Home / Poker News September 2011 / AGCC Revokes Full Tilt License
AGCC Revokes Full Tilt License
Posted by: Randy Williams - Thu, 2011-09-29 12:24
Full Tilt Poker’s woes seem never-ending these days as more bad news follow in the immediate wake of other bad news all the time. After the DoJ had amended its allegations against
Full Tilt Poker about a week ago, naming several of their in-house pros, a truly heavy blow was landed earlier today by the Alderney Gaming Control Commission. After several tabled hearings and a few months worth of deliberations, the inevitable has struck for the online poker operator: the AGCC has revoked the gaming license that had originally been suspended on June 29.
The Control Commission concluded that the financial situation of the company as well as the legal quagmire in which it was involved in the US nullified their eligibility to hold such a license.
Furthermore, new alleged Full Tilt offenses were brought to light as well: according to the AGCC, the company has continuously mislead the Control Committee by reporting previously seized funds as liquidities, thus presenting their financial situation is a favorable albeit false light.
The AGCC also sought to point out that its apparent procrastinating in regards to the Full Tilt Poker case was meant to facilitate the takeover of the company by an entity that would then make the full repayment of players possible.
It also has to be said that the revocation of the license does not exclude its re-activation once the company ends up in the hands of an investor looking to re-launch the poker room under a different management and ownership.
The false reporting of the company’s financial situation as well as the unauthorized provision of credit, are among the most serious breaches of AGCC rules.
The bottom line: unless someone steps in to rescue to company, or rather the players who have their monies tied up in a vile operation, the ill-doings of which make news headlines each day, things don’t seem to be headed in a decent direction at all.
