1 JULY 2011 UPDATE: Full Tilt Poker has been sold
29 JUNE 2011 NEWS RELEASE
The gambling license of Full Tilt Poker was suspended on 29-June-2011 by the Alderney Gambling Control Commission (AGCC) requiring the poker room to suspend operations immediately; their poker software is now offline. This news was distributed in an AGCC media release hours ago that follows an Online Poker Sites’ press release issued 02-June-2011 where we warned poker players to deposit and keep stored at Full Tilt Poker no more than they can afford to lose should this company become insolvent.
The media release from Alderney Gambling Control Commission (AGCC) issued hours ago read as follows:
Alderney Gambling Control Commission (AGCC) has today issued Hearing Notices under Regulation 46 of its Regulations to Vantage Ltd, Oxalic Ltd, Filco Ltd and Orinic Ltd, collectively trading as FULL TILT POKER.
In addition, AGCC has issued Suspension Notices under Regulation 47 to the above named companies requiring them to suspend all operations with immediate effect.
The decision to suspend these licenses follows a special investigation prompted by the indictments unsealed by US Attorney General’s Office in the Southern District of New York on 15 April 2011, during which grounds were found to indicate that these licensees and their business associates were operating contrary to Alderney legislation. The nature of the findings necessitated the taking of immediate action in the public interest.
Andre Wilsenach, the Executive Director of the Alderney Gambling Control Commission says:
‘The decision to suspend the eGambling licence was in the public interest and, because of the seriousness and urgency of the matter, it required that immediate action be taken ahead of the regulatory hearing.’
Any further announcements on this matter can be found on the website of AGCC at www.gamblingcontrol.org
NOTES TO EDITORS
Due to the nature of the forthcoming judicial proceedings no further comment can be made at this time. The regulatory hearing will be held on Tuesday 26 July 2011 in London.
Further media requests should be directed to Jim Delbridge of LR&D: Jim@LRandD.com or call 01481 246668.
Issued by: André Wilsenach (Executive Director)
The Past AGCC Report
The AGCC perhaps seeing the writing on the wall or at least the increased probability Full Tilt Poker players getting stiffed, has creatively removed links from their website to a past statement issued on 16-May-2011 which read as follows:
The AGCC’s investigation into the affairs of it licensee Vantage Limited, trading as Full Tilt.com, is ongoing; initial investigations indicate no reason to believe that player fund transactions are fundamentally threatened by any consequence of the US authorities’ actions. Delays caused by these actions are in the process of resolution, with normal service now being restored for non-US players. We understand that progress in respect of US player fund repatriation is anticipated and will be the subject of a separate statement from Full Tilt in due course. The Commission will remain engaged in this process.
Issued by:- Alderney Gambling Control Commission
Alderney, Channel Islands
Published:- 16th May, 2011
Background
1. This statement is issued to update the statement issued on 20th April, 2011 following the unsealing in Indictments in the Southern District of New York State on 15th April, 2011.
2. The AGCC remains in regular contact with Vantage Limited which is complying with the AGCC’s special investigation.
3. The AGCC will issue a further statement if there is a relevant change in the licensee’s circumstances.
Warning Against all AGCC Licensed Poker Sites
Although mistakes are made, a gambling commission who regulates the industry now removing the report that says “initial investigations indicate no reason to believe that player fund transactions are fundamentally threatened by any consequence of the US authorities’ actions” is a HUGE cause for concern. We’re sure the bad press we’re about to give AGCC probably causes them to restore the report, but we are now advising players to be careful dealing with all AGCC poker websites, due to their handling of this Full Tilt Poker issue. To act too late is one thing; to issue a statement that reflects positive on your biggest client is another thing; to cover up your faults… well we’re now taking it several steps too far. Although, yes, kudos to AGCC for finally acting, which should force action and stop players whose funds are at risk from depositing. However, some responsibility for licensing this company, not detecting this earlier is still due. Covering your own tracks with removing press releases… again as I just mentioned, that is taking it several steps too far.
More Poor Full Tilt Poker News Reporting
Back on 27-May-2011 a major online gambling news source issued a “breaking news report” claiming the largest of Full Tilt Poker’s bank accounts previously seized by the US Department of Justice (DOJ) was released. The problem with this story was the reported bank account was in Ireland, which was not listed in any of the DOJ documents or indictments as a seized account. Further investigation revealed that a totally unrelated bank voluntarily seized one of their clients’ accounts after recognised it was associated with Full Tilt Poker. After hearing from the DOJ that this account was not part of their investigation the bank released the funds they had voluntarily seized. The DOJ has released none of the bank accounts associated with the indictments unsealed on April 15, 2011.
Again while mistakes are made players act based on what they believe are credible news reports. Hundreds of second rate poker news websites covered this story based on a false report. In time we end up in a situation where many players feel: their licensing body doesn’t see cause for concern AND the DOJ even released one of their bank accounts, so eventually we will be paid. This poor reporting helps put player’s funds at risk.
Clearly Marked Speculation
Just moments ago at 6AM 29-June-2011 the games at Full Tilt Poker were all paused and shortly later without notice they went offline. There is a chance Full Tilt Poker comes right back online with a new license, perhaps via their Kahnawake license or one we’re sure they could dig up in Curacao or Cyprus should they find the need, and certainly if not, Costa Rica will gladly take them. As for reports on forums that suggest “no payment processor will touch Full Tilt Poker if they don’t have a license” this is not exactly true; most the payment processor do not care about licenses. This is evident by the hundreds of websites, some of them extremely large, who operate out of Costa Rica without a license.
A Report You can Act On
Based on everything contained in our earlier report (read here) and this latest news, we are now increasing the seriousness of our Full Tilt Poker warning. A lot of time has passed since we gave precautionary warnings, and still players are owed hundreds of millions of dollars, and the company has done nothing to restore confidence or to show players a hint that payments are coming soon. With their gambling license now suspended and their poker room offline, even if they do come back online tomorrow we suggest players avoid this poker site.
Online Poker Sites is entirely sympathetic to players, as well as to Full Tilt Poker who had their funds seized by a corrupt government that believes the games should be illegal. However to both the players and to Full Tilt Poker, while we hope greatly you are both paid and this is eventually settled, from an outsiders perspective it appears the risk of eventual bankruptcy increases each tick of the clock. This can no longer be resolved by suggesting more players deposit and rake, when the fact remains those players might lose their funds not at the table, but due to the poker site they are playing at becoming insolvent. Our sympathy, but putting more players at risk only adds to the problem and does not solve it. Whilst not an easy thing to do, the best course of action here might be suing and pressing charges against multiple factions of the United States in every court possible until funds and related losses are returned and compensated for, which of course means all players deposits paid back with interest. Only that will be justice, putting more players at risk in the current state of things probably doesn’t work.
Online Poker Sites will continue following the story and report back as information is uncovered.
