Tuesday, Aug 14, 2012 DOJ Hiring Claims Administrator to Process Full Tilt Payments
The United States Department of Justice released an employment ad on Tuesday for Claims Administrators to help with the processing of payments to US Full Tilt poker players.
Poker Junkie blogger Compcnards breaks down the ad and some of the things that players should keep in mind while processing their repayment requests.
They Know What You Deposited Two Summers Ago - And More
When looking over the job ad for the Claims Administrator position with the DOJ, the big thing that stuck out to me like a sore thumb is the following:
"The Claims Administrator will design and execute a process to solicit, receive and evaluate claims, and to process payments, for losses incurred by U.S. victims that are attributable to the fraud alleged in the above complaint.
In so doing the Claims Administrator will obtain and evaluate information, such as financial transaction records, from claimants, and analyze information contained in user account records provided in database and other format by Full Tilt Poker."
If you're one of those people that don't want the government looking into every nook and cranny of your online transaction history, you're not going to be able to avoid that and get your money back.
You're Not Guaranteed to Get All "Your" Money Back
The phrase "losses incurred by U.S. victims that are attributable to the fraud alleged in the above complaint," which means the Black Friday indictments, makes me wonder how technical the DOJ will get in determining what constitutes losses.
For starters, do they treat all money held up on the website as money lost by US players or will they evaluate monies lost based on other criteria?
By this, will those that never deposited a dime on the site have a legitimate claim to compensation in the eyes of the DOJ?
After all, they did not actually put up any money on the site and as such did not lose funds.
Will freeroll winners have the rights to their funds? Again, the players didn't deposit money and "won" the money in a freeroll.
Also, what about the so called "phantom funds?" Will the DOJ discount those phantom funds because those funds were never actually withdrawn from accounts?
The DOJ would have a case there as they would have proof that funds were never withdrawn and therefore no actual losses were incurred by the players.
Clarification on these points would be helpful as this process unfolds.
Consult Your Accountant - Or Hire One
Since the DOJ will have access to your entire online poker history for Full Tilt Poker, those of you that have not paid taxes on winnings had better get an accountant.
And maybe a lawyer on retainer, especially if you have significant winnings.
For those that receive $400 or more back from your Full Tilt accounts, consult an accountant or tax professional on how to handle these funds.
Above all, file accurate returns in 2013 as your information on the online poker payments and proceeds are on record and there is nothing to assure you that the IRS will not happen to get a copy.
Personally, I'm waiting to see what the process entails and the tax implications before I make a decision to pursue my small bankroll on Full Tilt.
We will find out more in the next couple of months, but at least the ball is rolling on US players getting their bankrolls off Full Tilt.