PokerStars Bank Account Freed

September 9th, 2011 by Kyle Silverberg

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Department of Justice Releases Account

For the first time in a long time PokerStars is getting a bit of good news this week. A long while after Black Friday the US Department of Justice is releasing one of the bank accounts that were seized. There is a requirement however, and that is that the account must always have a balance of at least $5.5 million. The number of $5.5 million is what the government decided was the amount from US players. At this point there has been no word of exactly how much money was originally in the account but at this point PokerStars is happy just to have one of their accounts back.

This move from the DOJ allows the prominent poker room to recover anything held in their account in a Luxembourg bank in the name of Sphene International, a former payment processor for PokerStars. SI still has many other accounts still frozen and under government scrutiny.

The official statement went like this:

“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.”

We will see if this is the beginning of a string of actions from the Department of Justice and it is probably good for PokerStars that they have been compliant during the entirety of this investigation. That is going to help them in the long run.

Posted in Online Poker Site News, PokerStars

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