Ray Bitar Full Tilt Funds Discovered in Guernsey
December 13, 2017 11:23 amIn 2013, Full Tilt Poker CEO Ray Bitar pleaded guilty to violating the Unlawful Internet Gambling Enforcement Act (UIGEA) and conspiracy to commit bank fraud, but was spared a prison sentence as the presiding judge said that Bitar’s heart condition meant that a stint behind bars would be a potential “death sentence. As the Judge explained at the time:
“Taking Bitar’s grave medical condition into consideration and under the belief that proper care could not be received in prison, US District Judge Loretta Preska sentenced Bitar to time served, which amounted to only seven days in jail after being arrested upon his return to the U.S.”
Nevertheless, the investigation into Bitar revealed the scope of mismanagement and corruption carried out at Full Tilt during his tenure with the online poker room, with Bitar having been found guilty of defrauding customers of $350 million of their funds, which was subsequently spent on huge salaries, bonuses and lavish living. In the end, however, just $40 million was ever returned by Bitar.
In a recent BBC documentary, however, it has been revealed that one of the places Bitar regularly used to launder and stash away his ill-gotten gains was at banks located on the British Crown dependency island of Guernsey. Fortunately, US and Guernsey authorities work closely in identifying and bringing to justice anyone using their institutions for criminal activities, and it now appears a further $12.6 million has been retrieved of Bitar’s laundered funds.
As part of their agreement, the US and Guernsey split the proceeds of any money they subsequently recover, and praising the success of their operation, Guernsey’s Procurer Megan Pullum QC stated:
“Guernsey has an ongoing and exemplary commitment to international co-operation and mutual legal assistance and we are therefore extremely pleased to announce this asset share.”
For his part, John Cronan, Principal Deputy Assistant Attorney General at United States DOJ, also acknowledged the excellent work carried out by the two countries in tracking down anyone looking to use the island’s banks for their criminal activities.