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Full Tilt Poker’s Ray Bitar Released on Bail
Full Tilt Poker’s Ray Bitar was granted bail in NYC yesterday and is expected return to his home in California this week
According to a story with Forbes.com, Bitar will return to his home in Glendora for the first time in over a year where he will be monitored electronically.
Bitar’s bail terms had him post a $2.5 million personal recognizance bond and add a warehouse he owns to the cash and property he was pledging.
The Full Tilt CEO returned to the U.S. last week and was promptly arrested. The charges against Bitar include allegations he defrauded Full Tilt customers. He had been in Ireland since Black Friday occurred in the spring of 2011.
According to a leaked letter to Full Tilt employees Bitar was returning to the U.S. to give himself up to government authorities in order to expedite the process of paying back players. Bitar also mentioned he was optimistic a deal would be reached with PokerStars to buy Full Tilt.
Prosecutors claimed they had already been working with Irish authorities to extradite Bitar to the U.S.
Over the last 15 months Full Tilt Poker has been forced out of the U.S. market, failed to pay back its players and been called a massive ponzi scheme by the U.S. government.
Meanwhile the 2012 WSOP Main Event is underway in Las Vegas with nary a Full Tilt patch to be found.
At the time this article was published former Team Full Tilt pros Phil Ivey, Gus Hansen and Erick Lindgren are amongst the players still alive in the quest for the $8.5 million first-place prize.
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