By Matt Marietta, Editor, Rakeback.com Poker News
In yet another blow to Full Tilt Poker (FTP) and its players, the Alderney Gaming Control Commission (AGCC) has decided to keep FTP's gaming license suspended indefinitely. The update published September 29th, 2011 came as more and more players wonder if they'll ever recover lost funds.
Among other serious accusations, the report states, "Serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events."
In layman's terms - Full Tilt allegedly cooked the books, loaned money to people it wasn't supposed to, and then decided not to tell anyone about it. Other reasons for the continued revocation given by the AGCC include:
Click to read the full Determination Notice (PDF)
While this news makes nearly no one happy, there are still glimmers of hope. Quoting AGCC Executive Director, Andre Wilsenach:
It is important to note that the revocation of FTP's licenses does not, as has been suggested, prevent a reactivation of the business under new ownership and management.
Wilsenach went on to say that the AGCC had no additional jurisdiction over FTP after the revocation, stating that it is now up to law enforcement and class action legal suits to settle player balances.
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