Full Tilt License Revoked

**Zab** · 09-29-2011, 10:08 AM

Full Tilt Poker
AGCC Commissioners, sitting as a tribunal, have today revoked the licences of Vantage
Limited, Filco Limited and Oxalic Limited, trading as Full Tilt Poker (FTP), with immediate
effect. This follows the earlier suspension of the licences on 29th June 2011.
At a hearing held in London over six days, it emerged that FTP had fundamentally misled
AGCC about their operational integrity by continuously reporting as liquid funds balances
that had been covertly seized or restrained by US authorities, or that were otherwise not
actually available to the operator. Serious breaches of AGCC regulations include false
reporting, unauthorised provision of credit, and failure to report material events.
At the commencement of these proceedings on 26th July AGCC made clear its preference to
hold the hearing in public, to the benefit of players and media alike. However, the tribunal
was persuaded that the hearing should be held in camera on the basis of claims by FTP that
this would maximise the chance of a commercial rescue of the business for the benefit of
players. For this reason an adjournment of 54 days was allowed.
It is important to note that the revocation of FTP’s licences does not, as has been suggested,
prevent a reactivation of the business under new ownership and management. Unresolved
claims by players against FTP become a matter for the police and civil authorities. Now that
FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies.
The licence of Orinic Limited, a recently added geographic sub-division of the FTP poker
room, remains suspended.