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Full Tilt Poker Pays Overdue License Fees

Licensee Still Suspended by the Alderney Gambling Control Commission

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Suspended online site Full Tilt Poker has paid £250,000 in overdue license fees to the Alderney Gambling Control Commission (AGCC), according to press release on the organization’s website.

At a hearing in London on July 26, allegations came forth that the online company had breached its terms with the AGCC, allegedly failing to pay its licensing fees. AGCC commissioners decided to adjourn the public meeting on Full Tilt’s license until at the latest Sept. 15, with Full Tilt agreeing to pay the fee if all future hearings are held in private. Full Tilt’s license is still suspended at the present time.

Below is the full statement from the AGCC:

Full Tilt Poker

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.

 
 
 
 

Comments

mattrat33
almost 9 years ago

It seems funny to me how few and far between the stories about Full Tilt Poker are. There was no article about FTP being slimy and hiding illegal bank transactions as golf ball purchases. As soon as FTP does something that might be considered a "positive" step, immediate story about it. Is CardPlayer that financially dependent on FTP that they have no ability to post something critical of them? Does CardPlayer magazine have so little journalistic integrity that they don't feel the need to present both sides of an extremely controversial topic. As a long time reader of both the website and magazine I am disappointed by this. Both Barry and Jeff Shulman always struck me as two guys who had integrity and didn't necessarily care what others thought of them. Now I have no choice but to believe that what I once thought was a pillar of the poker industry is nothing but a tool.

 
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L2K4FC
almost 9 years ago

If CP is getting income from FTP, why would they portray them negatively?? Cardplayer is a for profit company. You can only be assured of one thing, they want to make money. It's pretty simple math.

 
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mattrat33
almost 9 years ago

Because CP cares about their reputation? Cardplayer is a for profit company that should care about the public's perception of it's journalistic integrity. More importantly your logic shows a complete disregard for ethics involved in running a business, and is probably representative of your own lack of ethics as a person as well.

 
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sowerss
almost 9 years ago

I think you guys are missing the point, this small payment (relative to the amount of money they are trying to salvage) is just a standard thing that is going to happen irregardless. 2/5 of a million dollars is such a small % compared to what they are trying to sell or negotiate for.

This has to happen for any of the potential owners to have even the slightest hope to negotiate a deal.