Full Tilt Poker Chief Arrested Over Ponzi Scheme
Tweet Send to a Friend
Raymond Bitar, chief at Full Tilt Poker, will be joining the likes of Bernie Madoff and Allen Stanford on a growing list of business owners who have been accused of running Ponzi schemes. Bitar surrendered to authorities on Monday and pleaded not guilty on charges of illegal gambling and fraud.
11 people at three online poker companies are facing similar charges, including employees and owners at Absolute Poker and PokerStars. Prosecutors say the Ponzi scheme at Full Tilt Poker lined the pockets of its directors with $440 million.
Bitar moved his base of operations to Ireland in 2006 after lawmakers in the U.S. made online gambling in the U.S. illegal. Since being founded in 2004, Full Tilt Poker took in $1 billion and the company still owes customers $350 million.
"He was running it, I submit, because the company was at this point little more than a Ponzi scheme and he had to be there to prevent it from unraveling," said prosecutor Arlo Devlin-Brown.
Full Tilt Poker and Bitar have denied the Ponzi scheme accusations.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
11 people at three online poker companies are facing similar charges, including employees and owners at Absolute Poker and PokerStars. Prosecutors say the Ponzi scheme at Full Tilt Poker lined the pockets of its directors with $440 million.
Bitar moved his base of operations to Ireland in 2006 after lawmakers in the U.S. made online gambling in the U.S. illegal. Since being founded in 2004, Full Tilt Poker took in $1 billion and the company still owes customers $350 million.
"He was running it, I submit, because the company was at this point little more than a Ponzi scheme and he had to be there to prevent it from unraveling," said prosecutor Arlo Devlin-Brown.
Full Tilt Poker and Bitar have denied the Ponzi scheme accusations.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Can AMD (AMD) Shake Off the Goldman Downgrade?
- Cross-Border Ops Make Kansas City Southern (KSU) Ripe for Takeover
- BP (BP) Seeks Gov't Intervention as Cost of Gulf Spill Escalates
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Bernard Madoff
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
