Full Tilt Money Management???

[jetset]

Interesting development from the Kahnawake Gaming Commission:

ADVISORY NOTICE

FULL TILT POKER

(MOHAWK TERRITORY OF KAHNAWAKE – June 30, 2011)

Since July, 2010, Kolyma Corporation A.V.V. (“Kolyma”), carrying on business as Full Tilt Poker, has held a Secondary Client Provider Authorization, issued by the Kahnawake Gaming Commission (the “KGC”).

The KGC issues a Secondary CPA only in cases where an operator holds a valid license issued by a primary jurisdiction and has its head office and focus of operations in that primary jurisdiction.

The KGC is aware that the Alderney Gambling Control Commission (“AGCC”), has recently issued Suspension Notices against several companies collectively operating as Full Tilt Poker.

In view of these recent actions, the KGC is reviewing all available information to determine whether the Secondary CPA presently held by Kolyma will be continued. A further announcement will be made shortly.

 

[vinylweatherman]

Interesting development from the Kahnawake Gaming Commission:

ADVISORY NOTICE

FULL TILT POKER

(MOHAWK TERRITORY OF KAHNAWAKE – June 30, 2011)

Since July, 2010, Kolyma Corporation A.V.V. (“Kolyma”), carrying on business as Full Tilt Poker, has held a Secondary Client Provider Authorization, issued by the Kahnawake Gaming Commission (the “KGC”).

The KGC issues a Secondary CPA only in cases where an operator holds a valid license issued by a primary jurisdiction and has its head office and focus of operations in that primary jurisdiction.

The KGC is aware that the Alderney Gambling Control Commission (“AGCC”), has recently issued Suspension Notices against several companies collectively operating as Full Tilt Poker.

In view of these recent actions, the KGC is reviewing all available information to determine whether the Secondary CPA presently held by Kolyma will be continued. A further announcement will be made shortly.

I hardly think a "review" is necessary in this case, although a Secondary CPA is of no use to a company prohibited by their primary licensing jurisdiction.

This just makes it look like the KGC is dragging it's feet in making a pretty straight forward decision.

They should immediately suspend the secondary CPA, and THEN hold the review to decide whether it should be revoked, or reinstated if Alderney lift their own suspension.

 

[BingoT]

Full Tilt Poker to be sold to European investors
Deal could allow U.S. players to recover as much as $150 million from the online poker company, which was shut down by U.S. prosecutors in April,

A leading online poker company shut down by federal prosecutors is set to be bought by a group of European investors in a deal that could allow U.S. players to recover as much as $150 million.

Full Tilt Poker was one of three online poker sites that had its American operations shut down on April 15 when the founders of all three sites were indicted on charges of bank fraud, money laundering and violating gambling laws.

Full Tilt, Poker Stars and Absolute Bet continued to operate outside the United States, though Wednesday, Full Tilt's international operations were suspended by regulators in the British Channel Islands.

Full Tilt has not been able to pay back the roughly $150 million that U.S. players reportedly had in their accounts when the indictments were announced in Manhattan federal court, sparking outrage among players and a lawsuit from a top professional poker player sponsored by Full Tilt.

Poker Stars has returned more than $120 million that players had in their accounts. Absolute Bet, the smallest of the three companies shut down, hasn't repaid players.

Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings. The attorneys spoke anonymously because of the sensitivity of ongoing negotiations with the federal prosecutors in Manhattan who brought the charges.

The money is also intended to allow the company to settle a civil lawsuit brought against it by the U.S. attorney's office at the same time as the criminal indictment, the attorneys said.

The government is seeking to recover $3 billion from Full Tilt, Poker Stars and Absolute Poker.

A spokeswoman for the U.S. attorney's office declined to comment.

The player who sued Full Tilt, Phil Ivey, sat out the World Series of Poker, which is currently taking place in Las Vegas, to protest the company's inability to repay players. Ivey was set to withdraw his lawsuit in Nevada state court Thursday, according to his attorney David Chesnoff.

"Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid," Chesnoff said.

The deal was signed just a day after Full Tilt Poker's European operations were shut down by the gambling authorities on Alderney, a British crown dependency where Full Tilt is licensed. The Alderney Gambling Control Commission said in a statement that Full Tilt was "operating contrary to Alderney legislation. The nature of the findings necessitated the taking of immediate action in the public interest."

Attorneys close to Full Tilt said that the deal reached Thursday was part of broader negotiations to clear up its legal problems with Alderney and U.S. prosecutors.

By Nathaniel Popper, Los Angeles Times

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[jetset]

I hardly think a "review" is necessary in this case, although a Secondary CPA is of no use to a company prohibited by their primary licensing jurisdiction.

This just makes it look like the KGC is dragging it's feet in making a pretty straight forward decision.

They should immediately suspend the secondary CPA, and THEN hold the review to decide whether it should be revoked, or reinstated if Alderney lift their own suspension.

It quite effectively puts an end to any plans FTP may have had to switch jurisdictions and keep going. That was the rumour earlier this week.

 

[vinylweatherman]

It quite effectively puts an end to any plans FTP may have had to switch jurisdictions and keep going. That was the rumour earlier this week.

This seems to suggest they didn't have even the players money, so they would not have been able to switch jurisdictions anyway. If they were planning this, they would have to have been planning to con players into thinking their money was safe, when they clearly didn't have it.

It does at least make the Kahnawake review redundant, but this doesn't alter the fact that the Kahnawake dragged their feet, rather than taking decisive and immediate action. This could make players think that the way AP managed to get a "whitewash" is still possible under "new Kahnawake", and could negate their recent efforts to appear to be putting player protection first.

 

[jetset]

I think Alderney was perhaps spurred into action (again some time after Black Friday) by the fact that the media and savvy players were becoming increasingly vociferous on the Alderney rules on ring-fencing of player funds compared to the stricter regime and more protective requirements of the Isle of Man jurisdiction (Pokerstars has used this in their recent communications, too).

I agree that Full Tilt Poker does not have the funds available to pay its players; I think that is pretty obvious from the information now coming to light in the wake of April 15.

It's not a pretty picture that is emerging.

It's going to be interesting to see who this group of "European investors" are that is negotiating a majority shareholding and providing capital that may get FTP out of the hole.

 

[jetset]

More hassles for FTP - it appears a class action has been launched against them by poker players:


MORE LEGAL PROBLEMS FOR ONLINE POKER FIRM (Update)

Full Tilt Poker now faces class action litigation

A number of online poker players impacted by the events of Black Friday and the subsequent inability of Full Tilt Poker to pay its US players have commenced a class action against the company.

The action was launched last Thursday in the U.S. District Court South District of New York, demanding the return of players’ funds and for subsequent damages, alleged to be more than $150 million.

The plaintiffs in the action are Steve Segal, Nick Hammer, Robin Hougdahl, and Todd Terry “on behalf of themselves and all other similarly situated [players].”

The complaint names nine corporate entities or companies, and 15 individuals. The companies named are mainly associated with Full Tilt Poker, whilst the persons named include Raymond Bitar and Nelson Burtnick, along with Team Full Tilt members like Howard Lederer, Phil Ivey, Chris Ferguson, John Juanda, Jennifer Harman-Traniello, Phil Gordon, Erick Lindgren, Erik Seidel, Andy Bloch, Mike Matusow, Gus Hansen, Allen Cunningham, and Patrik Antonius.

The complaint specifies: “[Name] is an individual residing in the State of Nevada, and is a member of the Enterprise. At all of some relevant time(s), [Name] has been a shareholder and director of Full Tilt and/or one or more Full Tilt Companies. [Name], a professional poker player himself, is a member of Team Full Tilt and represents the Full Tilt brand in poker-related events all over the world, wearing clothing and accessories that bear the easily recognizable Full Tilt Poker patch.”

The plaintiffs claim to represent "...a nation-wide class of Full Tilt account holders residing in the United States . . . Plaintiffs bring suit to demand return of U.S. player funds and for damages . . . U.S. Players’ would never have suffered injury, but for the Defendants’ widespread scheme to commit wire fraud, bank fraud and money laundering in order to pad their own pockets.”

The plaintiff's request that a jury trial be convened, and further claims:

* That all members of Team Full Tilt own an equity interest in—and are directors of—the Full Tilt and/or the entities that operate under the Full Tilt name.”

* That US players are being wrongfully denied access to approximately $150 million (USD) in funds they deposited in their own Player Accounts, and that, after deceitfully separating U.S. players from their money, Full Tilt Poker refuses to refund the U.S. players’ deposits, to reimburse U.S. players for the dollar-value of the contents of their Player Accounts, or to permit U.S. players access to their Player Accounts.

* That predicated acts of Wire Fraud, Bank Fraud and Money Laundering have directly harmed Plaintiffs.”

* That all Defendants, by virtue of their control and ownership of the Full Tilt companies that comprise the Full Tilt umbrella, and/or their ownership stakes in the umbrella undertaking, are liable for conversion of Plaintiffs’ and class members’ monies and assets held in Plaintiffs’ and class members’ Full Tilt Player Accounts. The Player Accounts and the property therein are currently and wrongfully in the exclusive custody of the Defendants.

* That poker ace Phil Ivey has at least a 5 percent stake in Full Tilt.

* That Full Tilt’s “pattern of racketeering” is the proximate cause of injuries to Plaintiffs.

The Full Tilt litigation may not be the only class action a-brewing.

According to discussions currently taking place among players on the influential two plus two message board, there may be further legal activity along similar lines taken up against the embattled Cereus network and its Absolute Poker and UBpoker sites. Cereus is allegedly owned by Stuart Gordon's Blanca Games.

 

[Fisticuffs]

hey guys, i saw some polls on two other boards, asking if people had money locked up on fulltilt. do you have something like that over here? i´m rly curious how much money lederer and bitar actually have in their bank accounts

 

[jetset]

French regulator ARJEL is the latest jurisdiction to suspend FTP's (French) licence.

ARJEL SUSPENDS FULL TILT POKER LICENCE

French authorisation suspended

The French gaming regulatory authority ARJEL has joined the growing list of licensing jurisdictions that have suspended Full Tilt Poker's licence.

In a statement released today (Monday) the regulatory body cited various reasons for the suspension:

- prompted by U.S. Federal action against the founder / owners and the subsequent freeze of the company's bank accounts, the regulatory body revealed in the statement that it had requested disclosure of the company's financial capacity and availability of sufficient cash flow to cover the balances of French players using the services of Rekop Limited and Pocket Kings Limited Filco on April 19, 2011.

ARJEL reports receipt of an "incomplete dossier" from the company in response to its request and invited the company to reapply for authorisation on June 17, 2011.

- As a result of the Alderney Gambling Control Commission's recent suspension of Full Tilt's licenses - access to the French-facing fulltiltpoker.fr was adversely affected. ARJEL requested the company cooperate with the relevant authorities in order to restore French players access to the .fr website as well as communicate to players the reasons for the disruption in service on the site.

Based on Rekop Limited's inability to deliver on ARJEL's requests, the authority held an emergency meeting and has suspended Rekop Limited's authorisation as a precautionary measure until the company can provide and fulfill the requirements necessary pertaining to its re-application for ARJEL authorisation made on June 17, 2011.