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Full Tilt Poker's CEO Remains In Jail

The CEO of Full Tilt Poker remained in a US jail over the weekend after a judge ruled he should remain incarcerated until a future hearing is held to determine the granting of bail.

The announcement came shortly after the federal government granted the poker firm's CEO bail, albeit under several extreme conditions.

Among the many restrictions placed on Ray Bitar, the CEO of the former poker giant Full Tilt Poker are $2.4 million in bail and the surrendering of his passport. Even though Bitar's attorneys claimed he was prepared to meet the conditions, federal prosecutors argued that he should remain in jail given the fact that a new indictment was filed against Bitar. Authorities fear that the severity of the charges may result in Bitar absconding.

Judge Paul Englemayer suspending the court's granting of bail until a hearing before another judge who will then make a determination. The judge scheduled to hear the case is Judge Lewis Kaplan, who has been the most involved with the Black Friday cases.

There currently is not a date set for the hearing.

Bitar surrendered himself to authorities last week after flying in from Ireland. The US government alleges that Bitar was aware that Full Tilt Poker had become a Ponzi scheme, and that he worked to prevent the company from unraveling.

A document filed by the Department of Justice notes that Ray Bitar paid himself a salary of at least $40 million while he was heading the ship at FTP. He also allegedly paid himself more than $2 million between the events of Black Friday and last week when he turned himself in.

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