FTP license has been revoked

source:
http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf

Media Release
29th September 2011
full tilt poker

AGCC Commissioners, sitting as a tribunal, have today revoked the licences of VantageLimited, Filco Limited and Oxalic Limited, trading as Full Tilt Poker (FTP), with immediate effect. This follows the earlier suspension of the licences on 29th June 2011.

At a hearing held in London over six days, it emerged that FTP had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator. Serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events.

At the commencement of these proceedings on 26th July AGCC made clear its preference to hold the hearing in public, to the benefit of players and media alike. However, the tribunal was persuaded that the hearing should be held in camera on the basis of claims by FTP that this would maximise the chance of a commercial rescue of the business for the benefit of players. For this reason an adjournment of 54 days was allowed.

It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management. Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies.

The licence of Orinic Limited, a recently added geographic sub-division of the FTP poker room, remains suspended.

The determination notice containing the decision of the Commissioners and reasons for it is available at
http://www.gamblingcontrol.org/userfiles/file/Determination Notice 290911.pdf
Issued by: André Wilsenach, Executive Director
Alderney gambling Control Commission
Alderney
Channel Islands
Contact: Julia Fea
julia.fea@grayling.com
+44 (0)7970 731001
Richard Jukes
Richard.jukes@grayling.com
+44 (0)7688 98620

hmmmmmmmm... let the speculation begin.:argh:

Well there is always hope they will get new Manager/Owners, but I doubt they will have anything to do with the US again if they do.
I miss Full Tilt even if they were a bunch of crooks, lol

I guess we will not see our cash, Thanks DOJ you helped us out alot...

Full Tilt License Officially Revoked

Full Tilt Poker had its license revoked by gambling regulators on Thursday who said the site misled officials about its financial operations.

http://espn.go.com/poker/story/_/id/7035637/full-tilt-poker-gambling-license-revoked-finances

kidkvno1 said:

I guess we will not see our cash, Thanks DOJ you helped us out alot...

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Not sure it;s the DOJ's fault that FTP did the things they did.

kidkvno1 said:

I guess we will not see our cash, Thanks DOJ you helped us out alot...

Click to expand...

A couple of things: first, this decision doesn't preclude new owners being granted a licence. The licence was non-transferrable anyway, so while FTP retaining its old licence may have smoothed the transition a little there was always going to be an application process that had to be gone through. It may also mean they could re-open with a different licensing body, like the Isle of Man one that Stars uses.

Second, the DOJ has released a statement opening the window for players to be repaid out of seized funds:

http://www.subjectpoker.com/2011/09/doj-ftp-statement/

How long that would take, whether it would even happen and how much you'd get on your dollar are all obviously up in the air, but it's interesting that they've raised the possibility. Of course, players in the rest of the world are still screwed...

FTP Press Release:

"AGCC DEALS A BLOW TO FULL TILT POKER PLAYERS AS ‘INVESTOR CLOSE TO A DEAL’ TESTIMONY IS DISREGARDED

On September 19, 2011, the Alderney Gambling Control Commission reconvened the private hearing originally held on July 26, 2011, regarding its suspension of Full Tilt Poker’s operating licenses.

During the hearing, Full Tilt Poker offered the testimony of an investor interested in acquiring the company. The interested investor testified before the Commission as to its advanced status of negotiations with the company and the terms and conditions of a potential purchase. Full Tilt Poker requested a 30-day adjournment of the hearing to allow for transition of the company to the new investment team.

Today, the Commission announced its decision to revoke three of the four Full Tilt Poker operating licenses, despite the weight of evidence presented at the hearing by Full Tilt Poker of investor interest in acquiring the company. The Commission’s decision to revoke Full Tilt Poker’s operating licenses makes it more difficult to execute the sale of the company and hence repay its players.

Throughout the last few months, Full Tilt Poker has been totally committed to ensuring repayment of its players in full — a commitment that it has expressed repeatedly to the Commission and the company believed that it was engaged in a collaborative effort with the Commission to repay its players.

Notwithstanding the potential damage done by the Commission and its disregard for our players, Full Tilt Poker remains committed to repaying its players in full and continues in active negotiations. A further statement will follow shortly."

OzExorcist said:

A couple of things: first, this decision doesn't preclude new owners being granted a licence. The licence was non-transferrable anyway, so while FTP retaining its old licence may have smoothed the transition a little there was always going to be an application process that had to be gone through. It may also mean they could re-open with a different licensing body, like the Isle of Man one that Stars uses.

Second, the DOJ has released a statement opening the window for players to be repaid out of seized funds:

http://www.subjectpoker.com/2011/09/doj-ftp-statement/

How long that would take, whether it would even happen and how much you'd get on your dollar are all obviously up in the air, but it's interesting that they've raised the possibility. Of course, players in the rest of the world are still screwed...

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So how many people have gone to the DoJ Link and filled out a claim? let alone is it even worth trying?

PooffyFooffy said:

Well there is always hope they will get new Manager/Owners, but I doubt they will have anything to do with the US again if they do.
I miss Full Tilt even if they were a bunch of crooks, lol

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Yeah, same here. Even though they were crooks, they had the best online poker site that I've ever been on. That tops pokerstars, AP, UB, ect. It's just not the same anymore. But they got what they deserved. I knew all that crap would catch up to them, it was only a matter of time.

Hordling said:

So how many people have gone to the DoJ Link and filled out a claim? let alone is it even worth trying?

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I haven't, among other things on account of not being American, so I couldn't comment.

Any US players actually tried? Experiences?

coolnout said:

FTP Press Release:

"AGCC DEALS A BLOW TO FULL TILT POKER PLAYERS AS ‘INVESTOR CLOSE TO A DEAL’ TESTIMONY IS DISREGARDED

On September 19, 2011, the Alderney Gambling Control Commission reconvened the private hearing originally held on July 26, 2011, regarding its suspension of Full Tilt Poker’s operating licenses.

During the hearing, Full Tilt Poker offered the testimony of an investor interested in acquiring the company. The interested investor testified before the Commission as to its advanced status of negotiations with the company and the terms and conditions of a potential purchase. Full Tilt Poker requested a 30-day adjournment of the hearing to allow for transition of the company to the new investment team.

Today, the Commission announced its decision to revoke three of the four Full Tilt Poker operating licenses, despite the weight of evidence presented at the hearing by Full Tilt Poker of investor interest in acquiring the company. The Commission’s decision to revoke Full Tilt Poker’s operating licenses makes it more difficult to execute the sale of the company and hence repay its players.

Throughout the last few months, Full Tilt Poker has been totally committed to ensuring repayment of its players in full — a commitment that it has expressed repeatedly to the Commission and the company believed that it was engaged in a collaborative effort with the Commission to repay its players.

Notwithstanding the potential damage done by the Commission and its disregard for our players, Full Tilt Poker remains committed to repaying its players in full and continues in active negotiations. A further statement will follow shortly."

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condensed version: "waaah waaah it's not our fault honest guv"

Dorkus Malorkus said:

condensed version: "waaah waaah it's not our fault honest guv"

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+1

i dont care who owns/runs it
as long as they get there software platform
back online.
all the others are crap!

http://en.wikipedia.org/wiki/Bernard_Tapie

Not exactly Mr Clean himself

JohnBoyWWFC said:

Not sure it;s the DOJ's fault that FTP did the things they did.

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Seems kinda odd though don't ya think? DoJ has seized $331mill from FTP over past couple yrs., had $60mill, & owes players ~$390mill (would kinda cover player's $'s... no?). .. nevermind the $120mill or so that was uncollected from US player's deposits.

JohnBoyWWFC said:

Not sure it;s the DOJ's fault that FTP did the things they did.

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True.

OzExorcist said:

A couple of things: first, this decision doesn't preclude new owners being granted a licence. The licence was non-transferrable anyway, so while FTP retaining its old licence may have smoothed the transition a little there was always going to be an application process that had to be gone through. It may also mean they could re-open with a different licensing body, like the Isle of Man one that Stars uses.

Second, the DOJ has released a statement opening the window for players to be repaid out of seized funds:

http://www.subjectpoker.com/2011/09/doj-ftp-statement/

How long that would take, whether it would even happen and how much you'd get on your dollar are all obviously up in the air, but it's interesting that they've raised the possibility. Of course, players in the rest of the world are still screwed...

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True they could of gotten a new license, from the Isle of Man, but would the Isle of Man give them a license after this.


it's the rest of the players i want to see them get their cash to.


Now that they have been sold, is some good news to hear, i hope everyone gets their cash.

I feel for some of you but I am so glad I stopped playing on that site before this happen. At this rate it may take years for this get resolved.

Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

kidkvno1 said:

True they could of gotten a new license, from the Isle of Man, but would the Isle of Man give them a license after this.

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FTP under its current management? Hell no Isle of Man wouldn't give them a licence, nor would anyone else that was on the level. I doubt even the KGC would touch them now.

I was talking about the new investors though - my point was that FTP having its existing licences revoked wasn't actually that big a thing because the new investors could get the Alderney licence reactivated easily enough if they so chose, or take their business to the Isle of Man or elsewhere too.

Also, there has been some discussion elsewhere that the DoJ payback process isn't necessarily limited to US players, since it's now obvious the funds that were seized didn't all belong to US players. Hopefully the new investment deal will clear that up before it becomes an issue though, as the simplest way to pay players across the world back would be to strike a deal with the new owners for them to return the funds.