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.

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