Full Tilt licence revoked

The Alderney Gambling Control Commission has revoked Full Tilt Poker’s operating licenses with immediate effect, after it ‘fundamentally misled’ the AGCC about its ‘operational integrity’.

In a statement released on Thursday, the AGCC said that ‘FTP had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator. Serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events.’

However, with rumours of French investment into FTP surfacing earlier this week, the AGCC was keen to stress that ‘the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management’.

But players with money still on the shamed site are still no closer to receiving their funds, and the AGCC was keen to stress that ‘Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies’.

With reaction to the news breaking every hour, the DoJ has waded in stating that ‘At this time, this Office, together with the FBI and other agencies, is attempting to trace, secure and forfeit as much as possible of the funds derived from operation of the fraud committed by Full Tilt Poker and its board members that is alleged in the amended complaint.’

‘The return of forfeited funds to victims of the alleged fraud may be possible, but will depend on several factors, including the successful conclusion of the litigation, the amount of funds seized and ordered forfeited by the court, and compliance with other procedures the Department of Justice may eventually establish regarding return of forfeited funds to victims who lost money as a result of the alleged fraudulent conduct,’ added the DoJ.

And despite all the recent furore surrounding FTP, the site stressed that “damage done by the Commission and its disregard for our players” will not thwart the site’s commitment to repaying its players in full.

More to follow…