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Poker News | World Poker News

Amount Seized from Full Tilt Poker Incorrectly Reported by AGCC

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The Alderney Gambling Control Commission released a statement on Thursday, October 20th, 2011, correcting the number of funds that were misreported in the Department of Justice's seizure from Full Tilt Poker from June 2007 through June 2011. September 29th, 2011, the day the Commission revoked three of the four licenses carried by Full Tilt Poker, the Commission reported that approximately $331,000,000 was seized during that period by the Department of Justice. The AGCC's Full statement now concludes the number is incorrect!

The full reprint of AGCC's statement:

"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 June 28, 2007 to June 20, 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."

The $331,000,000 figure was from "Document JS21(l)" and part of a 26-page "determination notice" as it explains the various violations with Full Tilt Poker according to the AGCC tribunal. The number Full Tilt Poker said was seized prior to April 15th, 2011, was incorrect. Full Tilt Poker released a statement on August 31st that stated the following, "Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. bank."

Since that statement was released by Full Tilt Poker, the more than $200 million discrepancy has been scrutinized. It appears numerous accounting oversights could be the cause of the error. Has Full Tilt Poker continuously reported funds that weren't available due to problems with payment processors? The AGCC seems to think so and is placing the blame on the online poker site because the AGCC trusted the numbers reported by Full Tilt's accounting department as accurate instead of auditing the online poker site itself.

Read the AGCC's 'correction' statement here.

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