The AGCC (Alderney Gambling Control Commission) have revoked Full Tilt Pokers gaming license despite the recent French investor testifying their "intent to purchase" the company Full Tilt Poker. The AGCC decision to revoke three of the four Full Tilt Poker licenses would make it harder to close the deal with the investor.
The AGCC released a statement which claims that Full Tilt Poker were in "serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events." The AGCC also stated that "It is important to note that the revocation of FTP's licenses does not, as has been suggested, prevent a reactivation of the business under new ownership and management."
The United States Attorney’s Office for the Southern District of New York have also released a statement on the AGCC's decision which includes what actions the Department of Justice plan on taking from here which could possibly include Full Tilt Poker players funds being returned by recovering funds from the alleged fraudulent activities. They also stated that the case "will last for many months at the least."
Full Tilt Poker statement released to PokerStrategy
"On September 19, 2011, the Alderney Gambling Control Commission reconvened the private hearing originally held on July 26, 2011, regarding its suspension of Full Tilt Poker’s operating licenses.
During the hearing, Full Tilt Poker offered the testimony of an investor interested in acquiring the company. The interested investor testified before the Commission as to its advanced status of negotiations with the company and the terms and conditions of a potential purchase. Full Tilt Poker requested a 30-day adjournment of the hearing to allow for transition of the company to the new investment team.
Today, the Commission announced its decision to revoke three of the four Full Tilt Poker operating licenses, despite the weight of evidence presented at the hearing by Full Tilt Poker of investor interest in acquiring the company. The Commission’s decision to revoke Full Tilt Poker’s operating licenses makes it more difficult to execute the sale of the company and hence repay its players.
Throughout the last few months, Full Tilt Poker has been totally committed to ensuring repayment of its players in full — a commitment that it has expressed repeatedly to the Commission and the company believed that it was engaged in a collaborative effort with the Commission to repay its players.
Notwithstanding the potential damage done by the Commission and its disregard for our players, Full Tilt Poker remains committed to repaying its players in full and continues in active negotiations. A further statement will follow shortly."
AGCC releases Full Tilt Poker statement
"AGCC Commissioners, sitting as a tribunal, have today revoked the licences of Vantage Limited, Filco Limited and Oxalic Limited, trading as Full Tilt Poker (FTP), with immediate effect. This follows the earlier suspension of the licences on 29th June 2011.
At a hearing held in London over six days, it emerged 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.
At the commencement of these proceedings on 26th July, AGCC made clear its preference to hold the hearing in public, to the benefit of players and media alike. However, the tribunal was persuaded that the hearing should be held in camera on the basis of claims by FTP that this would maximise the chance of a commercial rescue of the business for the benefit of players. For this reason an adjournment of 54 days was allowed.
It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management. 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.
The licence of Orinic Limited, a recently added geographic sub-division of the FTP poker room, remains suspended.
The determination notice containing the decision of the Commissioners and reasons for it is available at http://www.gamblingcontrol.org/userfiles/file/Determination%20Notice%20290911.pdf"
Source: http://www.gamblingcontrol.org - ftp statement pdf
US Attorney’s Office of Southern District of New York statement
"After the amended complaint in United States v. Pokerstars et al., 11 Civ. 2564 (LBS), was filed on September 22, 2011, the United States Attorney’s Office for the Southern District of New York received a number of new inquiries from individuals regarding the recovery of their funds from Full Tilt Poker.
By way of background, in April of 2011, this Office entered into a domain-name use agreement with Full Tilt Poker. That agreement, among other things, expressly authorized Full Tilt Poker to return player funds to players. However, as the September 22 amended complaint alleges, Full Tilt Poker did not in fact have player funds on hand to return to players. Instead, the amended complaint alleges that Full Tilt Poker had, among other things, (a) transferred significant amounts of players’ real money deposits to principals of the company, while (b) allowing many players to continue to gamble, and “win” and “lose,” with phantom credits in their player accounts.
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 Office is also attempting to obtain and examine the books and records of Full Tilt Poker. Many of those books and records are kept overseas. 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.
We cannot predict the duration of proceedings in this case, other than to state that they will last for many months at the least. We will apprise victims of the alleged fraud of future developments as appropriate. General information regarding what is known as “remission” (i.e., return to victims) of funds that have been seized and forfeited is set forth in Department of Justice regulations found at 28 C.F.R. Part 9."