PokerStars CEO setles with DOJ for $50 Million, gets name cleaned

PokerStars Poker Room Opens Its Doors In LondonMark Scheinberg, CEO of PokerStars and son of founder Isai Scheinberg has made a settlement with the US Department of Justice(DOJ) to forfeit $50 Million as the ‘full and final resolution of any claims made by the United States’ against PokerStars. But Scheinberg or the online poker site has not admitted to any wrongdoing as part of the settlement.

The DOJ had sought forfeiture of assets relating to PokerStars including Rational Entertainment Enterprises and property derived from proceeds of bank and wire fraud and money laundering. But with this agreement the DOJ will release any property derived from Pokerstars and will also exempt Scheinberg from any ‘any or all civil claims’ related to the DOJ’s complaint against PokerStars as part of the Black Friday episode.

Last year The agreement is also understood to mention that PokerStars Founder Isai Scheinberg who is under indictment will no longer be in any management or dierctorial post in the company. Also PokerStars is not allowed now to hire Full Tilt management including Raymond Bitar, Howard Lederer, Rafael Furst, Chris Ferguson and Nelson Burtnick. While Mark Scheinberg wasn’t directly indicted in the probe but it waits to be seen what transpires to his post of CEO now.

What this means for online poker in the USA is yet to be seen? But one thing is for sure that it will surely push the drive for online poker regulation in the country. It might also mean that PokerStars and Full Tilt Poker open their online poker sites to American citizens again.