Raymond Bitar, the former CEO of Full Tilt Poker, will have to stay in jail after it was announced that he cannot make bail. Originally set at $250 000, his bail was raised to $2.5 million to ensure that he would not be able to skip town. With $1 million of that amount required to be paid up front and in cash, Bitar will be required to stay in jail until his sentencing date at the end of the month.
According to recent reports, Bitar claimed over $40 million for himself. The money was taking from player deposits rather than the website’s profits, making Full Tilt Poker into a Ponzi scheme. Documents also reveal that Bitar was well-aware of the fraudulent operation.
So, it leaves onlookers to wonder – if Bitar pocketed $40 million, where is the money now? It would certainly help when it comes to refunding American online poker players the $350 million they are owed; however, there is no indication on where his savings are located.