Full Tilt Poker Disgraced CEO Raymond Bitar Must Remain in Prison

Written by:
Aaron Goldstein
Published on:
Jul/08/2012
Full Tilt Poker Disgraced CEO Raymond Bitar Must Remain in Prison

Following his arrest this past week, Full Tilt Poker’s CEO Raymond Bitar was unable to make the bail term requirement of $2.4 million.

Cake-Square-010712.jpg

Over the weekend, things suddenly changed.  It now appears as if Bitar will remain in prison for the foreseeable future.   The $2.4 million bail deal will no longer be in effect. 

From Compatible Poker:

This weekend it was announced that despite earlier news that he was free on bail, federal prosecutors triggered a new debate on the validity of the bail terms based on new evidence found in the unsealed indictment. In the end, the presiding judge Paul Engelmayer, suspended the earlier permission granted for bail and ruled instead that Ray Bitar needs to remain in prison for the time being.

Bitar is charged with money laundering and bank fraud in connection with what was once the world’s second largest online poker company.  A superseding indictment charges Bitar with running a ponzi scheme since the initial April 15, 2011 charges were filed.  Prosecutors contend that the Full Tilt Poker CEO squandered funds taken in from players outside the US on himself and other high ranking employees. 

- Aaron Goldstein, Gambling911.com

Poker News

Former PKR Players Must Submit Claim by Feb. 28 for PokerStars Refund

Players affected late last year by the abrupt shutdown of PKR Poker are being advised to submit claim forms no later than February 28 (2018). 

Third Time's a charm for Englert on HPT

Third Time's a charm for Englert on HPT

Heartland Poker Tour (HPT) events at Golden Gates Casino & Poker Parlour have historically been among the tour's largest stops. This time around was no exception. The opening $400 Kick Off tournament set a Colorado state record with 912 entries. The Main Event drew 607 total players, building a prize pool of $892,290.

Poker Night In America to Debut Live TV Series

The hit TV series Poker Night in America (PNIA), produced by Rush Street Productions, is excited to announce the launch of a new live celebrity version of its TV series. 

Doyle Brunson: 'I Turned Down $230 Million Offer for DoylesRoom.com

Over a decade again, legendary poker pro Doyle Brunson claims he turned down a $230 million offer for his namesake online poker room, DoylesRoom.com. 

PokerStars Celebrates Shared Pool Success With France, Spain

PokerStars Celebrates Shared Pool Success With France, Spain

The Stars Group Inc. today announced the completion of the FRESH (France Espania Hold'em) Series, PokerStars' first joint tournament series offered to both French and Spanish players following the launch of the shared player pool between the two previously ring-fenced markets.

Syndicate