NEW YORK (AP) — An Internet poker company founder accused of operating his business like a Ponzi scheme has pleaded guilty to conspiracy.
Raymond Bitar (BIH’-tahr), of Glendora, Calif., appeared Monday in a federal court in Manhattan via videotape from a Los Angeles courtroom. He’s the founder of Full Tilt Poker.
He was sentenced to time served and had to give up his assets as part of his plea deal.
Bitar flew from Ireland over the summer to face charges in a prosecution that shut down U.S. operations for the three largest Internet poker companies.
He apologized Monday for falsely telling poker players their money would be safe. Prosecutors said nearly $300 million owed to players worldwide was missing.
Comment from the Chairman…
“This is exactly the problem that occurs without the right controls in place to ensure gaming is safe and players’ money is secure,” said CTBA Chairman Robert Smith. “As more and more states begin to look at iGaming, CTBA cannot stress enough the fact that gaming at all levels should be held to the same, very high standards set for tribal gaming agencies in California. It is in these regulations that we maintain the trust in the game and the confidence of consumers and regional governments to promote a safe, fair and mutually beneficial gaming industry.”
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Online poker company founder from Calif. Pleads guilty in NY…
http://www.foxnews.com/us/2013/04/15/online-poker-company-founder-from-calif-pleads-guilty-in-ny-federal-case/
California Online Poker Company Founder Pleads Guilty
