The fall of Full Tilt Poker points to the need for a serious review
A statement arrived this week that the AlderneyGambling Control Commission is to hold a review following the revocation of Full Tilt Poker's license, with an aim to introduce stricter financial requirements for licensees.
According to the Commission's executive director, Andre Wilsenach, in light of the commission's ruling last month that FTP misled authorities over its finances, the AGCC would look into what went wrong.
He stated: "I think it's important we learn from experiences. We will certainly review our processes in the light of this particular experience and we might introduce changes if we find that there are things that we could do better from our side."
In related news, the AGCC seems to be facing a legal attack from high profile poker pro Antanas “Tony G” Guoga, who claims that the Commission “was negligent in the handling of the Full Tilt Poker (FTP) situation, failed to exhibit due diligence for their licensees and should be held responsible.”
In his announcement of a potential lawsuit against the commission, which he claims was well aware of a problem involving player funds prior to the Black Friday indictments, Guoga said: “We believe they [the AGCC] knew about it a long time ago. That security for the players' money was not there, they hid this fact together with their auditors for years, benefiting in return. We raised it with them and they knew then and there.”
In support of Guoga's claims, his colleague from the Isle of Man poker consultancy Vont Limited, CEO Jon Sykes, stressed: "The security statement for the players' money was not there, this was raised with them, and they knew that FTP was in breach of regulations back in December 2010."
Reportedly, FTP put up a statement regarding player funds to its site around the end of February or beginning of March 2011, stating: "Customer funds are not segregated from company funds, but it is the intention of Filco Ltd to meet its liabilities as they fall due," this statement announced.
In Guoga's opinion, "Surely such a breach of the regulations for such a long period prior to the omission being highlighted to the AGCC by Sykes in late 2010 must have initiated a full review of the operator and its financial position by that stage, which then begs the question, how long did they know about the precarious financial position before they finally pulled the plug following the DOJ indictments? We want to prove that they have responsibility, we are coming after them.”
In addition, Sykes said: “It appears likely that this statement was added to the site as a result of my contact and the Commission's subsequent investigations. Obviously, before the issues with the [Black Friday] indictments this was perceived to be more of a minor clerical issue for the Alderney regulators and FTP but now I wonder if there was more to it.”
"Sykes and Vont Limited will manage the claim and are currently in discussions with legal advisers. In addition, it is expected that a channel will be opened for players to join the complaint and submit information regarding their balances," the Poker News report concludes.
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