(Full Tilt) Poker Site's License Is Revoked

[alp227]

Source: The Wall Street Journal

LONDON—Full Tilt Poker, the online poker site accused of being a giant Ponzi scheme by a U.S. federal prosecutor, has had its gambling license revoked by a British regulator after serious breaches of regulations.

Following a tribunal hearing, it emerged that Full Tilt had fundamentally misled the licensing authority about its funds, the Channel Islands-based Alderney Gambling Control Commission said in a statement Thursday. It listed serious breaches of regulations that include false reporting, unauthorized provision of credit and failure to report material events.

Full Tilt's international website has been shut down since its license was suspended in June by the island's gambling commission, three months after the U.S. Department of Justice indicted Full Tilt and two other poker sites still operating in the U.S. market for bank fraud, illegal gambling and money laundering.

Still, the commission said the revocation of licenses related to Full Tilt Poker's website doesn't mean they can't be reactivated if the business comes under new ownership and management.

Read more: http://online.wsj.com/article/SB10001424052970204138204576600722728639858.html

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Google the title, don't click the link

[MineralMan]

1. Not really LBN material, and your link displays a Subscription Only logo.

I did click the link, despite your advice.

[Supply Side Jesus]

2. shit, I still had $12.00 with them...

damn it

[closeupready]

3. It was the best poker software, but mismanaged (behind the scenes) under the old team.

If it were sold to a more competent group, no question it'd still be a big player, but time is not on their side.

[Selatius]

4. They would've made more money selling risky mortgage-backed securities insured with CDOs through AIG

AIG would've had to pay out big on those CDOs whenever mortgages went into default, but they would've made big bucks with no jail time. Just ask the kingpins on Wall Street how they run their casino.

[JackDragna]

5. We'll get you, poker!

Don't you know only white-collar crime is safe to commit in this country?