AGCC Revokes Full Tilt Poker Licenses

The Alderney Gambling Control Commission has made the decision to revoke most of Full Tilt Poker’s operating licenses, further reducing the likelihood that Full Tilt Poker would be able to resume operations in the near future.

The decision appears to be related both to the fact that Full Tilt Poker is essentially insolvent, along with what the AGCC believes were false statements made by FTP to the commission. The AGCC pointed out seven different violations that applied to one or more of the licenses held by FTP’s various companies. Those violations were as follows:

• The licensees were “no longer financially fit and proper”
• The licensees held assocations with Kolyma Corporation AVV, which was “no longer fit and proper”
• The licensees failed to notify the AGCC of “serious incidents,” including the DOJ seizures
• The licensees failed to repay customers upon request
• The licensees failed to ensure they had sufficient operating funds
• The licensees provided loans to players
• The licensees had inaccurate or falsified accounting records

In the decision, AGCC pointed out that FTP had made many inaccurate, misleading, and false statements to the commission, including assuring the AGCC that they had not loaned money to players. In fact, this is what FTP was essentially doing with so-called “e-check” deposits; in the months prior to Black Friday, FTP often had these transactions rejected, yet allowed players to keep the “deposited” money in their playing accounts.

The decision comes as FTP is allegedly in negotiations with a group of French investors who were interested in purchasing the site. While it is unknown how or if the decision would impact such an investment or sale of Full Tilt Poker, the AGCC made a point of noting that “the revocation of FTP’s licenses does not…prevent a reactivation of the business under new ownership and management.”