Full Tilt Poker CEO Arrested in US
July 4 - Ray Bitar, the CEO of Full Tilt Poker, who has spent over a year in Ireland trying to solve the financial woes of his beleaguered online poker site, arrived back in the US yesterday, where he was promptly arrested by authorities.
Bitar knew that the US Department of Justice would see to his arrest following his flight into JFK International, and he immediately appeared before a Manhattan federal court, before making bail on a $2.5 million bond.
The online gambling executive is one of five out of a group of eleven men charged in April 2011, who opted to remain out the country and not enter a plea. Six other men pleaded guilty to some of the charges which ranged from money laundering to bank fraud and illegal gambling, with one of them already sentenced.
Bitar Tried to Negotiate FTP Resolution
After the Full Tilt Poker CEO was arrested, attorneys for Bitar said their client had opted to remain in Ireland and avoid US authorities until now, as he was trying to negotiate a resolution for the company.
While months of talks with French investors Groupe Bernard Tapie fell through at the last minute, Full Tilt Poker has, in recent months, been involved with talks regarding a possible acquisition by rival online poker site, Poker Stars.
Full Tilt Poker players have been cautiously optimistic that these acquisition talks would result in them having their accounts unfrozen, as hundreds of millions of dollars worth of funds are currently tied up in the online poker room.
Poker Stars declined to comment on the status of talks following the news of Bitar's arrest.
"I know that a lot of people are very angry with me," said Bitar in New York yesterday. "I understand why. Full Tilt should never have gotten into a position where it could not repay player funds."
Bitar said that he had worked hard on possible solutions to get players repaid over the past 15 months.
"Returning today is part of that process," he said. "I believe we are near the end of a very long road, and I will continue to do whatever is required to get the players repaid, and I hope that it will happen soon."
Bitar Accused of FTP Ponzi Scheme
The government says that players were led to believe that their funds were safe, even though it became increasingly difficult for FTP to transfer payments due to US online gambling laws.