Full Tilt Loses Alderney Poker Licence
After six days of hearings in London the Alderney Gambling Control Commission (AGCC) has taken the decision to revoke the licences of Vantage Limited, Filco Limited, and Oxalic Limited, which traded as Full Tilt Poker (FTP).
Full Tilt Poker’ licence was suspended in June 2011 following action by the US Department of Justice in April 2011 against US-facing poker websites.
In a statement issued on 29 September 2011 AGCC said:
“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.”
The Commission goes on to say that the “revocation of FTP’ licence does not, as has been suggested, prevent a reactivation of the business under new ownership and management.”
Since the action of “Black Friday” in April 2011 FTP has been seeking investors to finance the business as well as announcing redundancies at its Dublin offices.
In September 2011 the US authorities denounced FTP as a “Ponzi scheme” with claims of “phantom money” that Full Tilt Poker never collected or possessed.
AGCC Media Release regarding Full Tilt Poker’ gambling licences.