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Former Full Tilt CEO Pleads Guilty

Former Full Tilt Poker Chief Executive Raymond Bitar has plead guilty to to circumventing US online gambling laws in an American court this week.

Bitar plead guilty to violating the Unlawful Internet Gambling Enforcement Act as well as conspiracy to commit bank fraud and wire fraud. Even though he plead guilty, Bitar will not be heading to prison due to poor health, instead forfeiting $40 million as a penalty.

Full Tilt Poker was among several online poker companies that were misleading banks into processing gambling transactions, which allowed US punters to fund their accounts by fraudulently selling other goods, which were really just funds for betting.

Bitar along with ten others was indicted in 2011 as part of the United States' Black Friday indictments, which saw the government shut down Absolute Poker and crippling Full Tilt Poker before it was eventually purchased as part of a settlement between PokerStars and the US government.

Bitar was unable to make the trip to Manhattan to plead guilty and was instead telecast where he told US District Court Judge Loretta Preska: "I regret my actions, I know they were wrong and illegal."

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