Former US Full Tilt Poker players have been waiting for two years now to have their frozen funds refunded. Developments have been very slow and players have been waiting to see when they will finally receive their money. The company recently hired The Garden City Group to work as the claims adjuster for the repayment of the funds and it seemed like this might speed up the process. However, it has now been announced that players will have to wait at least one year from now before repayment would take place.
The Garden City Group has stated that to pay back the $184 million they will need more time. The adjuster has been stuck working through the player information and a supervisor of the group recently stated that it will ‘most likely’ take over a year to process the monies, possibly even longer. The supervisor stated: “There are no dates set in stone as of yet. We haven’t even begun the claims process.”
The company must work through the large amount of player data. This has proved to be a difficult process for The Garden City Group. The group also has to work with The Asset Forfeiture Unit of the US Attorney’s Office of the Southern District of NY as well as the Asset Forfeiture and Money Laundering Section of the Department of Justice for this process as well.
Players not only have to worry about an extended time frame for receiving their frozen funds but also how much money they will actually receive. The player information must first be processed by the adjuster and then account for each player. Once this is done, the company will then work on an estimated recovery formula so the amount to be refunded can be configured.