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The disgraced CEO of shuttered online poker company Full Tilt Poker has been released from prison after surrendering to law enforcement in the US last week.
Raymond Bitar was freed on $2.5 million bond only after agreeing to post $2 million in property to ensure he returns to U.S. District Court in Manhattan when prompted to do so.
Bitar is charged with money laundering, bank fraud and running a ponzi scheme in connection with Full Tilt Poker, a company that has owed millions of dollars to customers for more than a year. FTP was ultimately shut down worldwide last summer.
Prosecutors, questioning what had become of the nearly $300 million owed to players, had sought to prevent Bitar from being released on bond. Bitar had also remained on the lam for over a year in Ireland and Bermuda. He is potentially facing a life sentence.
Assistant U.S. Attorney Arlo Devlin-Brown claimed in court papers filed last week that Bitar rejected an attempt by his company’s shareholders to replace him and the company’s board last week in light of the criminal charges.
"This struck several of the shareholders as preposterous — how could a CEO indicted on bank fraud and money laundering charges that he declined to face be the best person to represent the company with new investors? — but Bitar, backed by several allies, held on to control," he wrote. "In retrospect, the impetus of Bitar's desire to remain at the helm is clear. As of the date the indictment was unsealed, Full Tilt Poker was little more than a Ponzi scheme, and Bitar wanted to prevent it from unraveling."
- Chris Costigan, Gambling911.com Publisher
