13 replies to this topic

[FCP Bob]

Feds Arrest Full Tilt CEO Ray Bitar

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Ray Bitar, the chief executive of Full Tilt Poker, has been arrested after voluntarily surrendering to U.S. law enforcement and is being held in New York, according to a person familiar with the matter.Bitar, who is from southern California, remained in Ireland, where Full Tilt Poker was headquartered, ever since he was indicted in the federal crackdown on the U.S. online poker industry last year.

[KingJames]

Let's get this PokerStars deal through!

[FCP Bob]

http://vinnarayanan....i-custody-61032

Quote

The new superseding indictment released Monday offers greater detail on how Full Tilt Poker, led by Bitar, moved money in and out of the states, lies Bitar allegedly instructed Full Tilt employees to tell customers about the safety of their money, and the actions of Bitar and Full Tilt after the Black Friday indictments."To encourage players to deposit money with Full Tilt Poker, Ramond Bitar, the defendant, directed Full Tilt Poker employees to assure potential customers that player deposits would be held in 'segregated accounts' that would be kept 'separate and distinct' from the company's operating accounts," reads the indictment."In truth and in fact -- and as Bitar well knew -- Full Tilt Poker did not protect player funds in separate accounts and instead used player funds for whatever purposes Bitar directed, including to pay Bitar and the other owners of Full Tilt Poker hundreds of millions of dollars. Accordingly, when Full Tilt Poker was forced to stop operating -- first in the United States in April 2011 and then internationally in June 2011 -- it was unable to repay players around the world the approximately $350 million it owed them.""However, as Bitar well knew, these representations were simply lies intended to fraudulently induce customers to do business with, and entrust their money to, Full Tilt Poker." ARTICLE CONTINUED AT LINK ABOVE

[FCP Bob]

Report from DiamondFlushPoker who was in the courthouse today.http://diamondflushp...-charges-filed/

[AmScray]

They induce him to come back on the pretext that he's been charged with something that may result in a year or two in jail.As soon as he lands, they rush the plane and 'present' him with surprise indictments for charges that may result in decades in prison.So, yeah... Let this be a lesson about 'trusting the feds', folks.

[FCP Bob]

Why did Full Tilt Poker CEO Ray Bitar get on that plane to New York?

[UnluKKy]

WELL DONE. i hope that fat fraudulant piece of shit rots in jail for the rest of his life.

[Cruz]

AmScray, on 03 July 2012 - 08:55 AM, said:

They induce him to come back on the pretext that he's been charged with something that may result in a year or two in jail.As soon as he lands, they rush the plane and 'present' him with surprise indictments for charges that may result in decades in prison.So, yeah... Let this be a lesson about 'trusting the feds', folks.

TrueI don't think we should forget that the DOJ stumbled onto the FullTilt financial debacle and that FT's finances had nothing to do with BlackFriday. The DOJ is acting like it is protecting consumers from a ponzi scheme when in fact the DOJ played a part in reaming those consumers.

[Rodney21a]

Cruz, on 06 July 2012 - 04:30 PM, said:

TrueI don't think we should forget that the DOJ stumbled onto the FullTilt financial debacle and that FT's finances had nothing to do with BlackFriday. The DOJ is acting like it is protecting consumers from a ponzi scheme when in fact the DOJ played a part in reaming those consumers.

Talk about an ignorant statement. Lederer, Ferguson, and Bitar all drained the players money to pay themselves bonuses and dividends and over pay for Poker shows sponsorship pros and you say that wasn't stealing. Not only that they continued to accept money after black Friday knowing that it would never be paid back. You blame the DOJ for doing their job? I guess you'd have been happy with never discovering you'd been playing with monopoly money on Full Shits...

[HangukMiguk]

Rodney21a, on 07 July 2012 - 02:49 AM, said:

Talk about an ignorant statement. Lederer, Ferguson, and Bitar all drained the players money to pay themselves bonuses and dividends and over pay for Poker shows sponsorship pros and you say that wasn't stealing. Not only that they continued to accept money after black Friday knowing that it would never be paid back. You blame the DOJ for doing their job? I guess you'd have been happy with never discovering you'd been playing with monopoly money on Full Shits...

This.Does anyone really think that this info wouldn't have made its way to the surface, Black Friday or not? Believe me, if FT was dipping into the player balance pool like this, then eventually it would've all dried up, and they would be in trouble no matter what.It was only a matter of time before this kind of thing happened. And I actually got a vibe like that that it would happen after I tried to cash out 3 times in a month in 2008, and kept getting it sent back into my account with EXTRA money, and kept getting the form statement, "Full Tilt keeps its player funds in segregated accounts, we assure you your money's safe with us."

[Cruz]

Rodney21a, on 07 July 2012 - 02:49 AM, said:

Talk about an ignorant statement. Lederer, Ferguson, and Bitar all drained the players money to pay themselves bonuses and dividends and over pay for Poker shows sponsorship pros and you say that wasn't stealing. Not only that they continued to accept money after black Friday knowing that it would never be paid back. You blame the DOJ for doing their job? I guess you'd have been happy with never discovering you'd been playing with monopoly money on Full Shits...

Actually you're the one making an ignorant statement. My post in no way excused the people at FullTilt for what they did. I refused to put money in FullTilt because I saw the site as trouble long before BlackFriday. Remember that BlackFriday happened because $100 million was stolen in transit to players from the sites. How much of that money has the DOJ recovered and returned to players? The DOJ is riding the high horse of consumer protectionism when in fact they couldn't care less about the consumers. If you would take the time to learn to read, it would go a long way in preventing yourself from looking foolish.

[FCP Bob]

Bitar is out on bail.http://www.forbes.co...-is-going-home/

[EStormOk]

Not sure I would want out on bail if I were him....

[mtdesmoines]

It amazes me that the cash cow of rake from Full Tilt was NOT ENOUGH.