Full Tilt Poker Pays Overdue License FeesLicensee 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.
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