Poker site CEO arrested for $430 million Ponzi scheme - Jul. 2, 2012
As of June 2011, Full Tilt owed $300 million to players around the
world but had only $6 million with which to pay them, according to the
U.S. government. Officials said that he siphoned more than $430 million
in gamblers' winnings to board members and owners.
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"The indictment alleges how Bitar bluffed his player-customers
and fixed the game against them as part of an international Ponzi
scheme that left players empty-handed," Manhattan U.S. Attorney Preet
Bharara said in a statement. "Bitar will now be held criminally
responsible for the alleged multi-million fraud he perpetrated on his
U.S. customers."
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