Full Tilt CEO Ray Bitar Released After Making Bail
By Matt Kaufman, Rakeback.com Poker News Editor
Last week, Full Tilt Poker CEO Ray Bitar flew into the United States from Full Tilt headquarters in Dublin to turn himself over to the US. He was promptly arrested at John F Kennedy International Airport.
He was given a superseding indictment which included new charges related to Full Tilt player funds which have not been recovered since Black Friday.
Prosecutors argued that Bitar was a flight risk despite the fact that he handed himself over, and Bitar's attorney made the case that Bitar should be allowed to be released on bail.
Yesterday, Judge Paul Engelmayer decided in favor of Bitar and his attorney, although his bail package is a bit more strict than in typical cases.
In order to make bail, Bitar must:
- Post a $2.5 million bond secured by cash and property
- Turn over his passport
- Stay in New York until he discloses all of his US-based and international assets
Beyond that, 5 individuals close to Bitar had to co-sign the agreement, and when he returns to his home in California he will be electronically monitored.
After spending a full week in jail, it is likely that Bitar will have taken these steps by the time you read this - it would be highly unusual if he is not at home in a few days.
Considering the extent of the agreement, it seems that Bitar will face the charges against him in court at some point in the not-too-distant future.
As always, Rakeback.com will continue to report on this story as it develops.