(01:05 GMT)
 
Username   Password  

BankrollMob logo  
Promotions Reviews Bankrolls - Free No Deposit Offers Poker Forum News: Poker, Casino, Betting & Bingo Sport Bets Poker Freerolls & Tournaments Leaderboards Support & FAQ
transparent separator
POKER CASINO BINGO BETTING
transparent separator

BankrollMob Poker News

dec
13

Funds Laundered by Former Full Tilt Poker CEO Ray Bitar Handed Over to Feds

Tags: Black Friday, Guernsey, Ray Bitar.
Posted on Wednesday, December 13, 2017 by "T".

After six long years since the Black Friday devastated the online poker world, the scandal left by previous Full Tilt Poker owners still continues to rear its ugly head and make it to the news headlines this end of 2017.

On December 8 Friday, BBC said that the former Full Tilt Poker CEO Raymond Bitar laundered money via the Channel Island of Guernsey, an island located between the U.K. and France. This has resulted in a total amount of £9.5 million (or $12.6 million) remitted to the government of the United States.

In 2015, the money was discovered right after Guernsey and the US Department of Treasury underwent an agreement in which both countries will share half of any seized laundered money and other criminal-related activities in offshore bank accounts in the country. Overall, there was £10.6 million (or $14.3 million), which comprises of the money associated with Full Tilt and another case, which was remitted to the United States. Based on the agreement made by the two countries, we can assume that the government of Guernsey has added to its coffers an equal amount of the money.

Bitar's assets were seized subsequently after an investigation that included Guernsey authorities restraining bank accounts and sharing financial records from 2012 to 2015.

Government representatives from the two countries, Guernsey Attorney General Megan Pullum, QC, and Principal Deputy Assistant Attorney General at United States Department of Justice John Cronan, have expressed their sincere gratitude to the cooperation that ultimately led to the sharing of funds in this case. Pullum said to BBC, "Guernsey has an ongoing and exemplary commitment to international co-operation and mutual legal assistance and we are therefore extremely pleased to announce this asset share."

Raymond Bitar is the one responsible for the Full Tilt Poker operations. When he was CEO, the online poker site grew into a massive billion-dollar gambling company as well as it had signed up some of the many of the biggest names in the world of poker to represent the Full Tilt brand.

When Black Friday swooped down and Full Tilt Poker was abruptly shut down, it became clear that the company did not have player funds in segregated accounts, which left players unable to access their money until (the former parent company of PokerStars) Rational Group stepped in and made a deal with the US Department of Justice in August 2012 to acquire the company and return funds to the players.

Over $300 million of player funds went missing after the site was shut down. According to the federal government intel, about $160 million belonged to the Americans. As of 2016, 94% of all petitions filed to reclaim money from Full Tilt Poker had been paid back to the player victims. Those successful petitions have reached to roughly $112 million.

On April 15, 2013, which marked the second anniversary of Black Friday, Bitar had pled guilty to unlawful Internet gambling and conspiracy to commit wire fraud and bank fraud.

U.S. District Judge of the United States District Court for the Southern District of New York Loretta Preska spared Bitar jail time, as Bitar had a serious heart condition and was "unlikely to live more than a couple years and nearly penniless". Instead, he was sentenced to time served and was ordered to forfeit his assets, which include his $40 million in cash and various homes.

Very little was heard from him for two years, until he got married in October 2015 to Jacquelyn Lucas in a multi-million dollar ceremony. Not only were curious folks wondering how Bitar had the moolah to spend for an extravagant wedding, but he also appeared to be physically healthy and not someone who's knocking on death's door anytime soon.


Sources:
https://www.highstakesdb.com/8353-former-full-tilt-poker-ceo-ray-bitar-makes-headlines-again.aspx
https://www.highstakesdb.com/6521-former-full-tilt-ceo-ray-bitar-marries-jackie-lucas.aspx
http://www.bbc.com/news/world-europe-guernsey-42284441


 


« Poker News   /   Comment on this news » Bookmark and Share

Related Articles:

17 comments for "Funds Laundered by Former Full Tilt Poker CEO Ray Bitar Handed Over to Feds"

 pochui12/13/2017 8:44:32 PM GMT
well it does look like this dude has borrowed some of players money and you know what- I doubt that all of it was found, probably at least a few cool millions have been hidden in a secure place. nice, nice operation this black Friday act was...
 Mober12/13/2017 11:39:11 PM GMT
They are still on that case, and they will keep on messing with it probably.
Since they can get their hands into more money, they will keep investigating.
Now with deals like that with foreign countries makes it even more ease to seize funds.
 CALICUL12/14/2017 10:27:23 AM GMT
I am very glad for this crook. I hope that after this shock for him his wife to leave him. I do not understand why he's not in jail. He stole so many millions and escaped easily but now it should be researched again. An ugly way to make money had this bank. She has no right to money
and the American government the same. The money should receive pokerstars because they have returned the money back for players.
 DaCapo7112/14/2017 12:22:58 PM GMT
Nice to read after this long time, where the Ex-CEO of FT, Mr. Bitar, has deposited the stolen money. I hope he can tell more about his illegal business partner and the other stolen money. Here we must say to PokerStars a big thanks, that he have payed our money back later Thumbs Up
 Gerimantas12/14/2017 10:12:28 PM GMT
Wow this guy look very fat in one picture and in wedding picture he looks very good, not fat and even face look good. So maybe this guy has some of players money in offshore bank accounts and now lives very good from this money. Good that big amount of players get fheir money back
 Mober12/14/2017 11:53:02 PM GMT
Wouldnt be strange if they leave him absolutely broke after some point.
He deserves to get that either way.
Although there is no doubt that he has made arrangements securing some of the money.
One way or another they always put something aside.
 CALICUL12/15/2017 10:32:59 AM GMT
There are still many cases in this world with all sorts of thieves or crooks. When they are caught and fear of jail makes them forgery medical papers for nice money. Some people make it before it gets caught. I would immediately arrest him and start a new process if i were the government of the united states.
 pajalnick12/15/2017 3:50:21 PM GMT
I have a question to the administration of the BRM .... I published almost the same message about this event .... and after a while my message was deleted ... and this message appeared ..... and my message immediately received minuses in the ranking .... why so ???? .... can you explain?

------------
and here a minus .... Well that for nonsense? ........... Confused Aww crap! Confused
 Mober12/15/2017 11:58:37 PM GMT
Maybe because it was the same message for the same event?
There is no need for a double post regarding a specific subject.
It ends just being a spam on threads Smile
Some times though its lack of attention, to see if another user has posted about it,
but never hurts checking, before it.
 pajalnick12/16/2017 7:45:04 AM GMT
Posted by Mober:
Maybe because it was the same message for the same event?
There is no need for a double post regarding a specific subject.
It ends just being a spam on threads Smile
Some times though its lack of attention, to see if another user has posted about it,
but never hurts checking, before it.

I was the first Sad
 Mober12/16/2017 8:26:08 AM GMT
Posted by pajalnick:
Posted by Mober:
Maybe because it was the same message for the same event?
There is no need for a double post regarding a specific subject.
It ends just being a spam on threads Smile
Some times though its lack of attention, to see if another user has posted about it,
but never hurts checking, before it.

I was the first Sad


Smile
 SBEP12/16/2017 9:26:01 AM GMT
Every one who was involved in the heist that was called Full Tillt Poker or FTP for short, i hope y`all get that money ripped from your wallet through your ass, and all die like the the poker room u killed, sorry boyz and girlz i am very emotional when we talk about FTP only coz it was my favorite poker room to play at.
 CALICUL12/16/2017 10:36:47 AM GMT
Posted by pajalnick:
I have a question to the administration of the BRM .... I published almost the same message about this event .... and after a while my message was deleted ... and this message appeared ..... and my message immediately received minuses in the ranking .... why so ???? .... can you explain?

------------
and here a minus .... Well that for nonsense? ........... Confused Aww crap! Confused


pajalnick same like you i was punished with one or two threads that have been deleted. Other comments have been removed because they are considered to have been copied from other sites or another problems. Anyway the mob points for this they disappeared, have been taken.
Sometimes is normal sometimes not when you want to help someone with the correct details.
 pajalnick12/17/2017 8:25:39 AM GMT
Posted by CALICUL:
Posted by pajalnick:
I have a question to the administration of the BRM .... I published almost the same message about this event .... and after a while my message was deleted ... and this message appeared ..... and my message immediately received minuses in the ranking .... why so ???? .... can you explain?

------------
and here a minus .... Well that for nonsense? ........... Confused Aww crap! Confused


pajalnick same like you i was punished with one or two threads that have been deleted. Other comments have been removed because they are considered to have been copied from other sites or another problems. Anyway the mob points for this they disappeared, have been taken.
Sometimes is normal sometimes not when you want to help someone with the correct details.

interesting .... interesting .... but where do I find news ?? ..... I saw interesting news and decided to share with members of the BRM this news .... and how do I do it? .... or we mean that any news should be described in your own words? ... but this will be the same news .... only more uninterestingly described Question
 shokaku12/17/2017 10:56:01 AM GMT
Shady deals wherever you look. Questionable treatment of Bitar in the courts, questionable behavier of the authorities holding the money. But i guess no one can resist taking 50% of the spoils. But it looks he hadn't all his eggs in one basket.
 CALICUL12/17/2017 11:20:25 AM GMT
Posted by pajalnick:
Posted by CALICUL:
Posted by pajalnick:
I have a question to the administration of the BRM .... I published almost the same message about this event .... and after a while my message was deleted ... and this message appeared ..... and my message immediately received minuses in the ranking .... why so ???? .... can you explain?

------------
and here a minus .... Well that for nonsense? ........... Confused Aww crap! Confused


pajalnick same like you i was punished with one or two threads that have been deleted. Other comments have been removed because they are considered to have been copied from other sites or another problems. Anyway the mob points for this they disappeared, have been taken.
Sometimes is normal sometimes not when you want to help someone with the correct details.

interesting .... interesting .... but where do I find news ?? ..... I saw interesting news and decided to share with members of the BRM this news .... and how do I do it? .... or we mean that any news should be described in your own words? ... but this will be the same news .... only more uninterestingly described Question


The answer to this question will tell you whether you will send an email for The BankrollMob. If you ask questions for the administrator in the threads you have a big chance not to get the answer. I see that there are users who post threads with links but i do not know how it works. I think we have to post with our words or with links offered by the BRM in the right side of the page - Latest News - is written in white on a black background. Good Luck
 godoy2/18/2018 12:15:35 AM GMT
One of the worst events of oline poker that resounds to the present day the black Friday where everything that was built by the poker community was thrown away in minutes by half a dozen of greedy and corrupt for money

Write a comment:

You must be logged in, to comment on news...

© 2018 BankrollMob.com - All Rights Reserved CONTACT | ABOUT | PRIVACY POLICY | TERMS & CONDITIONS | NEWSLETTERS | AFFILIATES | REPORT SPAM | ADVERTISING
  Bookmark and Share