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AGCC statement on Full Tilt Poker

Here is the complete statement issued by the Alderney Gambling Control Commission on the Full Tilt Poker shutdown

by The Suited Connector PokerJolt August, 8th 2011
Overall: 5
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Full Tilt Poker has been shut down by the AGCC

Above: Full Tilt Poker has been shut down by the AGCC

The recent payment of overdue licence fees by Full Tilt Poker is also in players’ best interests: Alderney Gambling Control Commission

On 15th April 2011, the US Attorney for the Southern District of New York and the Assistant-Director-in-Charge of the New York Field Office of the FBI announced the unsealing of an indictment against 11 individuals, including some connected to Full Tilt Poker (“FTP”), alleging bank fraud, money laundering and illegal gambling offences.

The AGCC, which licenses FTP, began immediate discussions with FTP’s management in order to protect the interests of players.
 
As a result of the AGCC’s investigations the decision was taken on 29th June 2011 to suspend the licences of the companies collectively trading as FTP.

The AGCC has also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control.
 
On the 26th July 2011, the AGCC held a public hearing to consider allegations arising from the investigation. 

At the hearing the Commissioners of the AGCC, acting as a tribunal, decided to adjourn the hearing to a date no later than 15th September, as they felt that this was in the best interest of the players using FTP’s services.  

The recent payment of overdue licence fees by FTP is also in players’ best interests since it allows commercial negotiations to take place that might result in a successful refinancing deal.
 
Further details regarding the exact date and venue of the next hearing will be announced as soon as possible.

* More on the Full Tilt Poker shutdown

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