Check out our brand new Local Poker Communities! Get updates and interact with poker players in your area.
Visit the United States Poker Community | Visit the California Poker Community | Read more about the Launch of P5s Local

Full Tilt Source Says Investor Has Committed; Still No Verdict from AGCC[ return to main articles page ]

By: Dan
Published on Sep 21st, 2011
We’ve had numerous members of the online poker community ask for an update from this week’s hearing between representatives of Full Tilt Poker and the Alderney Gambling Control Commission (AGCC). Contrary to reports on at least one other website, PocketFives.com has learned from an anonymous source close to Full Tilt Poker that the AGCC has not yet suspended Full Tilt’s license, but a ruling could come as soon as Thursday. Whether the verdict would be to revoke Full Tilt’s license or allow another extension is not clear.

The AGCC has largely remained silent about the outcome of the closed-door meeting to determine the fate of Full Tilt’s license, which was temporarily suspended in late June presumably because the online poker room had not yet paid back players. PocketFives.com has learned that on Wednesday, potential investors were lobbying the AGCC not to revoke Full Tilt’s license completely so that the room could continue doing business in some capacity.

If the poker room’s license were to be revoked by the AGCC, its chances of reopening could be diminished. While Full Tilt owns a secondary operating license from the Kahnawake Gaming Commission in Canada, its software and servers are located in Alderney. Purportedly, AGCC officials could seize Full Tilt’s property in Alderney, which would put a damper on its prospects for reopening.

On Tuesday, the U.S. Department of Justice alleged that Full Tilt paid out more than $440 million to its owners and sponsored pros, but owed players $390 million as of March 2011.

The DOJ claimed that the site “defrauded its poker players by misrepresenting to players that funds deposited into their online player accounts were secure and segregated from operating funds, while at the same time using player funds to pay out hundreds of millions of dollars to Full Tilt Poker owners. [It] was able to accomplish this massive fraud, in part, because it illegally conducted business in the United States, but maintained its personnel, operations, assets, and accounts principally overseas.”

On Tuesday, Full Tilt reportedly lost at least two investors as a result of receiving the designation of a Ponzi scheme by the U.S. Department of Justice's Preet Bharara (pictured). Meanwhile, PocketFives.com has learned that one remaining investor is committed to closing a deal with the online poker room by the end of September. Consequently, the investor has been meeting with the AGCC to stave off a possible license revocation.

On TwoPlusTwo, legal counsel Jeff Ifrah posted that concerned players should contact the AGCC to implore the organization not to revoke Full Tilt Poker’s gaming license: “Right now, it is important to encourage the AGCC to delay any ruling for a minimum of 30 days in order to permit a timely transition to a new ownership structure… I plead with all of you to do this and unite in this one effort. A negative AGCC ruling will cause all efforts that have been undertaken to secure this investor group to fail and leave customers in the cold.”

We’ll keep you posted on the latest from the AGCC and Full Tilt Poker. In the meantime, check out these related articles:

Full Tilt Ponzi Scheme Accusations Ignite Calls for Regulated Online Poker
Tom Dwan: Full Tilt Had "Way Less Oversight than it Should've"
PPA to DOJ: Repay Full Tilt Players in Alleged Ponzi Scheme
Feds Call Full Tilt Poker "Global Ponzi Scheme"

Comments

  1. adog26 adog26 is offline

    NJ
    United States

    Posts: 599
    Joined: Jul 07

    Sep 21st, 2011 (9/21/2011 11:39pm)

    what a circus.......
     
  2. TFly33 TFly33 is offline

    Washington, DC
    United States

    Posts: 804
    Joined: Mar 06

    Sep 22nd, 2011 (9/22/2011 12:26am) in reply to adog26

    haha why does that picture look so photoshopped?
  3. Riverhorse Riverhorse is offline

    Gardner, KS
    United States

    Posts: 375
    Joined: Mar 09

    Sep 22nd, 2011 (9/22/2011 1:22am) in reply to TFly33

    New ownership might give the former players a chance to get their money back, better than the chance they have now.
  4. donkeytrap26 donkeytrap26 is offline

    Walnut Creek, CA
    United States

    Posts: 50
    Joined: Jan 10

    Sep 22nd, 2011 (9/22/2011 2:37am) in reply to Riverhorse

     
    Originally Posted by Riverhorse View Post

    New ownership might give the former players a chance to get their money back, better than the chance they have now.

    anyone considering becoming new ownership should be shot for even thinking of buying/investing in full tilt poker. has it not crossed anoynes mind that no one will consider supporting/playing on a website that was recently siezed for being a global ponzi scheme. so simple brand equity/value is 100% gone and tilt is doneski gg tilt
     
  5. Iamtheflower Iamtheflower is offline

    Windsor
    Canada

    Posts: 6
    Joined: Oct 09

    Sep 22nd, 2011 (9/22/2011 2:44am) in reply to donkeytrap26

    What's happening with the $100 million + that the DOJ has seized? From what I've read that's all US players money that we were credited for on full tilt but full tilt never received!
    Edited By: Iamtheflower Sep 22nd, 2011 at 02:45 AM
     
  6. jkpoker1 jkpoker1 is offline

    Syracuse, NY
    United States

    Posts: 10
    Joined: Mar 11

    Sep 22nd, 2011 (9/22/2011 2:45am) in reply to Iamtheflower

    should be shot? lol we want an investor so we get paid. Full tilt is worth a lot of many and still will produce revenue down the road under better management.
  7. TheGibbons TheGibbons is offline

    Brooklyn, NY
    United States

    Posts: 379
    Joined: Aug 07

    Sep 22nd, 2011 (9/22/2011 3:30am) in reply to jkpoker1

    I don't know that much about business, but why would somebody invest in a company that is worth negative 400 million dollars?
     
  8. opgonbad opgonbad is offline

    Morrison, CO
    United States

    Posts: 163
    Joined: Feb 10

    Sep 22nd, 2011 (9/22/2011 3:50am) in reply to TheGibbons

     
    Originally Posted by TheGibbons View Post

    I don't know that much about business, but why would somebody invest in a company that is worth negative 400 million dollars?

    yea no one makes any money on fix and flip houses either right?, theres always money to be made somewhere. There will be a second coming of Cris Moneymaker era when its regulated. The amount in the hole is relative to the amount that could be made in the future. Buy a $500 car invest $200 on a paint job and sell it for 900-1200. Once Tilt is making money again they could sell it for a 900mil or a Billion
  9. valek valek is offline

    Montreal
    Canada

    Posts: 562
    Joined: Mar 06

    Sep 22nd, 2011 (9/22/2011 4:59am) in reply to opgonbad

    Preet Bharara you piece of shit. Why don't you just STFU, or maybe pay back players with the funds you stole. FullTilt's management clearly is a piece of shit, but so is the DOJ and the AGCC. oh and Senator Kyl too.
     
  10. killthelimper killthelimper is offline

    Posts: 2
    Joined: Sep 11

    Sep 22nd, 2011 (9/22/2011 5:47am) in reply to valek

    You got to ask yourself though. Even if Fulltilt came back who in their right mind would trust their money on that site?
  11. sirswish6 sirswish6 is offline i mean super business

    Palatine, IL
    United States

    Posts: 2,849
    Joined: Apr 07

    Sep 22nd, 2011 (9/22/2011 6:28am) in reply to killthelimper

    if FTP had the same mtt sched and was back up and running id guess about 100k ppl would play on there
    145 
  12. jackal454 jackal454 is offline

    United States

    Posts: 108
    Joined: Apr 08

    Sep 22nd, 2011 (9/22/2011 6:38am) in reply to valek

     
    Originally Posted by valek View Post

    Preet Bharara you piece of shit. Why don't you just STFU, or maybe pay back players with the funds you stole. FullTilt's management clearly is a piece of shit, but so is the DOJ and the AGCC. oh and Senator Kyl too.

    this
  13. blackberry_jam blackberry_jam is offline

    KY
    United States

    Posts: 46
    Joined: Dec 09

    Sep 22nd, 2011 (9/22/2011 7:40am) in reply to sirswish6

     
    Originally Posted by sirswish6 View Post

    if FTP had the same mtt sched and was back up and running id guess about 100k ppl would play on there

    ^^^^^^^^^^ This

    you other trolls are really the most moronic, ignorant ppl in the world.
    FTP under new management, but with the same software and game offerings, would be back and better than ever IF and WHEN the money owed out, is paid.
    all of this debacle has been an absolute shit show for the past few months, agreed... however it was NOT done intentionally by one, some, or all members of the FTP owners. The owners and operators of FTP had no way of knowing an event like BF would ever occur, causing such dramatic effects throughout the world of online poker. They had a multi billion dollar business, agreed that was managed very poorly, however there is and was NO REASON for them to ever "fuck us over". they were making WAY TO MUCH $$$$$$ to ever have to do that. The most part of the blame should go on the US DOJ, Eric Holder, and this fucking camel jockey, preet bharara, parading around trying to make names for themselves. FTP was not a "ponzi scheme" as tho dubbed by Bharara. OBV this fucking tool doesnt even know the true definition of what a ponzi scheme is, and i'm assuming most of you ignorant mother fuckers dont either. I'm not taking up for anyone associated with the decision making of FTP... things should have been handled very differently from the get go! however... i believe in my heart that they do want to make things right... they do want the players to be paid... and they are working very hard on making that happen. If this deal is real and does happen... and we get our $$$... ftp reopens its tables under new management, that works tremendously hard to get things going again,(with the same MTT sched) they will be right back as one of the largest sites in the world. Sit back and watch...............
     
  14. paddypump paddypump is offline

    Drumheller
    Canada

    Posts: 56
    Joined: Apr 10

    Sep 22nd, 2011 (9/22/2011 8:34am) in reply to blackberry_jam

    I sure as fuck will never play there again and will encourage everyone i meet to do the same. Fucking joke of a site! Run by criminals! Flock back and play there again? I dont think so! These guys should be put in jail and raped repeatedly like they did to everyone who trusted them with money. Take everything they own, foriegn bank accounts, houses in Switzerland or wherever the fuck they are hiding, and treat them like every other crimanl that has robbed people of millions of dollars.
  15. sssssssivarT sssssssivarT is offline

    Posts: 821
    Joined: Mar 10

    Sep 22nd, 2011 (9/22/2011 8:44am) in reply to paddypump

     
    Originally Posted by paddypump View Post

    I sure as fuck will never play there again and will encourage everyone i meet to do the same. Fucking joke of a site! Run by criminals! Flock back and play there again? I dont think so! These guys should be put in jail and raped repeatedly like they did to everyone who trusted them with money. Take everything they own, foriegn bank accounts, houses in Switzerland or wherever the fuck they are hiding, and treat them like every other crimanl that has robbed people of millions of dollars.

    FYP.
  16. MyOhMyIts9High MyOhMyIts9High is offline

    United States

    Posts: 5
    Joined: Nov 07

    Sep 22nd, 2011 (9/22/2011 9:08am) in reply to sssssssivarT

    you other trolls are really the most moronic, ignorant ppl in the world.
    FTP under new management, but with the same software and game offerings, would be back and better than ever IF and WHEN the money owed out, is paid.
    all of this debacle has been an absolute shit show for the past few months, agreed... however it was NOT done intentionally by one, some, or all members of the FTP owners. The owners and operators of FTP had no way of knowing an event like BF would ever occur, causing such dramatic effects throughout the world of online poker. They had a multi billion dollar business, agreed that was managed very poorly, however there is and was NO REASON for them to ever "fuck us over". they were making WAY TO MUCH $$$$$$ to ever have to do that. The most part of the blame should go on the US DOJ, Eric Holder, and this fucking camel jockey, preet bharara, parading around trying to make names for themselves. FTP was not a "ponzi scheme" as tho dubbed by Bharara. OBV this fucking tool doesnt even know the true definition of what a ponzi scheme is, and i'm assuming most of you ignorant mother fuckers dont either. I'm not taking up for anyone associated with the decision making of FTP... things should have been handled very differently from the get go! however... i believe in my heart that they do want to make things right... they do want the players to be paid... and they are working very hard on making that happen. If this deal is real and does happen... and we get our $$$... ftp reopens its tables under new management, that works tremendously hard to get things going again,(with the same MTT sched) they will be right back as one of the largest sites in the world. Sit back and watch...............

    1
    FTP has best software by far and will clearly be run as a legitiment business if it ever reopened.. hate all the dolts that have no money on the site and nothing riding on this outcome that throw in their 2c
     
  17. lavaman lavaman is offline

    Lexington, KY
    United States

    Posts: 164
    Joined: Sep 11

    Sep 22nd, 2011 (9/22/2011 9:12am) in reply to blackberry_jam

     
    Originally Posted by blackberry_jam View Post

    ^^^^^^^^^^ This

    you other trolls are really the most moronic, ignorant ppl in the world.
    FTP under new management, but with the same software and game offerings, would be back and better than ever IF and WHEN the money owed out, is paid.
    all of this debacle has been an absolute shit show for the past few months, agreed... however it was NOT done intentionally by one, some, or all members of the FTP owners. The owners and operators of FTP had no way of knowing an event like BF would ever occur, causing such dramatic effects throughout the world of online poker. They had a multi billion dollar business, agreed that was managed very poorly, however there is and was NO REASON for them to ever "fuck us over". they were making WAY TO MUCH $$$$$$ to ever have to do that. The most part of the blame should go on the US DOJ, Eric Holder, and this fucking camel jockey, preet bharara, parading around trying to make names for themselves. FTP was not a "ponzi scheme" as tho dubbed by Bharara. OBV this fucking tool doesnt even know the true definition of what a ponzi scheme is, and i'm assuming most of you ignorant mother fuckers dont either. I'm not taking up for anyone associated with the decision making of FTP... things should have been handled very differently from the get go! however... i believe in my heart that they do want to make things right... they do want the players to be paid... and they are working very hard on making that happen. If this deal is real and does happen... and we get our $$$... ftp reopens its tables under new management, that works tremendously hard to get things going again,(with the same MTT sched) they will be right back as one of the largest sites in the world. Sit back and watch...............

    I know exactly what a ponzi scheme is. I also know that's exactly what Full Tilt's master plan was. If there was no ponzi scheme at all, why haven't they paid their players? Why did pokerstars pay American's, but Full Tilt didn't?
  18. wackyJaxon wackyJaxon is offline Admin X

    Vilnius
    Lithuania

    Posts: 12,242
    Joined: Apr 06

    Sep 22nd, 2011 (9/22/2011 9:26am) in reply to sirswish6

     
    Originally Posted by sirswish6 View Post

    if FTP had the same mtt sched and was back up and running id guess about 100k ppl would play on there

    Same for me if the 10 game, any mixed cash games, or rush poker was running. That and if payouts were back to a few days and the new ownership instilled confidence. The new ownership would have to pay everyone back that wanted refunds of their accounts and instill a high level of confidence though.
      1 
  19. takise takise is offline

    Posts: 37
    Joined: Jun 11

    Sep 22nd, 2011 (9/22/2011 9:29am) in reply to paddypump

     
    Originally Posted by paddypump View Post

    I sure as fuck will never play there again and will encourage everyone i meet to do the same. Fucking joke of a site! Run by criminals! Flock back and play there again? I dont think so! These guys should be put in jail and raped repeatedly like they did to everyone who trusted them with money. Take everything they own, foriegn bank accounts, houses in Switzerland or wherever the fuck they are hiding, and treat them like every other crimanl that has robbed people of millions of dollars.

    this + maybe there should be a Anniversary of the Black Friday and every year one of them will be put out of jail just to be killed in spectacular way voted by poker community, to make everything more symbolic and something to remember I personally vote that first will be Jesus and put him on cross.
    Edited By: takise Sep 22nd, 2011 at 09:30 AM
  20. norv norv is offline

    New Zealand

    Posts: 680
    Joined: Aug 10

    Sep 22nd, 2011 (9/22/2011 10:03am) in reply to blackberry_jam

     
    Originally Posted by blackberry_jam View Post

    ^^^^^^^^^^ This

    you other trolls are really the most moronic, ignorant ppl in the world.
    FTP under new management, but with the same software and game offerings, would be back and better than ever IF and WHEN the money owed out, is paid.
    all of this debacle has been an absolute shit show for the past few months, agreed... however it was NOT done intentionally by one, some, or all members of the FTP owners. The owners and operators of FTP had no way of knowing an event like BF would ever occur, causing such dramatic effects throughout the world of online poker. They had a multi billion dollar business, agreed that was managed very poorly, however there is and was NO REASON for them to ever "fuck us over". they were making WAY TO MUCH $$$$$$ to ever have to do that. The most part of the blame should go on the US DOJ, Eric Holder, and this fucking camel jockey, preet bharara, parading around trying to make names for themselves. FTP was not a "ponzi scheme" as tho dubbed by Bharara. OBV this fucking tool doesnt even know the true definition of what a ponzi scheme is, and i'm assuming most of you ignorant mother fuckers dont either. I'm not taking up for anyone associated with the decision making of FTP... things should have been handled very differently from the get go! however... i believe in my heart that they do want to make things right... they do want the players to be paid... and they are working very hard on making that happen. If this deal is real and does happen... and we get our $$$... ftp reopens its tables under new management, that works tremendously hard to get things going again,(with the same MTT sched) they will be right back as one of the largest sites in the world. Sit back and watch...............


    HAHAHA ..... in my heart i believe they do want to make things right...... yeah so they can continue to screw the players out of $40,000,000 every month - an absolute cash cow to thieves, arseholes and bison buggerers

    Send them to jail, directly to jail and do not pass go
 
Page 1 of 31 2 3

Return to Articles

Quick Navigation