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article imageEuropean investors to rescue Full Tilt Poker from financial woes

By Garry Malloy     Jul 1, 2011 in Business
A group of European investors are set to buy a majority stake in Pocket Kings Ltd., an Irish company that owns Full Tilt, in the wake of the Alderney Gambling Control Commission's suspension of its gaming license.
The group's investment will be large enough to cover the roughly $150 million owed to U.S. Poker players and the hoped-for settlement with the U.S. Justice Department for a civil suit brought against Full Tilt on April 15 of this year, sources tell the Wall Street Journal.
On April 15, a date now known in the industry as Black Friday, the U.S. Justice Department shut down U.S. operations of the so-called big three of online poker – Pokerstars, Full Tilt, and Absolute Poker – and indicted them on charges of bank fraud, money laundering, and illegal gambling, according to PokerNews. Since that time, only industry leader Pokerstars has refunded the account balances of its former U.S. customers. The big three continued to operate outside the U.S. despite the indictments.
However, on Wednesday, the Alderney Gambling Control Commission suspended Full Tilt's gaming licenses, effectively shutting down the world's second largest online poker site. The surprise move came after a special investigation, launched after the events of Black Friday, found grounds to indict Full Tilt's “licensees and their business associates were operating contrary to Alderney legislation”, says a statement on the Commission's official website. Pokerstars and Absolute appear to be unaffected by the Commission's decision.
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