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Breaking: Full Tilt Poker Has License Revoked
The Alderney Gambling Control Commission has revoked the operating licenses of Full Tilt Poker effective immediately.
In a media statement released today, the AGCC said Full Tilt Poker had "fundamentally misled" the Commission about its operational integrity and breached several of the AGCC's regulations including false reporting and unauthorized provision of credit.
The license revocation applies to three companies that collectively traded as Full Tilt Poker - Vantage Limited, Filco Limited and Oxalic Limited.
A fourth company called Orinic Limited, described as "a recently added geographic sub-division of the FTP poker room," remains under suspension.
The ruling doesn't preclude the reactivation of the licenses under new ownership or mangement, the statement says, but the AGCC now no longer has jurisdiction over the current ownership.
It also says unresolved player claims are now a matter for "police and civil authoritiies."
Below is the AGGC's statement in full:
"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 full written determination of the AGCC outlining its decision and reasoning is available here.
For more background and continuing coverage of the Full Tilt story, check our Black Friday Bulletin Board.