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Full Tilt Poker's license revoked

Discussion in 'Casinomeister's Poker Room' started by Achenar, Sep 30, 2011.

    Sep 30, 2011
  1. Achenar

    Achenar Dormant account

    Occupation:
    Floor covering mechanic
    Location:
    Canada
    ..(Reuters) - Online poker site, Full Tilt Poker, which U.S. federal prosecutors have accused of running a Ponzi scheme, had its gambling license revoked by Alderney Gambling Control Commission (AGCC), the gambling regulator said on Thursday.

    In a statement released on Thursday, the AGCC revoked Full Tilt Poker's license accusing it of seriously breaching AGCC regulations which included false reporting, unauthorized provision of credit and failing to report material events.

    The commission said the license is revoked with immediate effect and follows the earlier suspension of the licenses in June.

    Last week, U.S. federal prosecutors had accused Full Tilt of running a Ponzi scheme and said the company paid its directors more than $440 million while defrauding players, even after charges were filed against it in April.

    Internet poker companies, Full Tilt Poker, Absolute Poker and PokerStars and 11 people, including Full Tilt director Raymond Bitar, earlier had been accused of bank fraud, illegal gambling and money laundering offenses.

    Full Tilt later rejected the charges.

    However, the commission said that the revocation of the licenses does not mean that the business can't be reactivated under new ownership and management.

    (Reporting by Arpita Mukherjee in Bangalore, editing by Bernard Orr)

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