Breaking News: AGCC revokes Full Tilt Poker's licences

<img src="http://www.liquidpoker.net/staff/Defrag/FTP_logo.jpg" align="right" style="margin:5px; border:1px solid black;">Earlier today the Alderney Gambling Control Comission has decided to revoke the operating licences of Full Tilt Poker. The AGCC alleges that the FTP misled the comission on their operational integrity on several occasions. Earlier this week, FTP's attorney Jeff Ifrah said that unnamed investors were waiting on AGCC's decision, and that in case the licences are revoked their potential deal might get cancelled. Following that, a rumor surfaced that FTP was sold to investors, but today's decision makes it look unlikely that it was true.

Read the AGCC 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 Now that FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies.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 "

Read the original statement at: http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf

We will keep you updated as more news becomes available

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dammit pretty sure this is bad news

i don't understand the purpose of this regulatory body.. they give their seal of approval (for a fee i presume) until the company blows up, then they say, "welp, we revoke your license to pay us a fee".

so.. why does this commission exist again?

Don't worry guys...... French investors.......

93% sure this does not change anything.

wonder what will happen to their kahnawake's licence, if it will get revoked as well (kahnawake is a joke)
in case it isnt, will ftp's investors (assuming they exist) consider buying the company and going operational through kahnawake?

68. FTP's representatives submitted that the Commissioners should adjourn their
determination of sanctions in order to permit commercial negotiations to develop further.
The Commissioners have considered the submissions and witness evidence put before
them by FTP, and the submissions made to them by the Executive. The Commissioners
have conducted a balancing exercise of the various interests at issue, including, the
players (past, present and future), the eGambling industry generally, the public interest
and the character of eGambling in the Island of Alderney. Due to the seriousness of the
grounds established against FTP, the Commissioners are of the opinion, that it is in the public and player interest for the Commissioners to discharge their duties without unnecessary delay. The Commissioners therefore reject FTP's application for the
Commissioners to adjourn their determination in relation to sanctions

"is it in the players interest" ?

Or maybe AGCC is saving their image, by pointing out, "we are tough on crime"

for the love of god, they should get to somewhere with this bullshit

On September 29 2011 09:47 Night2o1 wrote: i don't understand the purpose of this regulatory body.. they give their seal of approval (for a fee i presume) until the company blows up, then they say, "welp, we revoke your license to pay us a fee". so.. why does this commission exist again?

I don't get it either, exactly what are they regulating? Why would they regulate anything in favor of none paying customers as opposed to the companies who pay their salary. In all the fraud and cheating cases on pokersites, not even once did the regulating body come out with the news first, they only take action once others exposed the fraud.

Yeah, and even as a "regulating" body they sure fucking failed to regulate anything at FTP.

Might just be because I don't know too much about the situation but it seems like the AGCC has only done much harm and absolutely no good for the players.

they didn't fail to regulate, they failed to supervise it imo

if money could talk...

they get paid to portray an image of trust amongst public and political body. The trust in safety is about as good as the SEC, so anyways they get paid to do nothing.

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How has this:

http://www.gamblingcontrol.org/userfiles/file/Determination%20Notice%20290911.pdf


23. Document JS21(I) illustrates the individual seizures made by the Department of Justice
during the period 28
th
June 2007 to 20
th
June 2011, which amount to a cumulative total of
approximately $331 million US Dollars. According to the evidence before it, document
JS21(I) was produced by the Executive from information supplied by FTP during the
course of the examination of their financial position by Dixon Wilson.

and this:
http://www.justice.gov/usao/nys/pokerstars.html

not yet been posted here?

Lots of speculation where that 331 million exactly comes from and how the hell DOJ acquired it, but this can give a whole new turn to everything...

On September 30 2011 02:23 Misjka wrote: How has this: http://www.gamblingcontrol.org/userfiles/file/Determination%20Notice%20290911.pdf 23. Document JS21(I) illustrates the individual seizures made by the Department of Justice during the period 28 th June 2007 to 20 th June 2011, which amount to a cumulative total of approximately $331 million US Dollars. According to the evidence before it, document JS21(I) was produced by the Executive from information supplied by FTP during the course of the examination of their financial position by Dixon Wilson. and this: http://www.justice.gov/usao/nys/pokerstars.html not yet been posted here? Lots of speculation where that 331 million exactly comes from and how the hell DOJ acquired it, but this can give a whole new turn to everything...

Unfortunately, victim and claim only applys for US citizens.

Couldnt the people that lost money @ FTP hold this "regulator" responsible for not doing a thing ? I mean whats the point of a regulator that gives out licenses when they dont regulate shit ???

On September 30 2011 04:07 Spitfiree wrote: Couldnt the people that lost money @ FTP hold this "regulator" responsible for not doing a thing ? I mean whats the point of a regulator that gives out licenses when they dont regulate shit ???

yea sure, Ivey loaning money and donking on craps and Lederer writing himself many mirrionz salary out of player funds are not to blame, but the regulator who was misled.

Its amazing how you guys still try to find anyone else other than FTP to blame.

Nah I'm not blaming that on others i just cant understand what the regulator's job is and why does one even need it