ALDERNEY CLARIFIES NUMBERS INVOLVED IN FULL TILT POKER DEBACLE

Thursday, October 20, 2011 : "Erroneous" statement in Tribunal's findings is "not of significance"
 
Thursday saw the issue of a rather intriguing statement on the Full Tilt Poker issue from the Alderney Gaming Control Commission which read as follows:
 
"AGCC wishes to correct and clarify an erroneous statement contained in the Commission tribunal’s published determination notice of the hearing into Full Tilt, which includes the statement:‐ “the individual seizures made by the Department of Justice during the period 28th June 2007 to 20th June 2011, which amount to a cumulative total of approximately $331 million US Dollars.”
 
"The underlying evidence in the hearing clearly demonstrated that $331 million was the total of funds unavailable to Full Tilt, of which DOJ seizures formed only a part.
 
"The mis‐statement is thus not of significance in the Commission’s assessment of the matter."
 
http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf
 
The amount of money involved has been the subject of much industry and player discussion since the AGCC pulled FTP's licensing, mainly because of the disparity in the amount that FTP said – in a statement last August 31 – was seized over the two years before Black Friday.
 
In that statement, FTP claimed that the US authorities had seized $115 million in player funds sitting in US banks.
 
Unfortunately the AGCC ‘correction' still does not definitively explain the whereabouts and disposal of the $200 million difference, and that has already triggered speculation regarding FTP's reportage to its licensing jurisdiction, and the apparent reliance by that jurisdiction on numbers supplied to it rather than independent checking audits carried out for it.
 
Either way, the players remain unpaid and the crisis continues.