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Oh to be a Fly on the Wall at AGCC Full Tilt Poker Hearing Wednesday

Written by:
C Costigan
Published on:
Sep/20/2011
AGCC Full Tilt Poker Hearing

The much talked about Alderney Gambling Control Commission hearing to discuss the fate of Full Tilt Poker was set to continue Wednesday amidst an amended complaint handed down by the US Attorney’s Office out of the Southern District of New York which names Chris Ferguson, Howard Lederer and another individual as defendants in what it calls an elaborate “ponzi scheme”. 

For the past two days, the AGCC has refused to field calls from media regarding the progress of discussions.  On Tuesday, it was learned that the meeting room used for these talks was reserved through Wednesday.

The Commission was deciding whether to reinstate Full Tilt Poker’s license and allow it to continue operating after abruptly shutting what was once the world’s second largest online poker room down on June 29. 

According to the complaint from U.S. Attorney Preet Bharara, Full Tilt Poker and its board, including Lederer and Ferguson, "defrauded players by misrepresenting that their funds on deposit in online gambling accounts were safe, secure, and available for withdrawal at any time."

"In reality, Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440 million since April 2007," the complaint read.

The news has spread across Europe, making it especially difficult for the AGCC to continue serious discussions with Full Tilt Poker.

- Chris Costigan, Gambling911.com Publisher

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