Focus of Internet Poker Settlement: ENFORCEMENT


Recent reports are that a deal has been agreed to by all interested parties which would allow the sale of Full-tilt assets to a French Company (GBT). As reported part of the purchase includes a payment of $80M USD by the buyer to the U.S. Department of Justice (DOJ). The DOJ may then use the payment and funds already seized by, including assets seized through Civil Forfeiture actions, to pay claims of players, subject to a proof of claim process.

The proof of claim process is yet to be published by the DOJ but it is likely to involve several goals and requirements. Among the goals will be discovery of potential avenues of enforcement of tax and other laws, such as anti-money laundering and gambling statutes. Enforcement and lead discovery was and remains an important objective in the offshore bank account and tax evasion area and there is no reason to see any less interest here.

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Published In: Administrative Agency Updates, Civil Remedies Updates, General Business Updates, Criminal Law Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Sanford Millar
Law Offices of Sanford I. Millar

Experience and Qualifications: Over 30 years of experience in domestic and international tax... View Profile »

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