Civil Case for Full Tilt Poker CEO Delayed
- 07/26/2012By Pamela PattersonGoogle
- CEO of Full Tilt Poker, Raymond Bitar, has caught a break as Judge Leonard B. Sand has placed the ongoing civil case against him on hold until the conclusion of the criminal case. Bitar is being charged in connection to last April’s Black Friday indictments.
Bitar was released after spending a week in prison and then being allowed to post a $2.5 million bond, whose terms included forfeiture of his passport, limited travel between his home in California and New York, and wearing an ankle bracelet that monitors his movements. He is charged with three counts of wire fraud and conspiring to fraud banks. Bitar has pled not guilty. In a recent statement after his release, he said that he has worked hard for the last year to help players get their money back.
Bitar was taken into custody two weeks ago after arriving on a flight from Ireland. Federal agents boarded the flight and served him with a superseding indictment for the criminal charges. Prosecutors are accusing Bitar of continuing to run a global Ponzi scheme after he was indicted in the Black Friday case. They allege that he misled players into believing that their money was safe.
If found guilty on the criminal charges, Bitar could face 145 years if he receives the maximum time allowed on each count. If each charge is to be served concurrently, then he will receive 30 years in prison. It is likely that a settlement will be reached.
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