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PokerStars Chairman Agrees to Pay DoJ $50 Million

PokerStars Chairman Agrees to Pay DoJ $50 Million

PokerStars’ chairman has agreed to pay $50 million to resolve the forfeiture demands from the US government related to the money laundering lawsuit the gambling company settled last year.

PokerStars Chairman Agrees to Pay DoJ $50 Million

The chairman of PokerStars, Mark Scheinberg, has agrees to pay $50 million to resolve the US government’s forfeiture demands

The chairman, Mark Scheinberg, had continued receiving distributions for PokerStars that were subject to forfeiture. Scheinberg had been disputing that the money was subject to forfeiture, but agreed to the settlement as he “wishes to fully and finally resolve this matter.”

The settlement follows the $731 million that PokerStars agreed to pay in July 2012 to settle the money laundering lawsuit filed by the Department of Justice.

The settlement included $547 million to be used to reimburse U.S. customers of Full Tilt Poker.

PokerStars and Full Tilt Poker operated two of the largest online poker websites after the federal law banning real-money online gambling came into effect in 2006. However, in April 2012 federal prosecutors revealed the civil bank fraud money-laundering suite against Full Tilt Poker, PokerStars and Absolute Poker.

In addition chargers was also brought against the sites’ founders, the ex-CEO of Full Tilt Poker, Raymond Bitar, pleaded guilty in April and was ordered to pay $40 million.

OCA News Editor