Money That Former Full Tilt Poker Boss Ray Bitar Laundered Through Island Handed Over To FedsGuernsey, United States Share Proceeds From Investigations |
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Ray Bitar is back in the news.
The former boss at the once notorious Full Tilt Poker laundered millions through the island of Guernsey, located between the U.K. and France, and now that money is heading over to the U.S., according to a report from the BBC.
Bitar reportedly used the self-governing British Crown dependency to stash cash from the online gambling platform. The U.S. and Guernsey worked together to locate the money, and they shared the proceeds under a 2015 deal, the report said.
The U.S. Treasury Department received £9.5m (about $12.6 million USD).
The island’s government froze bank accounts and provided financial records between 2012 and 2015 to help authorities in the U.S. seize the assets, said the report.
Bitar pleaded guilty in April 2013 to violation of the Unlawful Internet Gambling Enforcement Act and conspiracy to commit bank and wire fraud. He was facing decades in prison. The judge in the case spared him prison because he needed a heart transplant, saying that Bitar going behind bars could be a “death sentence.” Bitar forfeited $40 million to the government as part of his plea deal, which did not include admitting to stealing from former customers of the site.
More than $300 million of player money went missing after the site shut down. About $160 million belonged to Americans, according to the federal government. As of last year, 94 percent of all petitions filed to reclaim Full Tilt Poker money had resulted in payment.
Those successful petitions amounted to roughly $112 million.
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