Full Tilt Poker Issues New Statement

This story was published more than 12 years ago.

Beleaguered online poker site Full Tilt Poker issued a statement to business magazine Forbes, citing theft by a payment processor and legal action by the U.S. Department of Justice for its recent troubles.

The statement was given Tuesday and tries to explain how the one time poker giant could find itself in such disarray. In the release, Full Tilt acknowledges it was not prepared for the events of Black Friday, which saw the U.S. Department of Justice seize Full Tilt's .com domain as well as put a freeze on funds that the company had. “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. 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 statement read.

Full Tilt is currently facing a $3 billion claim in a civil lawsuit by the Department of Justice in addition to seeing criminal proceedings being placed against two of the company's executives.

Also in the statement, Full Tilt Poker claims that it is the victim of a massive fraud by one of its former payment processors, which saw $42 million in company funds stolen. The alleged processor behind the theft is never named in the statement. Commenting on the alleged theft, the statement reads: “Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected." The company goes on to claim that they experienced "unprecedented issues with some of its third-party processors that greatly contributed to its financial problems.”

Full Tilt Poker is currently looking for investors to help get the company out of its financial and legal jam. The company had its gaming license suspended by the Alderney Gambling Control Commission earlier this year and is still waiting to have a hearing scheduled on or before September 15th to determine the site's fate in the Alderney gaming district.