GCG Announces New Round of FTP Payments Totaling $15 Million

Steve Ruddock - May 29, 2014

FTP Claims News

Another 3,500 former players at Full Tilt poker will soon be getting their remissions checks (totaling $15 million) from the US Department of Justice via their chosen payment processing company the Garden City Group, bringing the grand total of FTP remission payments made to date up to $96 million, which have been sent out to some 33,000 affected US players.

The latest batch of approved remission payments will be sent to players who were not approved in the previous waves of payments due to incomplete or inaccurate information, being mislabeled as an affiliate, or players who filed late remission applications.

According to the GCG website, the 3,500 players that were approved for this round of payments should expect to receive their ACH checks in mid-June.

Players who have disputed the balance listed in their accounts will still have to wait before they receive their checks.

The full statement from the GCG on this latest round of remission payments can be found at the bottom of this article.

The affiliate / rakeback kerfuffle

Many players found themselves incorrectly labeled as affiliates by the GCG (affiliates wee ineligible for remission payments) thanks to Full Tilt poker's internal auditing, which confusingly labeled rakeback payments as affiliate payments in many cases.

This lumping together of affiliate payments and standard player rakeback payments caused many players headaches, as the Garden City Group initially labeled them all as affiliates and denied their claims – to their credit this was an error the company was fairly quick to remedy, but one that took a lot of extra accounting in order to sort through the different transactions to determined each player's true account balance.

It's unclear precisely how many of the players originally listed as affiliates are being paid in this batch, or how many more will have to wait even longer for their checks.

Wave #1: Green Friday

The first wave of remission payments began in late February of this year, when the Garden City Group sent out some 27,500 checks to former Full Tilt Poker customers from the US, totaling some $76 million.

This original round of remission payments was for players whose accounts were verified and who did not dispute the balance listed for their account. Basically if you filed your claim and everything checked out you got your money back in February / March.

The receipt of the first round of remission checks was a moment of joy for US players who had waited roughly three years for their Full Tilt Poker funds, and while April 15, 2011 was dubbed Black Friday, February 28, 2014 was given the more positive moniker of Green Friday.

Wave #2: Loose ends

About a month after the original payments were sent, GCG was back at it in late March and early April when they fired off another batch of remission payments, this time on a much smaller but still significant scale.

The second round of payments were sent to just 2,200 players and totaled roughly $5 million, bringing the total amount of remission payments up to $81 million.

The players who received checks from the GCG in this wave were players whose accounts were not in dispute but had incorrect or incomplete banking information when they originally filed.

Latest GCG update 5/28/2014:

GCG has been informed that the Department of Justice Asset Forfeiture and Money Laundering Section has approved a new round of payments. This distribution will include approximately 3,500 payments totaling $15 million to Petitioners who submitted complete, timely or late Petitions confirming their FTP Account Balance. Also included in this round of payments are Affiliates who submitted Petitions confirming their FTP Account Balances. GCG expects to issue these payments in the middle of June 2014 and will post further updates on the payment process as they become available.
As part of the process of preparing this next round of payments, shortly before payments are issued, Petitioners who are approved to receive payment may notice a zero-dollar transaction in their bank account statement that relates to the Full Tilt Poker Claims Administration. Please be aware that this is a normal part of the bank testing process in preparation for payment of ACHs. However, not all banks post these notices during the testing process, so do not be concerned if you do not receive such a notice and believe you are eligible to receive payment in the upcoming distribution.
Please be advised that there are Petitioners who are eligible for payment in the upcoming round of payments, but who have 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. A notice will be sent to these Petitioners in the upcoming weeks and will include a Unified Financial Management System Vendor Request Form, which must be completed by the Petitioner in order to receive the balance of his or her payment. Please note that Petitioners who were previously approved for payment and were notified that they had a delinquent debt qualifying for collection through the Treasury Offset Program, but who still have not returned a completed form will not receive payment until a completed form is submitted.
Please continue to check this website for updates regarding the payment process and this administration.

For previous updates and a timeline of the remission process you can visit the Garden City Group's official Full Tilt poker claims website at www.fulltiltpokerclaims.com.