stonecoldq (stonecoldq) wrote in gaming_pleasure,

Full Tilt Poker's Gambling License Revoked

In a move that did not surprise anyone who has been following the saga of online poker and the events of what is called Black Friday, the Alderney Gambling Control Commission revoked the licenses of Vantage Limited, Filco Limited, and Oxalic Limited, who trade as Full Tilt Poker (FTP) effective immediately. In a hearing that was held over six days, the commission found 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, unauthorized provision of credit, and failure to report material events.” The license of a fourth firm involved, Orinic Limited, remains suspended.</p>

While expected by many, this was a blow to the operators of the site, who have been working on the sale of the company to outside investors. In their case before the commission, they argued that such a revocation would put the sale in serious harm, as well as their ability to repay the money owed to those who played on the site. This stance was rebuffed by the commission who said, in a prepared press release, “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 commission went on in their statement to say, “Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTP’s licenses have been revoked, AGCC no longer has jurisdiction over these companies.”

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