Online Poker CEO Arrested for Ponzi Scheme
Raymond Bitar was at John F. Kennedy International Airport Monday when he was arrested by federal law-enforcement officials for his involvement in a $430 million Ponzi scheme. Bitar is the CEO of Full Tilt Poker, an online gambling site, which was accused last year of defrauding customers with insecure funds. As of last June, the company had only $6 million to pay back the total $300 million it owed players from around the world. “Bitar and Full Tilt Poker persisted in soliciting U.S. gamblers long after such conduct was outlawed,” said the FBI’s assistant director in charge. Bitar is the seventh of 11 defendents indicted in April of 2011 to be arrested. One has already been sentenced to three years in prison.