Full Tilt Poker CEO and co-founder Ray Bitar was released on bail on Monday morning. The bail will see Bitar post $2.5 million in assurances, as he returns to his California home to await trial.
Full Tilt Poker CEO and co-founder Ray Bitar was released from jail on Monday morning after his lawyers agreed to post a $2.5 bail, according to a report from Forbes
Bitar was arrested last week after flying to New York from Ireland, and agreed to surrender voluntarily to face charges brought against him for his involvement in the Full Tilt Poker scandal.
Wearing prison clothes, Bitar according to reports looked relieved when Judge Engelmeyer approved the bail package in a New York court on Monday.
"I will approved the bail package the counsel has proposed," Engelmeyer said, noting that Bitar voluntarily came back to the U.S. after spending more than a year in Ireland.
The judge, however, stressed that Bitar is "facing very serious charges, charges that have grown over time."
The charges include the original Black Friday indictment, as well as a number of recently added charges against Bitar for his handling of Full Tilt Poker after Black Friday.
For now though, Bitar will be allowed to return to his home in Glendora, California, where he will await further developments in the trial.
He will be monitored electronically by federal prosecutors during his stay.
All in all, Bitar faces up to 145 years in jail if he is convicted of all counts brought against him by the U.S. authorities. He has so far pleaded not guilty to all charges.