Channel Island revokes poker company's license

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Associated Press

Posted on September 29, 2011 at 12:02 PM

LONDON (AP) — Gambling officials on the British Channel Island of Alderney have revoked the license of a once-popular online poker company accused in America of serious financial misconduct.

U.S. prosecutors accuse the gambling website Full Tilt Poker of operating as "a global Ponzi scheme" by plundering player accounts to make hundreds of millions of dollars in payments to board members.

Full Tilt Poker was blocked from operating in the U.S. earlier this year and charges were filed against the company in New York.

The Alderney Gambling Control Commission says the website is guilty of regulatory breaches including bogus accounting, unauthorized loans "and failure to report material events."

Full Tilt Poker didn't immediately return a call seeking comment Thursday.

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Online:

Alderney Gambling Control Commission: http://www.gamblingcontrol.org/

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