29 Sep 11
AGCC Determination Notice: DOJ Seized $331 Million, Full Tilt Insolvent
We have a summary of the key facts from the AGCC's determination notice, which led to the revoking of Full Tilt license.
Today the Alderney Gaming Control Commission (AGCC) released a statement announcing that it revoked FTP's license.
Along with that statement they also released a Determination Notice, giving further details on their decision to revoke the license.
The notice was in relation to Vantage Limited, Filco Limited, Oxalic Limited, and Orinic Limited. These are all subsidiaries of Full Tilt Poker.
We are currently studying the 26 page notice, but so far below the new evidence we have observed includes:
• The commission was made aware of the recent change to DOJ's civil complaint last week when it happened, but that did not influence the proceedings at the hearing.
• FTP had a further request to adjourn the hearing refused.
• FTP nor their legal advisers were present at the hearing. FTP representatives were present, but elected to offer no evidence or comment.
• Vantage Limited, Filco Limited and Oxalic Limited are insolvent and in a troubled financial position.
• There is insufficient evidence in relation to Pocket Kings Limited's current financial position and financial background
• An accountant's report revealed that frozen funds were represented and treated as cash by Vantage Limited. Although FTP may have argued they expected the money to become available, it should have been reported to the AGCC.
• Player liabilities exceed the assets in relation to Vantage Limited, Filco Limited and Oxalic Limited.
• The accumulation of such uncollected payments, and that the offer of such credit, had amounted to approximately $128 million US Dollars
• The amount seized by the DOJ between 28 June 2007 and 28 June 2011 was approx $331 million (Roughly enough to cover the estimated frozen player funds).
• The licenses of Vantage Limited, Filco Limited, and Oxalic Limited were suspended. The license of Orinic Limited was not.
We will be bringing you ongoing coverage of this new development as it happens.
#1
B0YNAMEDSUE, 29 Sep 11 15:08
Anyone know what Orinic Limited does? That license was not suspended.#2
Johniiicek, 29 Sep 11 15:32
ad 1# http://www.gamblingcontrol.org/licensees2.php?page=3 ?#3
datsmahname, 29 Sep 11 15:38
Seemed inevitable, but for them to label FTP insolvent is a pretty big death blow for players. I don't envy a single person with a FTP balance right now.#4
Tim64, 29 Sep 11 15:47
So, if the penultimate bullet point is correct the DOJ is in possession of, and has the power to return, player balances?#5
Hagbard00, 29 Sep 11 15:50
"FTP nor their legal advisers were present at the hearing."lol
#6
boboistina, 29 Sep 11 15:55
from now on before i open any new accounts on any online poker sports betting and such sites i will first check if they're licensed by AGCC, if they are i certainly wont open an account there, ever.#7
datsmahname, 29 Sep 11 16:01
@4, the funds were seized over a period of years because FTP was processing transactions illegally in the US and as I understand it, a lot of that money was being held in American banks.To suggest that FTP fails because of DOJ seems to ignore the fact that FTP was responsible for the seizures and had plenty of time to correct the situation.
#8
Tim64, 29 Sep 11 16:20
#7, I didn't intend to (and did not) make any suggestion that DOJ is at fault or responsible for the failure of FTP. I'm merely pointing out that if they have seized funds, the funds are - or were - in their possession/control. The fact that FTP's actions led to the seizures does not mean that those funds belong to the DOJ.#9
w34z3l, 29 Sep 11 17:23
#8 It seems logic and fairness dictates that the DOJ is now in possession of OUR funds. Perhaps the DoJ don't see it like that though seeing as the money was "seized" due to fraud?#10
w34z3l, 29 Sep 11 17:24
The other thing I don't get.....wasn't FTP supposed to have on $60M or so in their account? How can the DoJ then seize $331M??? That implies FTP did actually have enough money to pay players......#11
NatRPheM, 29 Sep 11 17:31
Yeah I wondered about that too #10Why did we not know they seized 331M?!
Is it from the personal accounts of FTP owners or what?
#12
Bunn3yB0y, 29 Sep 11 17:57
I read somewhere earlier that there was a loophole after they looked through it saying that there is still one company linked to FTP that has not had their license revoked but instead suspended. They said that this may have been left as a loophole for the French investors and for the AGCC to keep up appearances by seeming to come down hard on FTP with the revoking of the other companies' licenses.#13
fffanddionys, 29 Sep 11 19:01
boycott of online poker. PokerStars boycott#14
JuiceQuadre, 29 Sep 11 19:14
#10#11Guys, the total amount has been seized during the period of 4 years.. 2007-2011.
#15
Tosh5457, 30 Sep 11 18:07
DOJ stole the money from the plsyers and says Full Tilt Poker was a fraud. That's justice for you