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

John Racener Shuts Off Twitter Account to Public In Light of Scandal

A scandal involving poker pro John Racener has become the most talked about topic in the world of poker to kick off 2017.

Poker Pro John Racener ‘Scam’ Accusations Result in Mug Shot Throwback

Poker Pro John Racener ‘Scam’ Accusations Result in Mug Shot Throwback

A late 2010 piece alluding to poker pro and Hard Rock Casino ambassador John Racener mug shot photos became all the rage this weekend and here is why...

The Federalist: Casinos Too Big to Return Phil Ivey’s Millions

Federalist writers suggests that casinos are are permitted to operate almost as separate sovereignties

Tournament Schedule Sees Major Boost at Americas Cardroom

Tournament Schedule Sees Major Boost at Americas Cardroom

Love tournaments? Then 2017 is designed for you. At Americas Cardroom, we’re thrilled to bring you a bigger, better tournament schedule starting Monday, January 9th.

TwoPlusTwo Posting Forum Hacked, Information Compromised

TwoPlusTwo Posting Forum Hacked, Information Compromised

The popular TwoPlusTwo.com posting forum, which is among the most read by poker players, has been compromised according to the site operators.

Syndicate