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

Coco Poker Open at Seminole Casino Coconut Creek – Sept 21 – Oct 2

The Coco Poker Open will feature $1 million guaranteed event – September 23-26

Is a ‘Rounders’ Sequel Coming? Matt Damon Reveals ‘Rounds 2’ Possible

Is a ‘Rounders’ Sequel Coming? Matt Damon Reveals ‘Rounds 2’ Possible

In the poker world, “Rounders” is considered the best film to depict the game.  And now comes word of a potential sequel.

Russian Online Poker Player Breaks All Time Twitch Stream Money Record

Gambling911.com has your latest poker news, all the world’s top headlines.  Check back regularly.

BetOnline Launches New and Improved Poker Software

BetOnline Launches New and Improved Poker Software

Panama City, Panama: World renowned sports betting, casino and poker site, BetOnline.ag announced this week that they launched a new and much-improved poker room.

ACR’s Online Super Series3: The Destroyer of Summer Time Fun?

On behalf of Americas Cardroom, I want to apologize.  We know we’re making your life difficult.  With summer in full swing you’ve probably got a schedule lined up full of BBQs, beaches, and camping trips.

Syndicate