RAYMOND BITAR, the chief executive of Irish-based Full Tilt Poker, which was compared to a Ponzi scheme in a New York court, has been barred from having any dealings with the business as part of a legal settlement agreed with a New York prosecutor.
Full Tilt’s rival, Pokerstars, is to take over its assets and business in return for paying $731 million (€600 million) back to players.
The deal was agreed with US attorney for Manhattan’s southern district, Preet Bharara, and approved by the New York court this week.
Files detailing the agreement state that Full Tilt’s new owner, Pokerstars, is prohibited from “employing or otherwise hiring” Raymond Bitar, or his former Full Tilt executive colleagues, Howard Lederer, Rafael Furst, Chris Ferguson or Nelson Burtnick.
Last month, Mr Bitar pleaded not guilty in a New York court to a series of charges alleging that he defrauded Full Tilt clients of up to $430 million, which was paid to the firm’s executives and owners. In court, Mr Bharara compared the business to a Ponzi scheme.
His arrest and arraignment were part of a crackdown on three poker companies, Full Tilt, Pokerstars and Absolute Poker, which were offering online poker to US players. Seven individuals have been charged and all except Mr Bitar pleaded guilty.
One, John Campos, a banker who aided some of the companies in processing payments, is serving a three-month jail term.
Full Tilt’s main operating companies, including Pocket Kings and Pocket Kings Consulting, are based in Cherrywood in Co Dublin. Mr Bitar himself was based in that office for a period.
The business employed 700 people at one stage, but was forced to lay off 200 staff last year after it lost its UK licence.
Those companies were included in proceedings taken against the firm and executives by Mr Bharara. This week’s settlement means that that action has now been dropped. None of the businesses named admitted any wrongdoing.
The settlement also bars Pokerstars and Full Tilt from offering online poker to US-based players while it remains illegal under federal law.
