Wednesday April 10,2013 : FORMER FULL TILT POKER BOSS TO PLEAD GUILTY
Health-challenged Ray Bitar may not go to jail but will lose most of his personal assets
Ray Bitar, the controversial former chief executive of Full Tilt Poker at the time of the disastrous Black Friday online poker site closures in 2011 has reportedly agreed a deal with US Justice Department officials that will see him heavily penalised for his alleged role in the company's activities.
Mainstream media such as the Wall Street Journal, along with the major international news agencies, all reported late Monday on the deal, reporting that Bitar's legal representative had informed a federal court in Manhattan that an agreement had been reached that will see Bitar deprived of much of his personal wealth, but escape jail-time due to his poor health, brought on by a severe heart condition.
Bitar's lawyer said that without a heart transplant the erstwhile CEO of Full Tilt would be unlikely to survive another year.
According to the Bitar legal team, he will enter a guilty plea on two felony counts, forfeiting a total of around $40 million, probably raised through his residential property holdings.
A hearing to confirm the deal is scheduled soon, with Judge Loretta Preska, who is presiding over Bitar's case, expected to permit the disgraced executive to appear via video due to his health problems.
Sentencing will likely be passed based on the agreement hammered out with the US Attorney's Office.