Ray Bitar turns himself in to Feds?

[DonkeyQuixote]

According to eGamingReview, Ray Bitar has surrendered to the Feds, any confirmation ?

This is interesting in the context of other press reports about the Feds seeking to delay a number of deadlines in the BF ltigation dealing with opposition to attempts to dismiss some charges, due to settlement negotiations.

Things be happenin' ?

Any knowledgable sources who can actually speak to this development ?

[sluggger5x]

confirmed: http://www.forbes.com/sites/nathanva...ceo-ray-bitar/

[fnord_too]

Six minutes too slow slugger, six minutes too slow.

[DonkeyQuixote]

I've since seen an extensive thread on this in NVG.

That thread includes an email relating a direct deal with Stars to bankroll FTP employees for July ..... which is interesting in the settlement contex.

(I can see someone putting up funds to pay 30 days of salaries if a deal is indeed in the works. I used to do reorg work for Chapter 11s in the States on behalf of employees.)

[Go Get It]

Great news.

[DjSkyy]

hope this ****er does hard time

[DonkeyQuixote]

Originally Posted by DjSkyy

hope this ****er does hard time

Doubt it, ...... Club Fed at worst.

[StrikeR300]

Originally Posted by DjSkyy

hope this ****er does hard time

I'm saving my opinions for his sentence for after I get paid, & hear all of the facts. If I don't get paid & for example they execute him for first degree douchebaggery, it'd be a bit Bitar-sweet IMO.

[kwansolo]

http://www.twitlonger.com/show/i4r3re

these are not the doj seizures you are looking for...

*jedi hand wave

[TeflonDawg]

WHERE THE **** IS MY MONEY?!?

[DonkeyQuixote]

Originally Posted by kwansolo

http://www.twitlonger.com/show/i4r3re

these are not the doj seizures you are looking for...

*jedi hand wave

What is amazing is that FTP is claimed to have continued to pull in $8 miillion+ in new deposits each week from the ROW, despite BF.

FWIW, given the likely reserve requirements they would have faced, there is likely a hole in the government's case that they were able to concurrently use those same funds. The timing just doesn't match up ......

Otherwise, they should have been able to maintain operations .... $8 million in deposits a week should generate about $3 million+ in revenue. They went broke on $3 million of "must pay" bills weekly ?

WHO was still processing for them anyway ?

FWIW also, where was Alderney's Gaming Commission during this period ?

[TheDarkElf]

Originally Posted by DonkeyQuixote

What is amazing is that FTP is claimed to have continued to pull in $8 miillion+ in new deposits each week from the ROW, despite BF.

FWIW, given the likely reserve requirements they would have faced, there is likely a hole in the government's case that they were able to concurrently use those same funds. The timing just doesn't match up ......

Otherwise, they should have been able to maintain operations .... $8 million in deposits a week should generate about $3 million+ in revenue. They went broke on $3 million of "must pay" bills weekly ?

WHO was still processing for them anyway ?

FWIW also, where was Alderney's Gaming Commission during this period ?

(TDE raises his hand) Alderney!

[LT22]

I believe this is the first indictment to use the UIGEA, correct?

[tamiller866]

Originally Posted by LT22

I believe this is the first indictment to use the UIGEA, correct?

Incorrect.

The Black Friday indictment cites nine counts:

Unlawful Internet Gambling Enforcement Act Conspiracy
Unlawful Internet Gambling Enforcement Act: PokerStars
Unlawful Internet Gambling Enforcement Act: Full Tilt Poker
Unlawful Internet Gambling Enforcement Act: Absolute Poker
Operation of an Illegal Gambling Business: PokerStars
Operation of an Illegal Gambling Business: Full Tilt Poker
Operation of an Illegal Gambling Business: Absolute Poker
Conspiracy to commit Bank and Wire Fraud
Money Laundering Conspiracy

[LT22]

well that's disappointing...I remember everybody saying "lol UIGEA they never even use it in cases"