A week ago Ray Bitar was arrested in New York where he voluntarily turned himself over to U.S. authorities when he arrived at John F. Kennedy International Airport. It was at the time of his arrest that he became aware of a superseding indictment (charging him with defrauding poker customers by lying to them concerning the security of their funds) had been filed against him.
Bitar pleaded not guilty to nine counts and could face up to 145 years in prison under the new indictment.
Forbes released a report stating that prosecutors and Bitar's attorneys have agreed on bail arrangements as of Monday afternoon. Federal Judge Paul Engelmayer signed the deal which would allow Bitar to return to Glendora, California, his home. This will be Bitar's first trip home since the indictment by the Department of Justice on April 15th, 2011.
The Forbes report also states that Bitar must post a $2.5 million personal recognizance bond under the bail arrangement terms. The report states that five people close to Bitar are backing his bail agreement and he has agreed to add a warehouse he owns as part of the commitment. In accordance with his bail agreement, Bitar will be electronically monitored by the FBI.
“I will approve the bail package counsel has proposed,” Judge Engelmayer said in a court hearing, where he noted that Bitar returned voluntarily to face charges. “Mr. Bitar is facing very serious charges, charges that have grown over time.”
New reports will be posted as the story develops.