The Irish gambling company that was earlier this month branded a 'Ponzi scheme' by a US federal prosecutor has had its license revoked.

The decision was taken by the Alderney Gambling Control Commission (AGCC) after a hearing about the US-run site, which is currently registered on the Channel Island of Alderney.

The AGCC said the owners, operating under the name Full Tilt Poker, had misled the authorities over the amount of cash involved.

After scandal erupted the AGCC suspended the company's license on June 29 because prosecutors in New York found Full Tilt had been improperly crediting player accounts with phantom funds after the company had been unable to collect funds from player bank accounts.

AGCC told The Telegraph that Full Tilt Poker "had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator."

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