Preet Bharara, the United States Attorney for the Southern District of New York, announced that RAYMOND BITAR, the former Chief Executive Officer of Full Tilt Poker, pled guilty today to unlawful internet gambling and to conspiracy to commit bank fraud and wire fraud and was sentenced to time served by U.S. District Judge Loretta A. Preska.
In pleading guilty, BITAR admitted to working with others to defraud his poker customers by lying to them about the security of their funds and falsely promising players that their funds would be protected in “segregated” accounts. In connection with his plea and sentencing, BITAR agreed to forfeit $40 million dollars in money and other property derived from his offenses. In sentencing BITAR, Judge Preska made clear that she would have imposed a substantial term of imprisonment had it not been for the fact that BITAR has an extremely serious heart condition and is in urgent need of a heart transplant.
