1. Home>
  2. Poker News>
  3. Full Tilt Poker License Cancelled by Alderney Gambling Control Commission
  • Full Tilt Poker License Cancelled by Alderney Gambling Control Commission

    Friday, September 30th, 2011 by Nadia

Surrounded by controversies, Full Tilt Poker was suspended by the Alderney Gaming Control Commission in June, 2011. The site was charged for the alleged illegal operations it carried out. Though many were hoping that the company will bounce back, the recovery of Full Tilt Poker is likely to be a distant dream as Alderney Gaming Control Commission recently revoked the site’s license, which allowed it to operate online.

However, the poker room hopes to get an investor soon. If successful, it may help the company pay back its players. The company owes $300 million to its patrons. The US Department of Justice has claimed $1 billion from the company as compensation.

*Full Tilt Poker on the Issue*

In a recent statement, Full Tilt Poker said that plans regarding the sale of the company to repay its players are on a pause now as the poker room’s license has been cancelled by the Alderney Gambling Control Commission. However, the poker room is committed to paying back its patrons. Currently, it is negotiating with Alderney in this regard.

*Department of Justice Trying to Collect Funds*

**

The Justice Department posted a statement on its website stating that it is trying to collect funds from Full Tilt Poker. However, there is no certainty regarding whether players are going to get their money back. The poker room on the other hand, said in a statement made in August that $115 million has already been seized from the company by the Justice Department over the past. This is yet to be confirmed.

The duration of the proceedings of the controversial case is uncertain, according to the Justice Department. It is not likely to end in the near future. Regulators of the Alderney Gambling Control Commission, who control the license of the poker room, stated that the licensing authority was misled by Full Tilt Poker about its funds. In addition, the poker site committed severe breach of regulations. Reports of key events were not submitted, instead, Full Tilt Poker provided false reports.

Based on these accusations, the license of Full Tilt Poker was suspended following which company’s online card room was also shut down. Prior to this, executives of Full Tilt Poker and those operating other poker rooms were indicted by the US Department of Justice. The charges brought against them were those of illegal gambling and fraud.

**

*New Allegations *

**

Earlier this month, Full Tilt Poker requested for more time from the Alderney regulators to find an investor. However, on the same day new allegations were brought against the poker site. The charges claimed that Full Tilt Poker robbed its patrons. The owners allegedly took out funds worth $444 million from the company. This was called a big ‘Ponzi scheme‘ by the attorney handling the case. Although the mistakes made by its operations were admitted by Full Tilt, the poker room refused to tag it as a Ponzi scheme. Reports suggest that while Full Tilt was operating internationally, the bank balance of the company was just about $6 million when they owed as much as $300 million to their players.

both

both

both

About Us | Contact Us | Disclaimer | Privacy Policy | Site Map

If you are interested in learning more about online poker, try searching on Yahoo, the Open Directory Project, or Bing.