Ray Bitar is back in the news.
Full Tilt Poker creeps back into the news. Six and a half years after Black Friday, Ray Bitar reappeared in the news this week. The title of the BBC article reporting the incident started with 'Full Tilt Poker scam,' and the report went on to describe £9.5 million that was laundered by Bitar through the island of Guernsey and then returned to the United States. United States v. PokerStars, et al., 11 Civ. 2564 (2011) United States v. 1:10-cr-00336 (2011), is a United States federal criminal case against the founders of the three largest online poker companies, PokerStars, Full Tilt Poker and Cereus (Absolute Poker/Ultimatebet), and a handful of their associates, which alleges that the defendants violated the Unlawful Internet Gambling Enforcement Act (UIGEA) and engaged in bank fraud and money laundering to process transfers to. On April 15 of last year - a day known as Black Friday in the industry - federal prosecutors in Manhattan filed a civil bank fraud and money-laundering suit against Full Tilt and PokerStars.
The former boss at the once notorious Full Tilt Poker laundered millions through the island of Guernsey, located between the U.K. and France, and now that money is heading over to the U.S., according to a report from the BBC.
Bitar reportedly used the self-governing British Crown dependency to stash cash from the online gambling platform. The U.S. and Guernsey worked together to locate the money, and they shared the proceeds under a 2015 deal, the report said.
The U.S. Treasury Department received £9.5m (about $12.6 million USD).
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What is a poker run boat race. Historically speaking, bad things happen when people start racing in poker runs. If you want to race, buy an offshore raceboat built for the job and join a circuit with the requisite safety assets for racing. Poker runs are social events on open public waterways. They are not races. A poker run is an organized event in which participants, usually using motorcycles, all-terrain vehicles, boats, snowmobiles, horses, on foot or other means of transportation, must visit five to seven checkpoints, drawing a playing card at each one. The object is to have the best poker hand at the end of the run.
The island's government froze bank accounts and provided financial records between 2012 and 2015 to help authorities in the U.S. seize the assets, said the report.
Bitar pleaded guilty in April 2013 to violation of the Unlawful Internet Gambling Enforcement Act and conspiracy to commit bank and wire fraud. He was facing decades in prison. The judge in the case spared him prison because he needed a heart transplant, saying that Bitar going behind bars could be a 'death sentence.' Bitar forfeited $40 million to the government as part of his plea deal, which did not include admitting to stealing from former customers of the site.
More than $300 million of player money went missing after the site shut down. About $160 million belonged to Americans, according to the federal government. As of last year, 94 percent of all petitions filed to reclaim Full Tilt Poker money had resulted in payment.
Comment faire une analyse swot. Those successful petitions amounted to roughly $112 million.
Former Full Tilt Poker founder Ray Bitar's laundered money has finally been recovered by the US. (Image: pokernews.com)
The April 2011 Black Friday scandal is still a topic of discussion more than six years later.
And now, a new story involving the scandal has emerged with BBC News reporting that money laundered by Ray Bitar, one of Full Tilt Poker's founders, has been recovered by US authorities.
Bitar, an American citizen, was found to have laundered millions of dollars through the Channel Island of Guernsey.
In 2015, the US Department of Treasury and Guernsey agreed on a deal for both countries to split the money illegally laundered by the former online poker site executive.
Both governments praised each other for working together to find a solution. Guernsey agreed to seize Bitar's bank accounts from 2012 to 2015 during an investigation into his finances.
'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,' Guernsey Attorney General Megan Pullum told the BBC.
Full Tilt Poker Money Laundering Games
What Happened?
Prior to Black Friday, Full Tilt Poker was an online poker giant, along with PokerStars. The poker site hired numerous big name pros to represent its brand, including executives Howard Lederer and Chris Ferguson, Phil Ivey, and Tom 'durrrr' Dwan.
Full Tilt Poker Money Laundering No Deposit
Players such as Phil 'OMGClayAiken' Galfond, durrrr, and Viktor 'Isildur1' Blom, would often compete in the highest stakes games in the world at FTP. Getting to watch these games from the rail is part of what drew millions of poker players to the site.
But things all fell apart for the once popular online poker site in April 2011 when the US Department of Justice shutdown the site. Due to mismanagement by Bitar, Lederer, Ferguson, and others, when FTP went under, there wasn't money available in reserves to pay out player balances.
Spared Jail Time
Many customers were forced to wait a few years before receiving their money. Bitar, in 2013, plead guilty to unlawful internet gambling and conspiracy to commit wire fraud, but served minimal jail time when US District Judge spared him a lengthy stay behind bars due to the executive's alleged heart condition.
Bitar, along with Ferguson and Lederer, went into hiding for years to escape the media scrutiny and angry former Full Tilt Poker customers.
He resurfaced in 2015 when married Jacquelyn Lucas in a multi-million-dollar ceremony, leaving many disgruntled ex-FTP players wondering where he got the money.
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