Ringleader of online gaming site-turned Ponzi scheme 'strikes a deal with authorities because he is awaiting a heart transplant'
One of the ringleaders of the multi-million dollar scheme that bilked online poker players struck a plea deal with authorities because he is awaiting a heart transplant.
The details surrounding the time that gambler Ray Bitar has to spend behind bars remain undisclosed, but his lawyer confirmed that they had come to an agreement with the criminal prosecution pursuing the case.
Bitar was one of the so-called 'founding fathers' of internet behemoth Full Tilt Poker, a gaming site that may have stolen up to $1billion from their customers.
Hoping for a medical save: Ray Bitar, 41, could have faced up to 65 years behind bars for his role in the corrupt gambling ring but because he is waiting for a heart transplant he struck a deal with prosecutors
'Full Tilt was not a legitimate poker company, but a global Ponzi scheme,' said U.S. attorney Preet Bharara said in previous releases about the multi-year case.
Ponzi scheme: The highest estimates of the Full Tilt Poker ring have it defrauding users of more than $1billion
'Full Tilt insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited with the company.'
One of said insider was Bitar, he initially was based out of the U.K. as the poker company licensed their company out of a small Channel island called Alderney.
He was extradited to the U.S. last July, seemingly laying the groundwork at the time by releasing a statement showing some remorse.
'I know a lot of people are very angry at me. Full Tilt should never have gotten into a position where it could not repay player funds,' he said at the time.
Now 41-years-old, Bitar is awaiting a heart transplant in California.
His medical condition may have softened his sentence- which initially could have led to a maximum sentence of 65 years behind bars for five counts relating to money laundering and online gambling offenses- but that didn't temper the vitriol coming from the prosecutor's office.
The Guardian reports that Mr Bharara said Bitar 'bluffed his player-customers and fixed the game against them as part of an international Ponzi scheme that left players empty-handed.'
Heavy hitters: Two of the biggest names involved are Howard Lederer (left) and Christopher Ferguson (right), two major stars on the poker circuit who were senior partners in the company
Bitar is the second of 11 senior partners from the fraudulent company who have been charged.
Two of the biggest names involved are Howard Lederer and Christopher Ferguson, two major stars on the poker circuit. The duo were among the six poker stars to form the company in 2004.