Absolute Poker Reaches Agreement with Department of Justice, Closes US Operations
After earlier reports Full Tilt Poker converted some tournament tickets to cash and deposited payments from the Take Two promotion into player’s accounts, Absolute Poker and UB Poker made their own announcement Tuesday they have reached an agreement with the US Attorney’s office in the Southern District of New York.
According to the agreement, the US Attorney’s office has agreed to provide assurances that third parties may work with Absolute Poker the return of US player’s funds, currently held by third-party processors.
The agreement also states that Absolute Poker has closed their US-facing operations and have stopped US players from playing for real money on the site.
The company has not requested their their absolutepoker, ub and ultimatebet
domain names and the agreement states they will not be returned.
This comes after the May 9 announcement that their lineup of sponsored players, including Joe Sebok, had been dismissed.
The statement mentions the Company’s top priority is the return of all account balances to US players, but they still face several legal issues before funds can be paid.
Blank Rome LLP, the site’s attorneys in the US will work to resolve the issues.
However, the funds will not immediately become available for withdrawal as a result of today’s agreement.
A Company spokesman said: “Today’s signing of the agreement with the DOJ is an important step towards the safe and efficient return of funds to our US players.
We can now move as expeditiously as possible to collect player monies from third party processors as a prelude to establishing proper mechanisms for the return of funds to our US players.
As previously announced, we have already taken specific actions to exit the US market by closing our US-facing operations.
Blank Rome LLP will continue to engage in discussions with the SDNY in order to complete the necessary agreements for the final transfer of frozen fund balances to our US players. This remains our highest priority.
We will continue to update our players and the poker community, as we move forward to resolve outstanding issues.”