In a statement posted its website, the United States Department of Justice, which is just one week removed from calling Full Tilt Poker a Ponzi scheme, admitted that the return of funds to players may be possible. However, the DOJ cautioned that a long road might lie ahead: “We cannot predict the duration of proceedings in this case, other than to state that they will last for many months at the least. We will apprise victims of the alleged fraud of future developments as appropriate.”

On Thursday, the Alderney Gambling Control Commission (AGCC) formally revoked Full Tilt Poker’s operating license after suspending it in late June. The AGCC charged earlier today, “FTP had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by U.S. authorities, or that were otherwise not actually available to the operator.”

Thursday’s press release from the DOJ contends that its April 2011 agreement with Full Tilt Poker “expressly authorized Full Tilt Poker to return player funds to players.” The same agreement restored Full Tilt’s dot-com website, which was seized as part of Black Friday.

However, per its amended complaint, which included the Ponzi scheme allegations, “Full Tilt Poker did not in fact have player funds on hand to return to players. Instead, the amended complaint alleges that Full Tilt Poker had, among other things, (a) transferred significant amounts of players’ real money deposits to principals of the company, while (b) allowing many players to continue to gamble, and ‘win’ and ‘lose,’ with phantom credits in their player accounts.”

According to the DOJ’s amended complaint, which was filed last week, the site paid $443 million to its executives and pros over the last four years. At the same time, it owed nearly $400 million to players, who were allegedly credited with funds in their accounts before Full Tilt actually withdrew any money.

The DOJ revealed that it is working in tandem with the FBI to “trace, secure, and forfeit as much as possible of the funds derived from operation of the fraud committed by Full Tilt Poker and its Board members that is alleged in the amended complaint.” Recently, five bank accountstied to Rafe Furst, Howard Lederer, Chris Ferguson (pictured), and Ray Bitar were seized. The former told his followers that he has nothing to hide.

In addition to targeting bank accounts and other assets, the DOJ told concerned Full Tilt Poker players that it is attempting to obtain the room’s books, but admitted that this process was easier said than done since most of the documentation is located outside of the U.S.

The DOJ concluded its most recent statement by providing a glimmer of hope for those players with funds locked in what was once the world’s second largest online poker room: “The return of forfeited funds to victims of the alleged fraud may be possible, but will depend on several factors, including the successful conclusion of the litigation, the amount of funds seized and ordered forfeited by the court, and compliance with other procedures the Department of Justice may eventually establish regarding return of forfeited funds to victims who lost money as a result of the alleged fraudulent conduct.”

Despite the mounting bad news, former real money Full Tilt Poker players have plenty of support behind them. Their advocates include the Poker Players Alliance(PPA), whose Executive Director, John Pappas, told PocketFives.com on Thursday that he wasn’t surprised to hear that the AGCC revoked Full Tilt’s gaming license.

Pappas contended, “Today’s news, while unfortunate, is not surprising. PPA’s number one priority with regards to this issue is to make sure that both PPA members and other poker players who have funds unaccounted for will be promptly paid.”

Pappas added that the AGCC, despite seemingly wiping its hands clean of the alleged misconduct by Full Tilt, should keep pressing for the return of funds: “As the AGCC continues its work, it is our hope they will do everything within their ability to ensure player accounts are paid. Any potential scenarios regarding new ownership of Full Tilt, issuing a future license, or any other action should include a mandatory requirement that all outstanding player accounts are paid in full.”

Read about the AGCC revoking Full Tilt’s license.