20 Oct 11
The AGCC Falsely Reported DOJ Seizures, $331m Is In Fact $159m
Subject Poker has reported on some shocking errors on the AGCC determination notice, which show that more than half the alleged $331m in seizures was incorrectly reported.
The Alderney Gambling Control Commission (AGCC) has published a correction on their website, stating that the figure of $331 million they reported was seized from Full Tilt Poker by the DOJ was false. The real figure appears to be closer to $159 million, which was announced by Subject Poker moments before the AGCC published their correction.
The full correction by the AGCC reads as follows:
"AGCC wishes to correct and clarify an erroneous statement contained in the Commission tribunal’s published determination notice of the hearing into Full Tilt, which includes the statement:‐ “the individual seizures made by the Department of Justice during the period 28th June 2007 to 20th June 2011, which amount to a cumulative total of approximately $331 million US Dollars.” The underlying evidence in the hearing clearly demonstrated that $331 million was the total of funds unavailable to Full Tilt, of which DOJ seizures formed only a part. The mis‐statement is thus not of significance in the Commission’s assessment of the matter."
Subject Poker reported today that the actual figure seized as recorded by FTP's internal accounting amounts to $158,793,000.
FTP originally reported that $115 million was seized in the two years before Black Friday, which suggests that around $44 million was seized on Black Friday itself.
The false figure of $331 million came from “Document JS21(I)”, which was referenced in the determination notice but not made public. Subject Poker's sources suggest that the $172 million discrepancy came from FTP money lost from legal disputes with payment processors being incorrectly categorised as DOJ seizures.
The origin of “Document JS21(I)” is unknown, as Subject Poker reports conflicting messages about whether it was created by the AGCC or Full Tilt Poker.
Subject Poker has attempted to contact the AGCC on this subject several times for two weeks, but they have been completely ignored so far. The AGCC updated their website with the correction just moments before Subject Poker published their report.
This is yet another blow to the credibility of the AGCC who have come under fire since their determination notice was made public. Although their decision to revoke the license of Full Tilt Poker would likely not have changed, the false reporting clearly gave the players false hope.
This is because approximately $300 million is said to be owed to the players, and the initially reported seizure figure of $331 million would have been enough to reimburse everyone with money locked up on the site.
Related News:
Tony G To Take Legal Action Against AGCC, Claims They Knew About FTP's Problems
AGCC To Hold Review After Full Tilt Scandal
Full Tilt Poker: What Has Happened Lately?
Daily Rewind: AGCC Interview
AGCC Statement Addressing Full Tilt Players
Barry Carter: AGCC, You Failed
follow @Barry_Carter on Twitter.
#1
Tim64, 20 Oct 11 16:36
Pretty sizeable error and makes AGCC look quite shoddy.#2
Boomer2k10, 20 Oct 11 16:37
@1You mean they didn't already?
They've taken every step possible to distance themselves from it even going so far as to basically say "Not our problem anymore. Yes it happened on our watch but what do you expect us to do? Regulate them???!!"
#3
Tim64, 20 Oct 11 17:02
@2, Let me not disappoint you. Please ammend thus: "...makes AGCC look [even more] shoddy"#4
LONGPLAY66, 20 Oct 11 17:48
agcc pulled full tilt's licence because they basically felt that the site could not be trusted and was dubious in many ways...it is time for the agcc to have its own licence to regulate withdrawn for the same reasons.#5
dreamer14, 20 Oct 11 17:58
is it important for Tapie's deal ?#6
benjiiiii, 20 Oct 11 18:39
@5 Although i dont know whether this is important for Tapie's deal, but Bernard Tapie himself does not have a clean record and the savior he apparently is to us. I bring this up now because i just read that he had been convicted of match fixing football matches in France when he was the president of Marseille. Idk, this whole FTP saga seems to be run so shoddily its rather shocking#7
salflip, 20 Oct 11 18:56
kinda losing hope that well get our monies back.........over it now so its like a sweet bonus if this deal comes to fruition#8
lessthanthreee, 20 Oct 11 19:45
lol ? wtf kind of joke is this regulator#9
Pe6o0o, 20 Oct 11 20:08
What happened to AGCC No1 priority ?#10
Heffron89, 20 Oct 11 21:33
#5 yes it is as they want DoJ to go in with x% to cover player funds.#11
boboistina, 20 Oct 11 22:31
@4 +1 Your last sentence is the best description of AGCC BS.@9 Their no.1 prority was to collect license fees FTP owed to them, once they got that they bailed out.
#12
Hahaownedlolz, 20 Oct 11 23:25
This is such a fucking joke.They pay AGCC 250k for licensing fees.. and what do they do with that?
Might aswell give a bum on the street 250k. He'll do as much to regulate a poker site as the AGCC does.
#13
vegas2, 20 Oct 11 23:34
The agcc fucks up things?! No way..#14
EmanuelC16, 21 Oct 11 00:56
Can't help but wonder when will PS.com take action against othe AGCC licensed sites they advertise. The should at least put a nice warning sign on them: LICENSED BY AGCC! PLAY AT YOUR OWN RISK!#15
BoyRobot777, 21 Oct 11 12:47
#14 agreed. This community seen enough of this joke regulator. And as a professional players, we want our regulators to be professional as well. If you, PS.com, see yourself in the light i see this community, do something, because not taking any side is a bit weak from your side. As it seems like you want to make a buck like the rest of this scums and the easiest way is sucking up to everybody...#16
pavaka, 21 Oct 11 15:29
AGCC are retarded#17
Phoenix2104, 22 Oct 11 12:05
I agree with #14.