Full Tilt CEO Arrested in USA
Full Tilt Poker CEO has been arrested upon landing in the USA. The arrest comes more than one year after the US Department of Justice investigated online poker websites. Following the investigation, Full Tilt Poker was labeled by the DOJ as a Ponzi scheme, and accused of defrauding players.
CEO Ray Bitar was arrested when his flight landed at John F Kennedy airport in New York. He is the highest ranking executive to be arrested as a result of the probe, and his bail has been set at $2.5m.
The DoJ recently added fraud to the list of alleged offenses committed by Bitar, saying that he and an employee had taken part in wire fraud, telling investors that their funds would be safe in the poker site. A number of famous poker pros made a lot of money on full tilt poker, but the Ponzi scheme left numerous players unable to cash out their winnings. Full Tilt Poker denies these allegations.
The online poker tables at Full Tilt have been closed since the events of black Friday last year, and with a growing list of allegations being levelled at Bitar, it’s unlikely that he will be back in action any time soon. While the Full Tilt name is still well-known in the world of poker, many people have negative associations, which makes it unlikely that a third party will pick up the site and bring it back to life.