Vin Narayanan is the former managing editor at Casino City and has been involved in the gaming industry for over a decade Vin is currently based in Hong Kong, where he runs his own consultant group and works as head of gaming and public relations for Mega Digital
Before joining Casino City, Vin covered (not all at the same time) sports, politics and elections, wars, technology, celebrities and the Census for USATODAY.com, USA WEEKEND and CNN.More articles by Vin Narayanan
Report: European investors agree to purchase Full Tilt
1 July 2011
By Vin Narayanan
A group of European investors are poised to rescue Full Tilt Poker, just two days after Alderney suspended the gaming site's license, according to a Los Angeles Times
The deal, reportedly signed yesterday, would allow American players to recover money they had in their accounts when the Department of Justice froze Full Tilt accounts and indicted Full Tilt founder Raymond Bitar on April 15 on charges of money laundering and bank fraud.
The founders of PokerStars and Absolute Poker were also indicted on April 15. PokerStars, Full Tilt and Absolute Poker (and its sister site, UB.com) withdrew from the American market after the indictments. PokerStars has already returned more than $100 million to its American players. Absolute Poker has not refunded any money to American players. Both PokerStars and Absolute Poker continue to operate outside of the U.S.
Prosecutors are seeking $3 billion in damages from the indicted poker rooms.
The L.A. Times
report says the European investors have invested enough money in Full Tilt to become the majority stakeholders.