Full Tilt Poker Owner Released On Bail

Earlier this week, it was announced that Raymond Bitar was unlikely to be released from jail, but those predictions have been proven false. After his bail was increased from $250 000 to $2.5 million (with $1 million required to be paid in cash), it did not seem as though Bitar would be walking the streets anytime soon. However, that has not been the case, leaving prosecutors concerned that he may skip town once again.

When Bitar initially turned himself in this week, he was facing 65 years in jail. After examining the evidence, however, his bail was increased and so was his potential sentence. Now facing 145 years jail time, Bitar has more reason to leave the country to avoid spending the rest of his life behind bars. Since he had spent the past year in Ireland avoiding the American authorities, the prosecution has reason to believe that he will try something similar again.

Bitar will be able to go home to California, and he will return to Manhattan at the end of the month for his sentencing. In the meantime, his actions will be monitored very closely. $40 million that he earned from the Full Tilt Poker is still missing, and is likely to flee; so, local authorities will keep a close eye on the former online poker mogul.

Full Tilt Poker would also like to move on without him. Documents show that shareholders have attempted to replace Bitar in an attempt to move forward and get Full Tilt Poker up and running. However, Bitar has rejected their request, standing firm on his belief that he would be able to find an investor for the website. Attempts thus far have proved fruitless. Of the few companies that were interested in investing in Full Tilt Poker, Groupe Bernard Tapie came closest to an acquisition. However, the company backed out last minute due to tight restrictions regarding refunding players.

 

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