CEO Of Full Tilt Poker Released On Bail
Forbes had recently reported that Ray Bitar, the CEO of the erstwhile Full Tilt Poker would be provided bail and allowed to go free during this week. This announcement came after Bitar’s attorneys and prosecutors came to a mutual bail agreement early this week. The bail approved by Federal Judge Paul Engelmayer has made provision for Bitar to finally travel to his home in California. This will be his first visit ever since his indictment on April 15, 2011. However, on his release, the FBI will closely monitor Bitar.
Bitar will be required to pay a bond worth $2.5 million in accordance with the terms of personal recognizance which have been set as his bail terms of agreement. In accordance to his bail agreement, Bitar has agreed to pledge his warehouse and other assets to pay off the $2.5 million bond. Bitar is lucky to have help at this point, as according to Forbes’ report, up to five people are involved in support his bail. Federal Judge Engelmayer took it upon himself to clarify to the community that although Bitar was to be released on bail, his offenses were serious and had been accumulating over time.
The bail announcement came a week after Bitar was arrested, when his flight landed in New York. On his arrival, the FBI immediately arrested him. Bitar however, willingly surrendered to the authorities, and was immediately whisked away to a Manhattan court. Bitar was then indicted with nine charges of fraud, violating UIGEA and money laundering. He was accused of defrauding poker customers by promising them a false sense of security regarding their funds. Bitar pleaded not guilty to nine counts of fraud when he was produced in court. As of now, Bitar faces up to 145 years in prison. In an updated indictment signed by U.S Attorney Preet Bharara, Bitar had tried to cover up his company’s liquidity issues, even after the original indictment was released on April 15, 2011.
U.S Attorney Bharara from Manhattan said, “With today’s arrest and the new charges brought against him, Raymond Bitar will now be held criminally responsible for the alleged multi-million fraud he perpetrated on his U.S. customers. The indictment alleges how Bitar bluffed his player-customers and fixed the game against them as part of an international Ponzi scheme that left players empty-handed.”
FBI Assistant Director-in-charge Janice K. Fedarcyk also commented on Bitar’s arrest. She said, “Bitar and Full Tilt Poker persisted in soliciting U.S. gamblers long after such conduct was outlawed. As alleged, Bitar has already been charged with defrauding banks to conceal the illegal gambling. Now he stands accused of defrauding Full Tilt’s customers by concealing its cash-poor condition and paying off early creditors with deposits from later customers. The on-line casino became an Internet Ponzi scheme.”
Raymond Bitar, CEO of Full Tilt Poker is among 11 others who are in the U.S Department of Justice most wanted list since Black Friday. Bitar’s email was recently leaked online where he had said that his return to the U.S, was a part of a process to negotiate the terms to repay poker players and customers, with the help of a deal brokered between PokerStars, Full Tilt Poker and the Justice Department.
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