Full Tilt Poker CEO Surrenders to US Authorities
Posted:July 2012Ray Bitar, originally from southern California, had been staying in Ireland, where the headquarters of Full Tilt Poker was based. Ray was one of 11 men indited as part of the crackdown on online poker, better known as 'Black Friday'.
Ray is said to have misled Full Tilt's customer base blaming the lack of funds on 'legal and jurasdictional issues'. It was reported that in March 2011, Full Tilt Poker had approximately $60 Million while it owed it's player based just shy of $400 Million. The oney had apparently been spent by the company and distributed to it's owners. Preet Baharara, the US attourney in Manhatten, said that Full Tilt Poker had been operating a Ponzi scheme.
It is also claimed that Ray and Nelson Burtnick continued to receive millions of dollars in salaries, even after the crackdown by the Department of Justice on 15th April 2011. Ray Bitar, in a statement said that his surrender was part of the process in completing the deal that involves a possible buy out by Pokerstars. Nelson, is still currently at large.
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