An Internet poker company founder accused of operating his business like a Ponzi scheme has pleaded guilty to conspiracy.
Raymond Bitar of Glendora, Calif., appeared Monday in a federal court in New York via videotape from a Los Angeles courtroom. He is the founder of Full Tilt Poker. He was sentenced to time served and had to give up his assets as part of his plea deal.
Bitar flew from Ireland over the summer to face charges in a prosecution that shut down U.S. operations for the three largest Internet poker companies.
He apologized Monday for falsely telling poker players that their money would be safe. Prosecutors said nearly $300 million owed to players worldwide was missing. Bitar’s lawyers have said he was helping recover money.