Back in September I wrote a column entitled AGCC, You Failed, where I tore into the AGCC for regulating by report, rather than by audit. I argued that they should share some responsibility for what happened with Full Tilt Poker, and many others have agreed with me since.
I had hoped that would be my final word on the AGCC, but alas, the more they find themselves under the microscope, the more inept they are looking,
Yesterday's news that the AGCC had incorrectly reported the amount seized by the DOJ by $172m was yet another blow to their credibility. On September 29 they reported that $331m was seized by the DOJ in total, but Subject Poker reported yesterday the figure was closer to $159m.
In the AGCC's correction yesterday, they stated:
"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."
False Hope For the Players
To say this mis-statement is not of significance is an insult to anyone who has got money stuck on FTP. It may have not been of significance to the decision to revoke FTP's license, but it created an incredible false hope that the DOJ had seized more money than was currently owed to the players, when in reality the amount seized is just over half the outstanding player balances of $300 million.I am lucky enough not to have a massive amount of money on FTP, but do I know exactly what it is like to be owed a significant chunk of money that looks unlikely to ever be repaid. You feel helpless, frustrated, and humiliated. This gets exacerbated whenever you get a false sense of hope, only to have the rug pulled from under your feet.
It is not the error itself which I find so unforgeable - that is just incompetence - it is the way in which it has been dismissed as irrelevant.
Subject Poker, who have been one of the few heroes in this whole scandal, have apparently been trying to contact the AGCC for two weeks to question them about this discrepancy, but were completely ignored. For a regulator to ignore such an important error, and then to dismiss it as insignificant, once again highlights how the AGCC has buried their head in the sands throughout this whole affair.
Lack of Due Diligence
They passively regulated their licensees by report, blindly hoping that what they would get back would be accurate. They completely ignore Subject Poker's attempts to discuss their error, despite the fact they clearly stated they would be taking it to press. Then they finally acknowledge the error, but claim it was not of significance.The AGCC need to realise that their action, or inaction, is having a profound impact on how the Full Tilt scandal is playing out. They are not footnotes in the story of how Full Tilt cheated players out of millions, they are one of the villains, aiding and abetting Full Tilt with a lack of due diligence.
Related News:
AGCC Falsely Reported DOJ Seizures
Tony G To Take Legal Action Against AGCC, Claims They Knew About FTP's Problems
AGCC To Hold Review After Full Tilt Scandal
Full Tilt Poker: What Has Happened Lately?
Daily Rewind: AGCC Interview
AGCC Statement Addressing Full Tilt Players
Barry Carter: AGCC, You Failed
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