Full Tilt has offered its biggest explanation to date as to why hundreds of millions of dollars in player funds appear to have disappeared or which are at the very least inaccessible.
As the second biggest Poker company on the planet up until its crash the payout scheme for Full Tilt was always going to be a long and complicated process.
The questions players wanted answered though is would the money be paid back at all?
The one page statement designed to try and answer some of those questions was released by executives earlier this week.
Far from making things more simple though, if anything it has only further confused and already hard to follow situation.
Much of the report was also designed to shift as much of the blame as possible onto the US Government and surprise tactics they used.
“As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday,” it read.
“Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.”
The major issue though is that back in April players were told a deal had been brokered with the Justice Department which would allow money to flow back to players with large accounts.
Since then it’s become apparent that Full Tilt can’t pay back the money, breaking what is effectively the number one rule in the world of poker.
Once again they blame it on the US Government and the fact that over the course of a few years they seized up to $115 million of players funds from US based banks.
They also said they were ripped off by one of their payment processers which pocketed up to $42 million in a funnelling scam.
“Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected…unprecedented issues with some of its third-party processors that greatly contributed to its financial problems,” it said.
Further complications coming out of the investigation at the moment include the statement from one payment processer that Full Tilt had shortfalls in excess of $50 million.
Bradley Franzen says that in early 2011 there was a $60 million black hole caused by Full Tilt crediting players accounts without being able to retrieve the funds from their bank accounts.
This only adds to the desperation Full Tilt has in trying to find outside investors willing to fill their financial gap.
They claim that there are six interested investment firms which they have so far spoke to from their base in Dublin.
They also say they have hired a new financial advisor to “assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players.”
Remember that just because Full Tilt was caught in this mess doesn’t mean you have to providing you play online at Titan Poker.
It’s a safe, credible and professional website where you can play without worrying about legalities and outside influences.
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