The Alderney Gambling Control Commission has recently released a statement this Thursday correcting what seems to be an error in their report in regards to the funds seized from Fill Tilt Poker by the US Department of Justice. The report that the US Department of Justice seized approximately $331 million may very well be incorrect and the real amount was something way less.
The Error
The released figure amounting to $331 had a discrepancy of more than $200 million. The error possibly came from a number of accounting oversights as Full Tilt continually reported missing funds due to a number of different problems with payment processors. Also, it would seem that the AGCC has fully trusted the reports handed on by Full Tilt Poker instead of auditing it themselves. The readings were off by more than $200 million as the amount that was seized by the US government only amounted to a total of $115 worth of player funds which was found in US bank. It can now serve as a lesson for the Alderney Gambling Control Commission as entrusting their responsibilities on another can really turn out bad.
AGCC’s Statement
Of course, the mistake was not at all purely on the AGCC’s part, however, the AGCC could have done something about it by doing the accounting in the first place. Later on, the AGCC released a statement about the error on the reports concerning the funds of Full Tilt Poker that were seized by the US Department of Justice. The statement the AGCC released on Thursday read: “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 AGC tribunal said that the announced $331 figure was from the “Document JS21(I)”, which is part of a 26-paged “determination notice” that explains the different violations connected to Full Tilt Poker.
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