Former Full Tilt Poker CEO Ray Bitar reached a deal to plead guilty to criminal charges last week. Bitar is faced with a medical condition that was affecting the Black Friday criminal case against him and on the two-year anniversary of Black Friday, April 15th, the Wall Street Journal reports that Bitar has been sentenced to time served and ordered to surrender his assets. Rumors bring his assets to around $40 million in cash along with various homes he owns.
Bitar served seven days in jail upon returning to the U.S. in July of last year when he was arrested at John F. Kennedy Airport.
Bitar appeared via a live video feed from Los Angeles in front of U.S. District Judge Loretta Preska of the United States District Court for the Southern Districk of New York.
“The driving factor in this sentence is Mr. Bitar’s precarious health condition,” Judge Preska said. “The Federal Bureau of Prisons is not able to provide the care that Mr. Bitar needs. Prison almost undoubtedly would kill him. The possibility of prison would make Mr. Bitar ineligible for a heart transplant, which would also impose a death sentence.”
Bitar's sentence was reduced due to the fact that he is a candidate for a Class IV heart transplant.
Bitar expressed remorse according to Dave Behr of FlushDraw.com: “I regret my actions. I know they were wrong and illegal. I am very sorry,” he said. “I’m very sorry for the problems that Full Tilt Poker got into. It never should have happened.”
Updates as news develops.