Full Tilt Poker CEO Meets Bail Requirements

07/19/2012
By Tommie ClarkGoogle
Upon landing last week at John F. Kennedy International airport from a trip to Ireland, Raymond Bitar, CEO of Full Tilt Poker, was arrested for his involvement in the events surrounding the Black Friday case.

This week, the CEO was freed on bail after posting a $2.5 million bond and agreeing to post $2 million in property to ensure that he does not flee the country. Bail had been set by Judge Paul Englemayer in U.S. District Court in Manhattan.

Throughout the process, Bitar has maintained his innocence and he entered a not guilty plea. Bitar released a statement saying that he “worked hard” for the last fifteen months to ensure that players are repaid. Returning to face charges is“part of that process.”

Initially set at $1 million, Judge Paul Engelmayer raised the initial amount of the cash or property needed to meet the bail requirement. As part of the bail package agreed upon with the court, Bitar will live at this Glendora, California home where he will be monitored electronically by the feds. It will be his first return to his home in more than a year.
There is a $2.5 million personal recognizance bond attached to the bail. As insurance, five individuals close to Bitar are supporting his bail requirements and will be held responsible if he fails to honor them. Bitar will remain in the New York area for forty-eight hours until he reveals to federal prosecutors all of the assets he holds in the U.S. and abroad.

Judge Engelmayer stated, “I will approve the bail package counsel has proposed,” as Bitar returned to the US of his own accord. He continued, “Mr. Bitar is facing very serious charges, charges that have grown over time.”
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