DOJ releases PokerStars bank account

Posted by Steve Ruddock on Sep 08, 2011 Posted in Legal Poker News | No Comments »

PokerStars received a bit of good news this week as the Department of Justice (DOJ) announced it would be releasing one of the bank accounts it seized from the site on Black Friday. The only stipulation placed on the account is that PokerStars must maintain an account balance of $5.5 million –the amount calculated to have been from US players.

The total amount that was being held in the account is unknown, but the decision by the DOJ allows PokerStars the ability to access any assets held in the account at the Bank Hapoalim (Suisse) SA in Luxembourg in the name of Sphene International—a PokerStars payment processor. Several other accounts in the name of Sphene International are still frozen.

Here is a look at the statement that was released explaining the recent action:

WHEREAS, the Government and PokerStars have reached an agreement pursuant to which PokerStars consents to the restraint of $5.5 million in the Account for the pendency of the above captioned case, and the Government agrees that it does not object to PokerStars’ use of the remaining funds in that account”.

Whether the DOJ’s actions turns out to be little more than a procedural move or if it signals an upcoming settlement between the DOJ and PokerStars remains to be seen at this point, but it should be noted that of all the poker sites to fall victim to the US government PokerStars has been the most forthright and cooperative; which is something that may play into their favor as the legal cases unfold.

 

Tags: , , , , , , , , , , , , , , , , , ,



Leave a Reply

Promotional News

Floyd Mayweather Sets His Sights On The Gaming Industry With The Launch Of Wild Poker
The world of mobile games took an interesting turn of events with ONE …
Read more

Phil Ivey Joins Virtue Poker As Cryptocurrency Poker Room Prepares For Fall 2018 Launch
Phil Ivey has become the latest poker pro to sign up as a strategic ad …
Read more

BetOnline.ag and PokerForums.org Giveaway $208 worth of Tournament Tickets.
PokerForums.org is back online and would like to thank forum members …
Read more

WSOPE High Roller Event In The Czech Republic Attracting Top Poker Players From All Over The World
King’s Casino in Rozvodov, Czech Republic has the reputation for hav …
Read more