online poker community, the Department of Justice shuttered two major online poker giants, PokerStars and Full Tilt Poker, accusing the company founders of fraud, money laundering, and operating a Ponzi scheme. Yesterday, Manhattan U.S. Attorney Preet Bharara announced that PokerStars has agreed to pony up over $547 million to the U.S. and to reimburse about $184 million owed by Full Tilt to foreign players. Under the unique arrangement, PokerStars acquired Full Tilt--along with the company's debt. "We are pleased to announce these settlements by Full Tilt Poker and PokerStars, which allow us to quickly get significant compensation into the victim players' hands," Bharara said in ...
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    1. We are pleased to announce these settlements by Full Tilt Poker and PokerStars, which allow us to quickly get significant compensation into the victim players' hands.
    2. We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow.
    3. I believe that this deal will result in Full Tilt's customers being repaid.
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