A shockwave decision was made by the Alderney Gambling Control Commission (AGCC) to revoke the e-gaming license of Full Tilt Poker and it continues to be felt across the poker world.
Following the announcement of the decision by the AGCC – where the executive director of the organization, Andre Wilsenach, said that Full Tilt Poker “fundamentally misled (the) AGCC about their operational integrity” – Full Tilt Poker issued a statement saying that the AGCC chose to ignore the factor that there was an imminent deal for an investor/buyer for the embattled company.
“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.” the statement read.
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 U. S. Department of Justice, through their offices in the Southern District of New York, offered a statement that does seem to offer a lifeline to the players. “In April of 2011, this Office entered into a domain-name use agreement with Full Tilt Poker,” the Department of Justice statement reads. “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.”
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.” the Justice Department memo concludes.
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