Kahnawake Gaming Commission issues statement on beleaguered Absolute Poker player fundsRegulators allege 'process to liquidate Blanca [Game's] assets' |
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On Thursday, the Kahnawake Gaming Commission issued a statement regarding United States player funds on its licensee Absolute Poker/Ultimate Bet. Regulators allege a “potential solution” to compensate victims.
The Commission said that it has been “in close and regular discussions” with Blanca Games since the indictments were announced on April 15. Antigua-based Blanca Games acquired the Cereus Poker Network in August 2010.
The Commission also alleges it has “received regular updates of discussions between AP/UB and the [US Attorney’s Office for the Southern District of New York].” The Department of Justice declined to comment on its case with Absolute Poker.
“Over the past several weeks, we were advised of […] a process to liquidate Blanca’s assets and distribute proceeds to players. We understand that this process has been presented to SDNY for consideration and approval.”
The announcement comes after an amended complaint was filed in late September seeking the forfeiture of some assets and $500 million in penalties for alleged violation of the Unlawful Internet Gambling Enforcement Act (UIGEA), bank and wire fraud and money laundering. Subsequently, Absolute Poker requested additional time to file claims for the contested property and “to answer or otherwise respond to the amended complaint.” The operator has until Oct. 31, 2011.
In May, the online poker site said it struck a deal with the Department of Justice. Limited cash outs were being processed in the following months for non-U.S. players while the company still continued to operate in foreign countries.
Also in May, MSNBC reported possible bankruptcy for Blanca Games. A debt holder of the gaming company stated that it couldn’t honor its debts. Blanca Games denied the bankruptcy rumors.
Follow Brian Pempus on Twitter — @brianpempus
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