Former Full Tilt CEO Convicted of Breaking U.S. Gambling Laws

Ray Bitar, former CEO of Full Tilt Poker, has been found guilty of breaking U.S. gambling laws. He avoided jail time due to failing health, but must forfeit $40 million.

Full Tilt Poker former CEO Ray Bitar has been found guilty of breaking U.S. internet gambling laws and must forfeit million.

Bitar, who is in failing health, avoided a prison sentence and was sentenced to time served. Officials said Bitar, 41, is suffering from a severe heart condition.  Bitar appeared in a Manhattan court by video link from a California courtroom.

“I regret my actions, I know they were wrong and illegal,” he said.

Bitar was charged with nine criminal counts, including operation of an illegal gambling business, wire fraud and conspiring to take part in money laundering.

He pleaded guilty to one count of violating the Unlawful Internet Gambling Enforcement Act and one count of conspiracy to commit bank fraud and wire fraud. Bitar admitted to lying to customers about the safety of their money with the company. He could have faced a maximum of 35 years in prison.